Driver Bonus Program Sample Clauses

Driver Bonus Program. ‌ The Company will pay an annual bonus to all drivers who go without any driver fault accidents with Company vehicles in a given insurance fiscal year (presently October 1 to September 30). The bonus will be two hundred dollars ($200.00) per year, escalating by one hundred dollars ($100.00) in each subsequent year until the driver reaches five (5) accident-free years, with a potential bonus after five (5) years of six hundred ($600.00) dollars per annum. This bonus will be paid out in December of each year to those who have qualified during the insurance fiscal year just ended. This bonus is for drivers who have had no accidents in which they are at fault, this is defined as being assessed with less than fifty per cent (50%) fault by the insurance company. Should the driver have an accident in any year in which he or she is assessed fifty per cent (50) or more fault and greater than the Company deductible, then they go back to zero for the purposes of this Bonus Program. To reach the maximum bonus, the accident- free years must be consecutive. The Company reserves the right to change the fault/no-fault percentage based on changes made by the insurance carrier from time to time. The following conditions will also apply: a) You must be employed in full-time driver status continuously during the insurance fiscal year the payout relates to. Full-time drivers are defined as drivers who have worked 1700 hours or more in the insurance fiscal year. Part-time and casual drivers do not qualify. b) A pro-rata adjustment will be made to the bonus based on hours worked. For the purposes of this calculation, hours worked will include regular hours worked, overtime hours worked, time-off for vacation, paid leaves of absence and statutory holidays. Periods of absence for occupational or non-occupational sickness or injury, unpaid leaves of absences when the employee is not being paid by the Employer, shall be excluded in determining the hours worked by an employee. A full year for the purposes of this payment will be seventeen hundred hours (1,700 hours). It is understood that if a driver fails to achieve a bonus because of a lack of qualifying hours due to absence for occupational or non-occupational sickness or injury where the employee is not paid, and he or she subsequently returns to work, their prior standing will be used to calculate for the subsequent payment levels.
Sample 1
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Driver Bonus Program. The Company will pay an annual bonus to all drivers who go without any driver fault accidents with Company vehicles in a given insurance fiscal year (presently October 1 to September 30). The bonus will be two hundred dollars ($200.00) per year, escalating by one hundred dollars ($100.00) in each subsequent year until the driver reaches five (5) accident-free years, with a potential bonus after five
Sample 1

Related to Driver Bonus Program

  • Bonus Program You will be eligible for an annual target bonus of 35% of your annual base salary as determined by the Board in its sole discretion based upon, among other things, the achievement of pre-determined performance milestones. Any annual bonus, if earned, shall be paid no later than March 15th of the year immediately following the year to which the applicable annual bonus relates.

  • Bonus Programs Employee may participate in any incentive program which may be made available from time to time to Corporation’s employees at Employee’s level; provided, however, that Employee’s participation is subject to the applicable terms, conditions and eligibility requirements of the program, as they may exist from time to time.

  • Incentive Bonus Plan Employee shall be eligible for a bonus opportunity of up to 65% of his annual base salary in accordance with the Company’s Incentive Bonus Plan as modified from time to time, payable in cash and/or equity of the Company (at the Company’s discretion). The bonus payment and the Company’s targeted performance shall be determined and approved by the Board or the compensation committee thereof.

  • Bonus Plan Such bonus, if any, as shall be determined upon the recommendation of the CEO by the Board (or any designated Committee of the Board comprised solely of independent directors), shall be paid in accordance with the terms and conditions of the bonus plan established for the Company (“Bonus Plan”).

  • Bonus The Executive shall be eligible for Bonuses determined by the Board.

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Performance Bonus The Executive shall be eligible to receive an annual performance bonus, payable within sixty (60) days after the end of the fiscal year of the Employer, in an amount not to exceed twenty-five percent (25%) of the Executive's Base Salary for the applicable year. The amount, if any, shall be determined by the Board, or the appropriate committee thereof, and shall generally be based on a combination of organization-wide and individual performance criteria.

  • Performance Bonuses The Executive will be eligible to receive an annual cash bonus at an annualized rate of up to 40% of his base salary, based on the achievement of reasonable individual and Company performance targets to be established by the Company and Parent.

  • Annual Incentive Compensation Executive shall be eligible to receive an annual bonus (“Annual Bonus”) with respect to each fiscal year ending during the Employment Period. The Annual Bonus shall be determined under the 2006 Omnibus Incentive Plan (the “Omnibus Plan”) or such other annual incentive plan maintained by the Company for similarly situated employees that the Company designates, in its sole discretion (any such plan, the “Bonus Plan”), in accordance with the terms of such plan as in effect from time to time. For each such fiscal year, Executive shall be eligible to earn a target Annual Bonus equal to seventy percent (70%) of Executive’s Base Salary for such fiscal year, if the Company achieves the target performance goals established by the Board for such fiscal year in accordance with the terms of the Bonus Plan. If the Company does not achieve the threshold performance goals established by the Board for a fiscal year, Executive shall not be entitled to receive an Annual Bonus for such fiscal year. If the Company exceeds the target performance goals established by the Board for a fiscal year, Executive may be entitled to earn an additional Annual Bonus for such year in accordance with the terms of the applicable Bonus Plan. The Annual Bonus for each year shall be payable at the same time as bonuses are paid to other senior executives of the Company in accordance with the terms of the applicable Bonus Plan, but in no event later than two and a half (21/2) months following the end of the applicable fiscal year in which such Annual Bonus was earned. Executive shall be entitled to receive any Annual Bonus that becomes payable in a lump-sum cash payment, or, at his election, (A) up to fifty percent (50%) of the Annual Bonus in the form of a grant of restricted stock units of Common Stock (as defined below) or (B) in any form that the Board generally makes available to the Company’s executive management team, provided that any such election is made by Executive in compliance with Section 409A of the Code and the regulations promulgated thereunder.

  • Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

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