Incentive or Bonus Compensation Sample Clauses
The incentive-or-bonus-compensation clause defines the terms under which an employee or contractor may receive additional compensation beyond their base pay, typically as a reward for meeting or exceeding specific performance targets. This clause outlines the criteria for earning bonuses, such as achieving sales goals, completing projects ahead of schedule, or contributing to company profitability, and may specify the timing and method of payment. Its core function is to motivate higher performance by providing clear, structured financial incentives, thereby aligning individual efforts with organizational objectives.
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Incentive or Bonus Compensation. Employee may be eligible to receive incentive or bonus compensation based on factors established by Company in its sole discretion. Incentive or bonus payments, if any, shall be made in accordance with the then-effective applicable Company incentive or bonus plan as hereafter established in Company's sole discretion (the "Incentive Plan"). Unless otherwise specifically provided in the Incentive Plan, earned incentive compensation will be paid only while Employee is actively employed by Company; accordingly, if Employee ceases to be actively employed by Company, Employee will only receive a prorated portion of the earned incentive compensation for the period Employee was actively employed by Company. In the event the incentive or bonus compensation is calculated on an annual basis subsequent to Employee's termination, Employee will not be eligible to receive payment.
Incentive or Bonus Compensation. The Corporation may, in its sole discretion, pay bonuses or other incentive compensation to Employee in addition to the annual base salary set forth above.
Incentive or Bonus Compensation. During the term of his employment as the Company’s CEO, Executive will be entitled to participate in cash and equity incentive or bonus programs adopted by the Board of Directors or the Compensation Committee that are generally made available to the Company’s executive officers, subject to the eligibility requirements and the other terms and conditions thereof, including any performance, time or other vesting conditions; provided that it is understood and agreed that neither the Board of Directors nor its Compensation Committee shall be obligated to adopt any such incentive or bonus programs.
Incentive or Bonus Compensation. (a) Executive shall have the opportunity to earn bonus compensation (the “Bonus Opportunity”) in an amount up to, but not to exceed, fifty percent (50%) of Executive’s Annual Salary pro-rated for the number of days he is employed during the Company’s fiscal year ending June 30, 2013 (Executive’s “Pro-Rated Annual Salary”), as follows:
(i) One-half of the Bonus Opportunity (an amount up to 25% of his Executive’s fiscal 2013 Pro-Rated Annual Salary), will be contingent on the achievement of financial or other goals or objectives to be established, within 60 days of the Commencement Date, by mutual agreement of the Company’s Compensation Committee and Executive. Such goals or objectives may include the achievement of financial goals or implementation of initiatives for the Company’s operations in Europe and Asia, the integration and expansion of the Company’s e-commerce businesses, and the development of a long term incentive equity plan for key members of management, and shall require that the Executive shall have been in the continuous service of the Company as its CEO throughout the period from the Commencement Date to and including June 30, 2013.
(ii) The other half of the Bonus Opportunity (also, in an amount up to 25% of his Executive’s fiscal 2013 Pro-Rated Annual Salary), will be contingent on the Company’s achievement of the financial results in the Company’s third and fourth fiscal quarters ending March 31, 2013 and June 30, 2013, respectively, as set forth in the Company’s fiscal 2013 annual operating plan (the “AOP”) as previously approved by the Board of Directors, subject to such adjustments thereto as may be agreed or made by the Board of Directors within sixty (60) days of the Commencement Date, and shall require that the Executive shall have been in the continuous service of the Company as its CEO throughout the period from the Commencement Date to and including June 30, 2013.
(b) During the period from July 1, 2013 and the remaining term of Executive’s employment as the Company’s CEO, he will be entitled to participate in other equity and cash incentive or bonus plans or programs that are adopted by the Board of Directors or its Compensation Committee and generally made available to the Company’s executive officers, subject to the eligibility requirements and the other terms and conditions thereof, including any performance, time or other vesting conditions; provided that it is understood and agreed that neither the Board nor its Compensatio...
Incentive or Bonus Compensation. (a) Executive shall be entitled to participate in any cash, equity or other incentive compensation plans or programs that (i) are adopted by the Board of Directors or its Compensation Committee during the term of Executive’s employment as President and CEO and (ii) are generally made available to the Company’s executive officers, subject to the eligibility requirements and the other terms and conditions thereof, including any performance, time or other vesting conditions; provided that it is understood and agreed that neither the Board nor its Compensation Committee shall be obligated to adopt any such cash, equity or other incentive or bonus compensation plans or programs.
(b) Nothing contained in this Section 4.2 is meant to preclude the Compensation Committee from awarding Executive discretionary bonuses if and as the Committee deems it to be appropriate in its sole and absolute discretion.
Incentive or Bonus Compensation. The Company will pay to the Executive (1) all outstanding bonuses which accrued prior to the Termination Date under the Company's 50/25/25 bonus payment plan, and (2) an incentive award in an amount equal to the highest incentive compensation award earned by the Executive in any of the three calendar years immediately preceding the calendar year in which the Change in Control becomes effective, multiplied by three.