Conditional Bonus Clause Samples
A Conditional Bonus clause establishes the terms under which an additional payment or reward is granted if certain predefined conditions are met. Typically, this clause outlines specific performance targets, project milestones, or other measurable achievements that must be satisfied for the bonus to be paid. By clearly defining the criteria for earning the bonus, this clause incentivizes desired outcomes and ensures both parties understand the requirements for additional compensation, thereby reducing disputes and aligning interests.
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Conditional Bonus. Subject to the below, for the performance year 2014 only, you will receive as part of your Variable Incentive Compensation a conditional performance bonus of $450,000.00, less any applicable tax and other statutory deductions (the “Conditional Bonus”), subject to you receiving a performance rating of 3 based on achieving the Objectives outlined below. In the event that you fail to achieve these Objectives, the Conditional Bonus will be reviewed for appropriate payout, if any. • Review changes or developments in law, regulation or market practice to consider their impact on products, processes, transactions and our customers • Lead the legal work to contribute to a successful IPO of Citizens Financial Group and separation from RBS by actively participating in IPO related Core Working Group meetings, representing the Company in meetings with RBS, investment bankers and underwriters, and providing input into IPO related documentation and agreements • Lead the legal function and provide advice and counsel to proactively manage and mitigate legal risk • Manage legal spend within appropriate budget to achieve best value for the bank • Complete an assessment of the organizational structure and staff by December 31, 2014 • Provide legal advice and support efforts to remediate regulatory issues by actively participating in the Company's Executive Risk Forum and Regulatory Executive Steering Committee meetings • Take personal responsibility for adherence to policies and procedures designed to meet the spirit and letter of our regulatory obligations, for ensuring fair outcomes to our customers and supporting prompt identification, reporting and remediation of issues The Company reserves the right to change (amend or replace) these Objectives at any time with prior consultation with you. In the event of any change, the objectives subsequently notified to you (the "New Objectives") will take precedence over these Objectives. All other terms and conditions, as set out in this letter, will remain unaffected unless advised to the contrary. The Conditional Bonus will be paid in the form of a Deferred Award made under the RBS Deferral Plan applicable from time to time, or such other plan that may be in operation at that time (the “Deferral Plan”). The RBS Group reserves the right to change the rules of the Deferral Plan, or to cancel or replace it, at any time (including, for the avoidance of doubt, during any financial year) in its sole and absolute discretion and, for the...
Conditional Bonus. 5.1 You will be entitled to receive interest on your Account at our conditional bonus rate (the “conditional bonus”) in respect of each calendar month during which all of the following are met to our reasonable satisfaction:
a. you keep your Account open (see conditions 8/9); and
b. you comply with the minimum and maximum balance requirements for your Account (see conditions 3.6 and 4.5); and
c. you make no withdrawals or transfers from your Account whether in connection with the operation or closure of your Account, or otherwise (see condition 7).
5.2 You will not be entitled to and will not receive any interest by way of conditional bonus on the Account for the whole of any calendar month during which one or more of the requirements referred to in condition 5.1a, b or c are not met.
5.3 Any conditional bonus earned on your Account will be paid in respect of the period immediately following Account opening (in accordance with condition 3.9 above) until further notice to you in writing and at such rate as we may publicise or communicate to you either in our Bank Tariff or otherwise in writing before or at the time of your application for the Account.
5.4 The conditional bonus will be calculated daily on the cleared credit balance of your Account and paid monthly into the Account on the first day of the following month (or if that is not a working day, then on the next working day) together with any other accrued interest at the standard rate, as a single interest item. Any conditional bonus earned on your Account will be paid subject to the deduction of all applicable taxes, if any, at the appropriate rate.