Annual Retention Bonus Sample Clauses

Annual Retention Bonus. Each regular bus driver shall be paid an annual retention bonus as set out in Schedule C each September for the prior school year. The bonus will be pro-rated for the number of months worked in the prior school year and will be reduced proportionately for unpaid personal leave taken in the prior school year in excess of what is provided in Section 15.50 Personal Leave.
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Annual Retention Bonus. In addition to Employee's base compensation, Employee may also earn an Annual Retention Bonus, which is based upon Employee's completion of annual periods of continuous employment. The Annual Retention Bonus is intended as an inducement to Employee to remain continuously employed, and as consideration for the continuity of Employee's performance through the end of the retention periods, rather than for the day-to-day performance of his duties. Accordingly, Employee acknowledges and agrees that the Annual Retention Bonus is not a component of Employee's annual salary. Employee further acknowledges and agrees that the Annual Retention Bonus for Employee's first year is not earned, accrued or vested on any pro rata or other partial basis unless and until he has been actively and continuously employed by the Company through the one-year anniversary date of Employee's starting date with the Company. Employee similarly acknowledges and agrees that the Annual Retention Bonus for Employee's second year is not earned, accrued or vested on any pro rata or other partial basis unless and until he has been actively and continuously employed by the Company through the two-year anniversary date of Employee's starting date with the Company. Payments of the Annual Retention Bonus will be made to Employee in two separate advance payments, the first within 15 days of Employee's starting date with the Company, and the second within 15 days of Employee's first anniversary date with the Company. Each advance payment will be in the amount of , less required state and federal tax deductions. Should Employee terminate his employment without good reason, or be terminated at any time by the Company for cause before the one-year anniversary of his employment, Employee agrees to repay in full the first advance payment made to him by the Company. In addition, should Employee terminate his employment without good reason, after the one-year anniversary but before the two-year anniversary of his employment, Employee agrees to repay in full the second advance payment made to him by the Company. Employee further agrees to execute on the date of such termination an agreement authorizing the Company to deduct from his final paycheck any amounts necessary to effect full and complete repayment of any advances against any portion of the Annual Retention Bonus.
Sample 1
Annual Retention Bonus. The Company will pay Executive an annual retention bonus of USD $100,000 (the “Retention Bonus”), which shall be paid on each anniversary of Executive’s initial appointment date with the Company (which original appointment date was January 6, 2020); provided, however, that Executive is not serving notice of resignation or termination as of the payment date, and is otherwise in continuous service at the Company. The Retention Bonus amount shall be payable in accordance with the Company’s payroll practices as in effect, and subject to such withholdings as required by law. Executive acknowledges and agrees that Executive has received, and the Company has satisfied its obligation in respect of, the first Retention Bonus payment of USD$100,000 (for the period of January 6, 2020 through January 6, 2021).
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Annual Retention Bonus. In addition to your Base Salary, on the Effective Date and on each of the first and second anniversaries of the Effective Date, provided that the Employment Period shall not have been terminated prior to such anniversary, the Company shall pay to you an annual retention bonus in the amount of $50,000 (the “Annual Retention Bonus”).
Sample 1
Annual Retention Bonus. On each anniversary of the Effective Date, Executive shall be eligible to receive a cash bonus in the amount of $37,500 (an “Annual Retention Bonus”). In order to be eligible for any Annual Retention Bonus, Executive must be employed on the date which such bonus payment is made pursuant to this Section 2.2. Any Annual Retention Bonus shall be paid by the Company in accordance with its normal payroll practice and shall be subject to applicable federal, state and/or local payroll and withholding taxes.
Sample 1
Annual Retention Bonus. The Company agrees to pay the Employee the sum ---------------------- set forth in Exhibit A hereto on each of the first and second anniversaries of --------- the Closing Date (each, a "Payment Date"), provided that the Employee has been continuously employed by the Company, or any subsidiary of the Company (whether existing now or hereafter acquired or established) (a "Subsidiary"), during the period commencing on the Closing Date and ending on each Payment Date. In the event that the Employee's employment by the Company or any Subsidiary of the Company is terminated or ceases, for any reason, prior to any such Payment Date, the Employee shall not be entitled to any bonus under this Section 2 payable on any Payment Date subsequent to the date of the termination or cessation of the Employee's employment.
Sample 1
Annual Retention Bonus. In consideration of the agreements of the ---------------------- Employee set forth in Sections 3 and 4 below, the Company agrees to pay the Employee the sum set forth in paragraph (b) of Exhibit A hereto on each of the --------- first, second and third anniversaries of the Effective Date (each, a "Payment Date"), provided that the Employee has been continuously employed by the Company, or any subsidiary of the Company (whether existing now or hereafter acquired or established) (a "Subsidiary"), during the period commencing on the Effective Date and ending on each Payment Date. In the event that the Employee's employment by the Company or any Subsidiary of the Company is terminated or ceases, for any reason, prior to any such Payment Date, the Employee shall not be entitled to any bonus under this Section 2 payable on any Payment Date subsequent to the date of the termination or cessation of the Employee's employment.
Sample 1
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Related to Annual Retention Bonus

  • Retention Bonus You will be eligible for a lump sum cash payment on the first anniversary of the Acquisition Date provided that you are employed by the Company as of such date in an amount equal to the sum of (i) 100% of your annual base salary in effect as of the Acquisition Date, plus (ii) 100% of the annual bonus paid to you for the Company’s fiscal year ending December 31, 2008 (such sum, the “First Year Retention Bonus”). You will be eligible for a lump sum cash payment on the second anniversary of the Acquisition Date provided that you are employed by the Company as of such date in an amount equal to the sum of (i) 100% of your annual base salary in effect as of the Acquisition Date, plus (ii) 100% of the annual bonus paid to you for the Company’s fiscal year ending December 31, 2008 (such sum, the “Second Year Retention Bonus”). Except as set forth below, you will not be eligible for the retention bonuses as set forth above if your employment terminates prior to such applicable anniversary. In the event of your Voluntary Termination for Good Reason (as defined below), the termination of your employment by the Company other than for Justifiable Cause, or in the event of your death or “permanent disability” as defined in the Company’s long-term disability policy (i) during the first twelve month period following the Acquisition Date, you will be eligible for a pro rata portion of the First Year Retention Bonus, counting full months of employment with the Company from the Acquisition Date through such termination, and (ii) during the second twelve month period following the Acquisition Date, you will be eligible for a pro rata portion of the Second Year Retention Bonus, counting full months of employment with the Company from the first anniversary of the Acquisition Date through such termination. Any prorated payment pursuant to the preceding sentence shall be made within 10 business days of such termination. If the annual bonus payment for the Company’s fiscal year ending December 31, 2008 has not been paid to you or otherwise determined by the Company as of the date the prorated payment is due, the prorated payment shall be calculated using your target bonus amount for 2008. Payments under this Section 8 shall be net of any applicable withholding taxes. For purposes of this Section 8, “Voluntary Termination for Good Reason” shall have the same meaning as given to such term under the Key Employee Change in Control Severance Plan as in effect immediately prior to the Acquisition Date, but with respect to the First Year Retention Bonus only, determined without regard to clause (ii) thereof.”

  • Retention Bonuses Provided Executive becomes and remains an active employee of Mercantile, Mercantile will pay Executive retention bonuses in accordance with the following schedule:

  • Salary, Bonus and Benefits During the Employment Period, Employer will pay Executive a base salary (the “Annual Base Salary”) of $165,000 per annum, subject to any increases as determined by the Board based upon the Company’s achievements of budgetary and other objectives set by the Board. For any fiscal year, Executive shall be eligible for an annual bonus of up to 50% of the Executive’s then applicable Annual Base Salary based upon the achievement by the Company, Employer and their Subsidiaries of budgetary and other objectives set by the Board; provided that with respect to the first year for which Executive is eligible for a bonus, such bonus shall be paid on a pro rata basis based upon that portion of the year that remained after the date of this Agreement. In addition, during the Employment Period, Executive will be entitled to such other benefits approved by the Board and made available to the senior management of the Company, Employer and their Subsidiaries.

  • Performance Bonus If Employee's employment is terminated by Employee with cause, or by Bank without cause, Employee shall be paid, in addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i) all non-forfeitable deferred compensation, if any; and (ii) unpaid performance bonus payments, if any, payable under Section 4.2 of the Agreement, which shall be declared earned and payable based upon performance up to, and shall be pro-rated as of, the date of termination. Employee shall not be entitled to such unpaid performance bonus payments if Employee's employment is terminated by Bank with cause, or by Employee without cause.

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

  • Salary; Bonus Executive will receive a salary during the Term of One Hundred and Seventy Thousand ($170,000) per year (“Base Compensation”), pro-rated for partial years, payable at regular intervals in accordance with the Company’s normal payroll practices in effect from time to time. Executive’s Base Compensation will be reviewed annually by the Company’s Board of Directors and Executive will be eligible for consideration for merit-based increases to Base Compensation as determined by the Board of Directors in its sole discretion. In addition to eligibility for consideration of merit-based increases in the discretion of the Board of Directors, Executive’s Base Compensation will be increased effective January 1 of each year during the Term (commencing with January 1, 2017) by three percent (3%) to reflect anticipated increases in cost of living.

  • Signing Bonus Executive shall receive a special one-time signing bonus in the amount of $300,000 (less statutory withholdings) payable within ten business days following the later of (i) the Company’s receipt of this Agreement signed by Executive or (ii) Executive’s commencement of employment hereunder.

  • Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.

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