Target Bonus Consideration Clause Samples
The Target Bonus Consideration clause defines the terms under which an employee is eligible to receive a bonus, typically based on achieving specific performance targets or company objectives. This clause outlines how the target bonus amount is determined, the criteria for earning it, and the timing of any payments, such as annual or quarterly disbursements. Its core practical function is to provide clear expectations for both employer and employee regarding bonus eligibility and calculation, thereby incentivizing performance and reducing potential disputes over compensation.
Target Bonus Consideration. Executive shall receive Target Bonus consideration consisting of two components, both of which are based upon the Target Bonus in effect for Executive immediately prior to the Change in Control: (1) an amount equal to one hundred percent (100%) of the Executive’s annual Target Bonus; and (2) an additional amount that represents a prorated percentage of the Executive’s annual Target Bonus based upon the number of days that have passed in the current fiscal year as of the Termination Date. The Target Bonus consideration shall be paid within thirty (30) days of the Termination Date and shall be subject to required deductions and withholdings.
Target Bonus Consideration. Executive shall receive Target Bonus consideration based on the Target Bonus in effect for Executive immediately prior to the Change in Control, consisting of a prorated portion of Executive’s Target Bonus based on the number of days that Executive has been employed by Serena (or any of its affiliate and/or the successor company of Serena or such successor company’s affiliate, if applicable) during the fiscal year in which the Termination Date occurs, which amount shall be paid in lump sum on the first payroll date following the effective date of the general release referenced in Section 2(c), whether or not the performance goals or objectives upon which such bonus might otherwise be contingent are attained; provided, if the sixty (60) day period during which Executive may consider the general release spans two calendar years, the first payment shall commence on the first regularly scheduled payroll date that occurs in the second calendar year (and such first installment shall include all installment payments that would otherwise have been paid prior to such date if this provision did not apply). Payments of the Target Bonus consideration will be subject to applicable deductions, taxes and withholdings.
Target Bonus Consideration. Executive shall receive Target Bonus consideration based on the Target Bonus in effect for Executive immediately prior to the Change in Control, consisting of the following: (1) a prorated portion of Executive’s Target Bonus based on the number of days that Executive has been employed by Serena (and the successor company or its affiliate, if applicable) during the fiscal year in which the Termination Date occurs, which amount shall be paid in a lump sum within thirty (30) days following the Termination Date, whether or not the performance goals or objectives upon which such bonus might otherwise be contingent are attained; and (2) Executive’s Target Bonus for an additional period of ( ) fiscal year(s) commencing with the fiscal year immediately following the fiscal year in which the Termination Date occurs, payable in a lump sum within forty-five (45) days following the end of the applicable fiscal year(s), whether or not the performance goals or objectives applicable to each such Target Bonus are attained. Payments of the Target Bonus consideration will be subject to applicable deductions, taxes and withholdings.