Incentive Bonus Payment Sample Clauses

Incentive Bonus Payment. A. In the event that, within two years following the date of this Agreement, a Transaction occurs, then, except as set forth in Paragraph 2.C., the Corporation will pay to Executive or to Executive's estate (in addition to any base salary, bonuses, incentive compensation, severance payments, expenses, vacation, benefits, benefit plan distributions and other amounts which would otherwise be payable to Executive, to the extent not theretofore paid), as compensation for services rendered to the Corporation, a cash amount (subject to any applicable payroll or other taxes required to be withheld) equal to one (1) times Executive's highest annual rate of compensation in effect at any time during the 36-month period ending on the date of such Transaction, such payment to be made in accordance with Paragraph 2. B. As used herein, "annual rate of compensation" shall mean the aggregate regular base salary paid or payable to Executive by the Corporation with respect to any period of 12 consecutive months.
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Incentive Bonus Payment. A. In the event that, within two years following the date of this Agreement, a Transaction occurs, then, except as set forth in Paragraph 2.C., the Corporation will pay to Executive or to B. As used herein, "annual rate of compensation" shall mean the aggregate regular base salary paid or payable to Executive by the Corporation with respect to any period of 12 consecutive months.
Sample 1
Incentive Bonus Payment. As soon as practicable and in any event within thirty (30) days after the completion of the audited financial statements and determinations of the Company’s earnings before interest income and expenses and taxes (“EBIT”) for the 2005 fiscal year, the Company agrees to pay the Executive an amount (the “Incentive Bonus Payment”) equal to the 2005 Incentive Bonus (as defined below) multiplied by a fraction, the numerator of which is the number of days in the period commencing on January 1, 2005 and ending on the Termination Date (inclusive) and the denominator of which is 365. For purposes of this Agreement, the 2005 Incentive Bonus shall mean an incentive bonus with respect to the 2005 fiscal year equal to the sum of (i) 0.5% of the Company’s EBIT for the 2005 fiscal year up to $20,000,000, plus (ii) 1.0% of EBIT for the 2005 fiscal year in excess of $20,000,000.
Sample 1

Related to Incentive Bonus Payment

  • Incentive Bonus During the Term, Employee shall be eligible to receive an incentive bonus up to the amount, based upon the criteria, and payable in such amount, at such times as are specified in Exhibit A attached hereto. The manner of payment, and form of consideration, if any, shall be determined by the Compensation Committee of the Board, in its sole and absolute discretion, and such determination shall be binding and final. To the extent that such bonus is to be determined in light of financial performance during a specified fiscal period and this Agreement commences on a date after the start of such fiscal period, any bonus payable in respect of such fiscal period's results may be prorated. In addition, if the period of Employee's employment hereunder expires before the end of a fiscal period, and if Employee is eligible to receive a bonus at such time (such eligibility being subject to the restrictions set forth in Section 6 below), any bonus payable in respect of such fiscal period's results may be prorated.

  • Bonus Payment Executive will receive a lump-sum payment equal to one hundred fifty percent (150%) of the higher of (A) the greater of (x) Executive’s target bonus for the fiscal year in which the Change of Control occurs (as in effect immediately prior to the Change of Control) or (y) Executive’s target bonus as in effect for the fiscal year in which Executive’s termination of employment occurs, or (B) Executive’s actual bonus for performance during the calendar year prior to the calendar year during which the termination of employment occurs. For avoidance of doubt, the amount paid to Executive pursuant to this Section 3(b)(iii) will not be prorated based on the actual amount of time Executive is employed by the Company during the fiscal year (or the relevant performance period if something different than a fiscal year) during which the termination occurs.

  • 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.

  • Incentive Bonuses After the Company attains profitability, the Employee shall be eligible to be considered for an annual incentive bonus. Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the Board or its Compensation Committee. The determinations of the Board or its Compensation Committee with respect to such bonus shall be final and binding. Except as expressly provided in this Agreement, the Employee shall not be entitled to an incentive bonus if he is not employed by the Company on the date when such bonus is payable.

  • Cash Incentive Bonus The pro rata share of any Cash Incentive Bonus that would have been paid to the Executive had the Executive not been terminated Without Cause based on the extent to which performance standards are met on the last day of the year in which the Executive is terminated Without Cause.

  • Annual Incentive Bonus The Company shall, in addition to Executive’s Base Salary, pay Executive an Annual Incentive Bonus, which shall be payable within 120 days of the end of each fiscal year in accordance with the formula set forth on Exhibit A, attached hereto and made a part hereof.

  • Bonus Payments No employee shall be required or requested to make any written or verbal agreement that will conflict with the terms of this Agreement. All employees must be paid weekly for all hours worked as provided in this Agreement. Any bonuses, commissions or other methods of payments over and above the requirements of this Agreement shall be in addition to the requirements of this Agreement and may not be used to offset such contractual requirements and shall not be subject to negotiations.

  • 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.

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 11.3.2 An employer may opt to pay the early retirement incentive in three equal annual payments over a thirty-six (36) month period. 11.3.3 Eligible bargaining unit members may opt for a partial early retirement with a pro- rated incentive.

  • 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.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!