Compensation; Performance Bonus Clause Samples
The "Compensation; Performance Bonus" clause defines the terms under which an employee or contractor is paid, including both their base salary and any additional bonuses tied to performance metrics. Typically, this clause outlines the amount and frequency of regular compensation, as well as the criteria and process for earning a performance bonus, such as meeting specific sales targets or project milestones. Its core function is to clearly establish the financial incentives and rewards structure, ensuring both parties understand how compensation is determined and what is required to earn additional bonuses, thereby motivating performance and reducing disputes over pay.
Compensation; Performance Bonus. A. Employee’s base salary will be paid at the rate of $150,000 for the initial Term and for any subsequent term under Section 4. Employee’s base salary may be increased by the Compensation Committee and/or Board, but shall not be decreased.
B. Employee’s base salary will be paid at periodic intervals in accordance with the Company’s normal payroll practices for salaried employees. Employee shall be paid a pro rata share of his base salary in accordance with the Company’s normal payroll practices for salaried employees should his employment be terminated before the end of any given pay period.
C. Employee will be eligible for a performance bonus for the initial Term, and for any subsequent term under Section 4, of up to a maximum of $500,000.00 based upon satisfaction of certain performance objectives. The performance objectives for the performance bonus will be developed promptly after the date of this Agreement for the initial Term, and for any subsequent terms of this Agreement, periodically by the Compensation Committee, and the Compensation Committee and Employee will meet and consult and in good faith determine the performance objectives by which the incentive bonus will be measured. In the event that the Compensation Committee, in its sole discretion, determines that the performance bonus criteria have not been satisfied in full for the initial Term or for any subsequent term of this Agreement, the performance bonus can be earned on a partial basis as determined by the Compensation Committee. In the event of a Change of Control, the performance bonus for the term in which such Change of Control occurs will be paid on the date of the closing of the transaction that gives rise to the Change of Control. All bonuses payable to Employee hereunder will be paid within sixty (60) days of the end of the term for which such bonus is earned; provided, however, that, notwithstanding anything to the contrary in this Agreement, any performance bonus earned pursuant to this Section 5C will not be paid later than the fifteenth (15th) day of the third (3rd) month following the end of the Company’s first taxable year in which the Employee’s right to the payment is no longer subject to a substantial risk of forfeiture. All bonuses pursuant to this paragraph are subject to final approval by the Compensation Committee.
D. The Company will deduct and withhold, from the compensation payable to Employee hereunder, any and all applicable federal, state and local income and e...
Compensation; Performance Bonus. A. Employee’s performance bonus in respect of his service to the Company from October 24, 2012 to February 24, 2013 in the amount of $166,666.67 will be paid to Employee on February 24, 2013 without any conditions and regardless of whether the Employee is still employed by the Company at that time.
B. Employee’s base salary will be paid at the rate of $300,000 per annum. Employee’s base salary will be paid at periodic intervals in accordance with the Company’s normal payroll practices for salaried employees. Employee shall be paid a pro rata share of his base salary in accordance with the Company’s normal payroll practices for salaried employees should his employment be terminated before the end of any given pay period.
C. On April 23, 2013, Employee will be eligible for a severance payment in the amount of $83,333.33, with said payment to be determined in the sole and absolute discretion of the Compensation Committee of the Board of Directors of the Company, and with the amount so approved to be paid to Employee on April 24, 2013.
D. In the event of a Change of Control (as defined below) during the Employment Period, the Company shall pay to Employee a bonus in the amount of $375,000.00 (the “Change of Control Bonus”). The Change of Control Bonus will be paid on the date of the closing of the transaction that gives rise to the Change of Control. “Change of Control” shall be deemed to take place if hereafter (A) any “Person” or “group,” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Act”), other than the Company or any of its Affiliates, becomes a beneficial owner (within the meaning of Rule 13d-3 as promulgated under the Act), directly or indirectly, in one or a series of transactions, of securities representing fifty percent (50%) or more of the total number of votes that may be cast for the election of directors of the Company and two-thirds of the Board has not consented to such event prior to its occurrence or within sixty (60) days thereafter, provided that if the consent occurs after the event it shall only be valid for purposes of this definition if a majority of the consenting Board is comprised of directors of the Company who were such immediately prior to the event; (B) any closing of a sale of all or substantially all of the assets of the Company other than to one or more of the Company’s Affiliates, and two-thirds of the Board has not consented to such event prior to its occurrence or within six...
Compensation; Performance Bonus. A. Employee's base salary will be paid at the rate of $22,916.67 monthly ($275,000 annualized) for the Initial Term and for any subsequent Term under Section 4. Employee's base salary may be increased by the Compensation Committee and/or Board in their sole discretion, but shall not be decreased without Employee’s consent.
B. Employee's base salary will be paid at periodic intervals in accordance with the Company's normal payroll practices for salaried employees.
C. Employee will be eligible for a quarterly performance bonus at the end of each fiscal quarter during the Initial Term and each subsequent Term, under Section 4, with a target value of $50,000.00 per fiscal quarter, a maximum of $75,000.00 per fiscal quarter and a minimum of $25,000.00 per fiscal quarter, which bonus is to be based upon satisfaction of certain performance objectives. The performance objectives for this quarterly performance bonus will be developed promptly for the fiscal quarters in the Initial Term, and periodically by the Compensation Committee for any subsequent Terms; and the Compensation Committee (or its Chairman) will meet and consult with the Employee regarding the performance objectives by which the incentive bonus will be measured (which objectives will be finally determined by the Compensation Committee in its discretion). The performance objectives for the quarterly performance bonuses payable for fiscal quarters in the Initial Term are expected to be based upon objectives such as (i) monetization of various parts of the Company’s intellectual property portfolio over specified time frames, (ii) cash position and/or cash flow and/or (iii) net income, profit or other earnings and operating performance measures. In the event that the Compensation Committee, in its sole discretion, determines that the performance bonus criteria have not been satisfied in full for a fiscal quarter in the Initial Term or for any subsequent Term, the performance bonus can be earned on a partial basis as determined by the Compensation Committee in its sole discretion, subject to the above-referenced minimum amounts. Except as contemplated by the following sentence, Employee must be employed by the Company on the last day of a fiscal quarter in order to be eligible to receive a performance bonus for such quarter. In the event of a Change of Control, (i) the performance criteria for the performance bonus the fiscal quarter in which such Change of Control occurs will be deemed to have been achi...
Compensation; Performance Bonus. A. City agrees to pay the Contractor for the same at a rate determined pursuant to Contractor’s Proposal attached hereto as Exhibit B. Contractor shall provide a monthly invoice to City for actual expense incurred in the performance of this Agreement. Said fees shall be paid on a monthly basis by the City in accordance with terms of this Agreement within fifteen (15) days after the end of each month for amounts billed. The obligation to pay on the part of the City shall not accrue until the Service-Safety Director certifies that the terms of the Agreement herein embodied are complied with in accordance with the terms hereof. For purposes of this Agreement only, a detailed invoice shall include the amount owed by the City, the detailed list of the services provided, and the dates for which the services were performed.
B. If Contractor meets all specifications and successfully performs and completes the entire term of this Agreement, Contractor shall be entitled to a five percent (5%) performance bonus. The performance bonus amount will be determined by taking five percent (5%) of the total amount billed for complete mowings under this Agreement. The performance bonus will be paid along with the Contractor’s final bill for the term of this Agreement. City shall have final determination regarding successful performance and completion of this Agreement.
Compensation; Performance Bonus