Incentive and Retention Programs Clause Samples
The Incentive and Retention Programs clause establishes the terms under which employees or contractors are offered additional compensation or benefits to encourage high performance and long-term commitment to the organization. Typically, this clause outlines eligibility criteria, the types of incentives available—such as bonuses, stock options, or retention payments—and the conditions under which these rewards are granted or forfeited, such as continued employment or achievement of specific goals. Its core practical function is to motivate key personnel to remain with the company and perform at their best, thereby reducing turnover and aligning individual efforts with organizational objectives.
Incentive and Retention Programs. Employee shall be eligible for an annual discretionary incentive bonus. The amount of the bonus for a given year shall be determined by Employer’s Board of Directors annually by January 31st of each following year and shall be paid no later than February 28th of each following year, provided Employee is still employed by Employer on the payment date. Employee shall be entitled to participate in the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Salary Component”, “Farmers & Merchants Bank of Central California Split Dollar Agreement”, “Farmers & Merchants Bank of Central California Executive Retirement Plan – Equity Component”, and “Farmers & Merchants Bank of Central California Executive Retirement Plan – Performance Component”, the terms and conditions of which are set forth in separate agreements so titled.
Incentive and Retention Programs. Employee shall be eligible for an annual discretionary incentive bonus. The amount of the bonus for a given year shall be determined by Employer’s Board of Directors annually by January 31st of each following year and shall be paid no later than February 28th of each following year, provided Employee is still employed by Employer on the payment date. Employee shall be entitled to participate in the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Equity Component”, “Farmers & Merchants Bank of Central California Executive Retirement Plan – Performance Component” and the “Farmers & Merchants Bank Deferred Compensation Plan”, the terms and conditions of which are set forth in separate agreements so titled.
Incentive and Retention Programs. Employee shall be eligible for an annual discretionary incentive bonus. The amount of any incentive bonus shall be determined from time to time by the Bank’s Board of Directors annually by January 31st of each following year and shall be paid no later than February 28th of each following year. Any incentive bonus is intended for retention purposes, and as a consequence, it will only be paid provided Employee is still employed by Employer on the payment date. Employee shall be entitled to participate in (i) the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Equity Component,” which is a totally discretionary contribution as determined by the Board of Directors; and (ii) the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Performance Component,”; the terms and conditions of which are set forth in separate agreements so titled.
Incentive and Retention Programs. Employee shall be eligible for an annual discretionary incentive bonus. The amount of any incentive bonus shall be determined from time to time by the Bank’s Board of Directors annually by January 31st of each following year and shall be paid no later than February 28th of each following year. Any incentive bonus is intended for retention purposes, and as a consequence, it will only be paid provided Employee is still employed by Employer on the payment date. Employee has the bonus potential of $300,000 per year starting in 2025. Employee shall be entitled beginning in the 1st quarter of 2025 to participate in the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Equity Component,” with an annual target of $300,000 which is a totally discretionary contribution as determined by the Board of Directors, the terms and conditions of which are set forth in separate agreement so titled.
Incentive and Retention Programs. Employee shall be eligible for an annual discretionary incentive bonus. The amount of the bonus for a given year shall be determined by the Bank’s Board of Directors annually by March 31st of each following year and shall be paid no later than April 15th of each following year, provided Employee is still employed by the Bank on the payment date. For the year 2014, said bonus shall not be less than $100,000. Employee shall be entitled to participate in the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Equity Component”, “Farmers & Merchants Bank of Central California Executive Retirement Plan – Performance Component” and the “Farmers & Merchants Bank Deferred Compensation Plan”, the terms and conditions of which are set forth in separate agreements so titled.
Incentive and Retention Programs. Employee shall be eligible for an annual discretionary incentive bonus beginning in 2023. The amount of any incentive bonus shall be determined from time to time by the Bank’s Board of Directors annually by January 31st of each following year and shall be paid no later than February 28th of each following year. Any incentive bonus is intended for retention purposes, and as a consequence, it will only be paid provided Employee is still employed by Employer on the payment date. Employee has the bonus potential of $400,000 to $600,000 per year. Beginning in 2nd quarter of 2023, Employee shall be entitled to participate in (i) the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Equity Component,” with a quarterly target of $70,000 to $110,000, which is a totally discretionary contribution as determined by the Board of Directors; and (ii) the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Performance Component,” with an initial “Bonus Factor” of .50%; the terms and conditions of which are set forth in separate agreements so titled.
Incentive and Retention Programs. Employee shall be eligible for an annual discretionary incentive bonus. The amount of the bonus for a given year shall be determined by Employer’s Board of Directors annually by January 31st of each following year and shall be paid no later than February 28th of each following year, provided Employee is still employed by Employer on the payment date. Employee shall be entitled to participate in the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Equity Component”, and “Farmers & Merchants Bank of Central California Executive Retirement Plan – Performance Component”, the terms and conditions of which are set forth in separate agreements so titled.
Incentive and Retention Programs. Employee shall be eligible for an annual discretionary incentive bonus beginning in 2023. The amount of any incentive bonus shall be determined from time to time by the Bank’s Board of Directors annually by January 31st of each following year and shall be paid no later than February 28th of each following year. Any incentive bonus is intended for retention purposes, and as a consequence, it will only be paid provided Employee is still employed by Employer on the payment date. Employee has the bonus potential of $400,000 to $600,000 per year. Beginning in 2nd quarter of 2023, Employee shall be entitled to participate in (i) the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Equity Component,” with a quarterly target of $70,000 to $110,000, which is a totally discretionary contribution as determined by the Board of Directors; and (ii) the “Farmers & Merchants Bank of Central California Executive Retirement Plan – Performance Component,” with an initial “Bonus Factor” of .50%; the terms and conditions of which are set forth in separate agreements so titled.