Bonus and Incentive Payments. Executive shall be entitled to receive Executive’s annual bonus for the fiscal year immediately preceding the Termination Date (but only to the extent not yet paid to Executive prior to the Termination Date), as determined by the Board on or before the Termination Date or if no determination has been made, Executive’s target annual bonus assuming achievement of performance goals at target at the rate in effect immediately prior to the Termination Date, payable in a cash lump sum, less applicable withholdings, on the first payroll date following the date the Release of Claims becomes effective and irrevocable. If Executive is a participant in the Company’s Long Term Incentive Plan (or any similar bonus plan that may replace such plan in the future) (the “LTIP”) as of immediately prior to the Termination Date, Executive shall be entitled to receive (i) a pro rata portion of Executive’s bonus payouts under the LTIP for the open bonus periods that include the Termination Date year, calculated as provided in the LTIP, and (ii) Executive’s bonus payouts under the LTIP for the period that ends in the fiscal year immediately preceding the Termination Date, calculated as provided in the LTIP (but only to the extent such bonus payouts have not been paid to Executive prior to the Termination Date).
Bonus and Incentive Payments. If the Executive’s employment with the Company pursuant to this Agreement is terminated by the Company for Cause or by the Executive for any reason other than Good Reason, Executive shall be deemed to have forfeited the right to receive all amounts accrued during the fiscal year of termination under the bonus and incentive compensation arrangements described in Section 3(b) and the Company shall have no obligation to pay Executive any amounts arising under such bonus and incentive compensation arrangements. Upon the termination of the Executive’s employment with the Company pursuant to this Agreement for any other reason, including by reason of the Executive’s death or Disability, the Executive (or his beneficiaries or estate) shall be entitled to receive all amounts accrued under the bonus and incentive compensation arrangements described in Section 3(b) in proportion to the number of days worked in the relevant year, with the bonus and incentive compensation amounts determined by the Company’s Compensation Committee at a time and in a manner consistent with the arrangements then in effect and with any similar awards given to other key executive officers of the Company.
Bonus and Incentive Payments. 17.1 The employer has developed the retail monthly bonus and quarterly incentive scheme to reward eligible employees for individual performance. Payments under the schemes will be in addition to other remuneration benefits set out in this Agreement.
Bonus and Incentive Payments. At the Merger Effective Time, the Seller shall transfer to the Purchaser, or at the direction of the Purchaser, directly to the Company and/or the Subsidiaries, as applicable, an amount in cash equal to the transaction bonuses payable to any employee of the Company or any Subsidiary (the “Transaction Bonuses”), and all withholding and payroll Taxes payable thereon, and shall deliver to the Company, on the date of the Merger, a schedule setting forth the name of each recipient, the amount of each recipient’s Transaction Bonus and the terms of payment thereof (the “Transaction Bonus Scheme”), and the Purchaser hereby agrees that it, as an agent of the Seller, shall, or shall cause the Company or the Subsidiaries to, (i) pay the entirety of the Transaction Bonuses to the relevant employees within five (5) days of the date of the Merger in accordance with the terms of the Transaction Bonus Scheme and (ii) withhold and deposit all applicable Taxes on such Transaction Bonuses in accordance with Applicable Law. In addition, prior to the date of the Merger, the Company shall, and shall cause the relevant Subsidiaries to, (x) subject to Section 5.01, pay to the relevant employees of the Company and the Subsidiaries certain operating bonuses (the “Operating Bonuses”) (it being understood and agreed that in no event shall the Purchaser bear, directly or indirectly, more than 1/12 of the cost of such Operating Bonuses); (y) withhold and deposit all applicable Taxes on such Operating Bonuses in accordance with applicable Law; and (z) promptly thereafter (and in any event, not less than five (5) days prior to the date of the Merger), provide to the Purchaser a list of the individuals to whom it paid such Operating Bonuses, together with the amount of the Operating Bonus paid to each such individual. The foregoing notwithstanding, no Transaction Bonus and no Operating Bonus will be made which would be treated as an “excess parachute payment” under Section 280G of the Code in connection with, or directly or indirectly as a result of, the transactions contemplated by this Agreement. Without limiting the generality of the foregoing, the Seller confirms that, in no event shall the Company have any obligation to pay salary, bonus, or other amounts to Mr. V. Xxxxxx Xxxx with respect to any period after the Merger Effective Time, and all amounts to be paid to Xx. Xxxx from the Economic Effective Date to the Merger Effective Time or payable with respect to such period will be co...
Bonus and Incentive Payments. (a) Not later than the Distribution Date, SpinCo shall, or shall cause another SpinCo Entity to, take commercially reasonable steps to adopt a plan that will provide annual bonus or short-term cash incentive opportunities for SpinCo Group Employees and Post-Distribution Transferred Employees that are substantially similar to the opportunities provided to such Employees immediately prior to the Distribution Date (the “SpinCo Annual Bonus Plan”), subject to SpinCo’s right to amend or terminate such plan after the Distribution Date in accordance with the terms thereof. The SpinCo Annual Bonus Plan shall be approved prior to the Distribution Date by NOV, as the sole shareholder of SpinCo, and SpinCo Group Employees shall participate in such SpinCo Annual Bonus Plan immediately following the Distribution Date; provided, however, for the 2014 performance period, in determining whether the performance goals under the SpinCo Annual Bonus Plan have been achieved, SpinCo shall take into account the financial and operational performance of the SpinCo Business prior to the Distribution Date, and service with NOV shall be credited for the purposes of determining whether such SpinCo Group Employee had been a participant in the SpinCo Annual Bonus Plan during such performance period.
Bonus and Incentive Payments. For the avoidance of doubt, (i) the Valero Group shall be solely responsible for funding, paying, and discharging all obligations relating to any annual cash incentive awards that any Valero Group Employee is eligible to receive under any Valero annual bonus plans with respect to payments made beginning, at or after the Distribution Date, and no Corner Store Entity shall have any obligations with respect thereto, and (ii) the Corner Store Group shall be solely responsible for funding, paying, and discharging all obligations relating to any annual cash incentive awards that any Corner Store Group Employee or Post Distribution Transferred Employee is eligible to receive under any Corner Store Group annual bonus and other short-term incentive compensation plans with respect to payments made beginning at or after the Distribution Date, including the Corner Store Annual Bonus Plan, and no Valero Entity shall have any obligations with respect thereto; provided; however, as of no later than 30 days following the Distribution Date or Transfer Date, as applicable, the Valero Group shall make a cash payment based upon one-hundred percent (100%) of bonus target for the period of time of participation from January 1, 2013 to the time immediately prior to the Distribution Date or Transfer Date, as applicable, to the Corner Store Group in respect of bonuses accrued in respect of Corner Store Group Employees or Post Distribution Employees under the Valero Energy Corporation Annual Bonus Plan and the Valero Energy Corporation Annual Incentive Plan for Named Executive Officers as of the Distribution Date or Transfer Date, as applicable. Such prorated cash payment will not be subject to future adjustment.
Bonus and Incentive Payments. 3.7.1 The productivity payment will be based on a percentage movement corresponding to a specific dollar amount as an increase (or decrease) from the base amount. The current base amount is set at $800.00. See attachment for example calculation method.
Bonus and Incentive Payments. 3.7.1 The productivity payment will be based on the OSI Blacktown Productivity Matrix as it applies now and in the future.
Bonus and Incentive Payments. At the absolute discretion of the Employer bonus and incentive programs may be implemented. The structure of such programs shall be drawn up and identified in a relevant policy document and shall refer to this clause. If the Employer choses to introduce such programs the Employer has the absolute right to amend, vary or withdraw such programs at any time without consultation or agreement from the employee. All payments made pursuant to a bonus or incentive program introduced pursuant to this clause will be made at the complete discretion of the Employer. The Employer is not obliged to pay any amount under such a program. The Employer may, at their discretion, pay a bonus to an employee that is not governed by a bonus or incentive program set out in any policy document which relates to this provision.
