BONUS PLAN FOR COMPANY EMPLOYEES Sample Clauses

BONUS PLAN FOR COMPANY EMPLOYEES. Parent shall implement, on the terms and subject to the conditions set forth in this Section 7.24, a bonus plan for the employees of the Company following the Merger (the "Bonus Plan"). 7.24.1 The Bonus Plan shall provide for two bonus pools (the "Pools"), each in an amount equal to 2% of the Net Wholesale Revenue generated during each fiscal quarter of the Company during the period commencing on July 1, 1998 and ending June 30, 2002 (the "Bonus Period") derived from Covered Products (the "Bonus Amount"). One of the Pools shall be referred to as "Pool A" and the Bonus Amount for Pool A for each quarter during the Bonus Period shall be paid by Parent to (i) the Other Executives, if and to the extent that each Other Executive is an employee of the Company or Parent during such quarter and (ii) such other individuals who are key executives of the Company; in either case who are designated by the Bonus Plan Administrator as participants in Pool A for such quarter. The other Pool shall be referred to as "Pool B" and the Bonus Amount for Pool B for each quarter during the Bonus Period shall be paid by Parent to employees of the Company who are not participants in Pool A for such quarter and who are designated by the Bonus Plan Administrator as a particpant in Pool B for such quarter. 7.24.2 The Bonus Amounts shall be paid by Parent at the same times during the Bonus Period at which Davix xx entitled to receive his "Incentive Compensation" pursuant to Section 2.2 of the Employment Agreement (but shall be payable each quarter during the Bonus Period irrespective of whether the Employment Agreement is then in effect). 7.24.3 The Bonus Plan Administrator shall have the discretion to determine (i) how much of the Bonus Amounts in each of Pool A and Pool B shall be distributed each quarter, and (ii) which of the participants in each Pool shall participate each quarter, based on such criteria as may be established by the Bonus Plan Administrator (which criteria may be subjective). No executive or other employee of the Company shall, by virtue of the establishment of the Bonus Plan, or by virtue of being designated a participant in either Pool, have any vested right in or to any share of any Bonus Amount unless and until such amount is actually paid to him or her. 7.24.4 Parent may cause the Bonus Amounts to be paid by the Company. 7.24.5 Davix xxxll not be eligible to participate in the Bonus Plan.
Sample 1
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Related to BONUS PLAN FOR COMPANY EMPLOYEES

  • Company Employees Each Party shall not, directly or indirectly solicit for employment, any employee of the other Party who has been directly involved in the performance of this Agreement during the Term and for one year after the earlier of the termination or expiration of this Agreement or the termination of such individual's employment, with the other Party. It shall not be a violation of this provision if any employee responds to a Party's general advertisement of an open position.

  • Key Employees The Adviser is not aware that (i) any of its executives, key employees or significant group of employees plans to terminate employment with the Adviser or (ii) any such executive or key employee is subject to any noncompete, nondisclosure, confidentiality, employment, consulting or similar agreement that would be violated by either the Adviser’s present or proposed business activities, except, in each case, as would not reasonably be expected, individually or in the aggregate, to have an Adviser Material Adverse Effect.

  • Shift Employees Employees who work rotating shift patterns or those who work qualifying shifts shall be entitled, on completion of 12 months employment on shift work, to up to an additional 5 days annual leave, based on the number of qualifying shifts worked. The entitlement will be calculated on the annual leave anniversary date. Qualifying shifts are defined as a shift which involves at least 2 hours work performed outside the hours of 8.00am to 5.00pm, excluding overtime. Number of qualifying shifts per annum Number of days additional leave per annum 121 or more 5 days 96 – 120 4 days 71 – 95 3 days 46 – 70 2 days 21 – 45 1 day

  • TIME EMPLOYEES Definition

  • Student Employees A student employee is an employee who is hired for short-term work which is not ongoing. He/she is normally in the process of completing his/her post-graduate studies and is expected to return to his/her studies after an agreed employment period. The employee's benefits and working conditions are as per Article 34 (Temporary Employees).

  • New Employees The Employer agrees to acquaint new Employees with the fact that a Union Agreement is in effect.

  • Newly Hired Employees All employees hired to an insurance eligible position must make their benefit elections by their initial effective date of coverage as defined in this Article, Section 5C. Insurance eligible employees will automatically be enrolled in basic life coverage. If employees eligible for a full Employer Contribution do not choose a health plan administrator and a primary care clinic by their initial effective date, and do not waive medical coverage, they will be enrolled in a Benefit Level Two clinic (or Level One, if available) that meets established access standards in the health plan with the largest number of Benefit Level One and Two clinics in the county of the employee’s residence at the beginning of the insurance year. If an employee does not choose a health plan administrator and primary care clinic by their initial effective date, but was previously covered as a dependent immediately prior to their initial effective date, they will be defaulted to the plan administrator and primary care clinic in which they were previously enrolled.

  • Active Employees Active Employees who have not terminated service during the Plan Year and who meet the following requirements (select all that apply; leave blank if no exclusions): a. [ ] The Employee must be at least age (e.g., 55) b. [ ] The value of the sick and/or vacation leave must be at least $ (e.g., $2,000) c. [ ] A contribution will only be made if the total hours is over (e.g., 10) hours d. [ ] A contribution will not be made for hours in excess of (e.g., 40) hours

  • Current Employees Employees who are eligible to participate but not deferring shall have Elective Deferrals withheld in the amount of ______ % of Compensation or $_________ of Compensation. Employees and Participants shall have the right to amend the stated automatic Elective Deferral percentage or receive cash in lieu of deferral into the Plan.

  • All Employees The Company shall not include the shift differential in any employee’s wage rate for the calculation of overtime.

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