Consulting Bonus Clause Samples
A Consulting Bonus clause defines the conditions under which a consultant is eligible to receive additional compensation beyond their standard fees. Typically, this clause outlines specific performance targets, project milestones, or successful completion of certain objectives that trigger the bonus payment. By clearly specifying the criteria and timing for bonus eligibility, the clause incentivizes high performance and ensures both parties understand the circumstances under which extra payments will be made.
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Consulting Bonus. You shall be eligible to receive a consulting bonus of up to fifty thousand dollars ($50,000) per year (pro-rated for the years during which the Services hereunder begin and end, provided that for purposes of this paragraph the parties will consider the Services hereunder to have begun on the Commencement Date), based on your and the Company’s achievement of performance goals set by the Company’s Board of Directors. The earned amount of the consulting bonus, if any, shall be paid to you within thirty (30) days following the close of the fiscal year to which it relates, and in no event later than March 15th of the calendar year immediately following the calendar year for which it was earned. You must be engaged by the Company under this Agreement in order to be eligible for, and to be deemed as having earned, any consulting bonus.
Consulting Bonus. Subject to your provision of the Services during the Special Advisor Period and your compliance with the other terms of this Agreement, you will receive a cash bonus award equal to your target annual cash bonus under the Company’s short term incentive plan in respect of fiscal year 2023 (i.e., $1,750,000) (the “Consulting Bonus”), payable as follows: 50% of the Consulting Bonus will be paid on or around June 30, 2024 (but no later than the first payroll date following June 30, 2024) and the remaining 50% will be paid in calendar year 2025 at the same time as senior executives of the Company receive their annual cash bonuses, but in no event later than February 28, 2025.
Consulting Bonus. During the Consulting Period, the Consultant shall be eligible to receive an annual bonus in an amount up to $100,000 based upon the attainment of an annual EBITDA target as determined by the Board (the “Consulting Bonus”).