Employee Bonus Plan. This will confirm our agreement with respect to the payment of a new Employee Bonus Plan (“EBP”) to employees. Employees will be eligible to receive, in each year, EBP payments totalling up to twenty-five percent (25%) of the employee’s “AIP period earnings” (as defined below). The Employee Bonus Plan has two (2) components: the “Quarterly Bonus Component”; and the “Annual Bonus Component” as set out below:
Employee Bonus Plan. The Employee shall be entitled to participate in the Company’s employee bonus plan in accordance with the terms of such plan. The Company shall have the discretion to determine the amount of any bonus paid to the Employee. However, the Employee will be eligible to receive a maximum bonus under such plan not to exceed 30% of his annual Salary for the year to which any bonus relates. The Employee’s bonus eligibility will be linked directly to the profitability of the Company’s “Stratus” (Wet processing products) product line.
Employee Bonus Plan. Effective as of the date hereof, PRO DUCT ------------------- shall adopt and comply with the terms of an employee bonus plan (the "Retention --------- Bonus Plan") that shall provide that all persons who are currently employees of ---------- PRO DUCT below the level of Vice President and who are employees of the Surviving Corporation on the six (6) month anniversary of the date hereof shall be paid a bonus equal to twenty-five percent (25%) of his or her annual base salary in effect as of the date hereof; provided, however, that the Surviving Corporation shall not be obligated to pay more than $750,000 in the aggregate under the Retention Bonus Plan. Payments pursuant to the Retention Bonus Plan shall be subject to applicable withholding and shall be paid no later than three (3) days after the six (6) month anniversary of the date hereof; provided, however, that each employee of the Surviving Corporation whose employment is terminated by the Surviving Corporation other than for "Cause" (as such term is defined below) prior to the six (6) month anniversary of the date hereof shall receive his or her bonus under the Retention Bonus Plan as of the date of the termination of his or her employment. Employees of the Surviving Corporation who voluntarily terminate their employment prior to the six (6) month anniversary of the date hereof shall not receive any bonus pursuant to the Retention Bonus Plan; provided, however, that if any such employee's voluntary termination is due to either (i) a reduction in his or her annual base salary from his or her annual base salary in effect as of the date hereof or (ii) a relocation from PRO DUCT's current facility, then such employee shall receive his or her bonus under the Retention Bonus Plan as of the date of the termination of his or her employment.
Employee Bonus Plan. The Company shall have adopted an employee bonus plan, acceptable to Purchaser.
Employee Bonus Plan. So long as the Employee is working on a full-time basis (i.e., five days per week, exclusive of holidays, etc.), the Employee shall be eligible for such additional compensation, if any, from the Employer for services rendered hereunder based upon Employee's annual performance evaluation, and the Employee shall be included in the Employer's employee bonus plan and be entitled to such additional compensation as may accrue to him by reason of his inclusion in such plan.
Employee Bonus Plan. The Employee shall be eligible to participate in the employee bonus plan of the Company (the “Employee Bonus Plan”) and, if the Employee is in the Employment at the end of a calendar year, to receive a performance bonus for the calendar year of up to [___]% of the Employee’s annual base salary for the calendar year. Any performance bonus to which the Employee is entitled for a calendar year shall be paid to the Employee within thirty (30) days after the release of the audited financial statements of the Company for the calendar year. The Employee acknowledges that his/her entitlement to receive a performance bonus under the Employee Bonus Plan for any year is subject to the achievement of base and personal, departmental and company-wide objectives/targets established by the Company for the year and is subject to the discretion of the Board or a designated committee of the Board.
Employee Bonus Plan. For each completed calendar year beginning in 2019 for which Employee has performed services for the Company under the Employment Agreement for the entire year, Employee shall be entitled to a performance bonus determined and administered as follows:
(a) To be eligible for a Bonus, the Company must have achieved positive cash flow for the year, as shown on the Company’s audited financial statements for that year.
(b) The Bonus will be an amount equal to 15% of the increase, if any, in consolidated EBITDA for the year compared to the Company’s consolidated EBITDA for the preceding year. The Bonus will be subject to customary payroll tax deductions. Consolidated EBITDA shall be determined from the Company’s audited financial statements for the year in question, which shall be conclusive for all purposes.
(c) The Bonus will not exceed 100% of Base Salary paid to Employee for the year.
(d) The Bonus will be paid in either cash, shares of Common Stock, or a combination of both, as determined by the Compensation Committee of the Board of Directors, in its sole discretion.
(e) If the Bonus is paid in shares of Common Stock, either in whole or in part, the Common Stock will be valued at the closing price of the Common Stock on its Principal Market on the first trading day after April 1. The shares of Common Stock will be “restricted securities” within the meaning of Rule 144 and certificates evidencing same shall bear the Company’s customary restrictive legend.
(f) The Bonus will be payable as soon as practicable after the Company files its Annual Report on Form 10-K for the applicable year.
Employee Bonus Plan. The Company has a noncontributory, trusteed employee bonus plan for full-time employees. The intent of the Company is to contribute shares of the Company's stock to the plan, although the plan also allows cash contributions. The contribution is determined annually by the Company and cannot exceed 15% of the annual aggregate salaries of those employees eligible for participation in the plan. Individuals' account balances vest at a rate of 25% per year commencing upon completion of three years of service. Nonvested balances which are forfeited are allocated to the remaining employees in the plan. Continued
Employee Bonus Plan. Cirrus shall take all actions reasonably necessary to establish a $7.0 million dollar retention bonus plan and a $2.0 million additional bonus plan that will go into effect at the Effective Time and that will cover all of the current employees of the Company who become employees of Cirrus or Acquisition Sub as well as new employees of Cirrus or Acquisition Sub that are primarily engaged in work related to the projects of the Company.
Employee Bonus Plan. The Surviving Corporation shall develop and implement a bonus plan in the amount of $100,000 to be distributed to the former employees of Targets (excluding the
