Termination Bonus Sample Clauses
A Termination Bonus clause defines the payment an employee or contractor is entitled to receive if their employment or engagement is ended under certain conditions, such as without cause or before the contract term expires. Typically, this clause specifies the amount or formula for calculating the bonus, and may outline eligibility criteria, such as length of service or performance standards. Its core practical function is to provide financial security to the individual in the event of early termination, while also incentivizing continued performance and clarifying the employer’s obligations upon ending the relationship.
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Termination Bonus. Upon the termination of Officer's employment ----------------- hereunder for any reason other than Cause (including, without limitation, death, Disability, Good Reason, voluntary termination and nonrenewal or expiration of this Agreement), the Employer shall owe to Officer a one-time termination bonus of $1,000,000, in addition to any other amounts or benefits payable to Officer under Section 5. Employer shall pay such bonus to Officer as soon as practicable after the date of such termination.
Termination Bonus. Executive shall become entitled to receive an amount equal to two hundred percent (200%) of the annual target bonus in effect for Executive for the year in which Executive’s Involuntary Termination occurs (the “Termination Bonus”). Such amount shall be paid in a lump sum on the first business day, within the sixty (60)-day period measured from the later of (i) the date of Executive’s Separation from Service due to such Involuntary Termination or (ii) the closing date of the Change in Control, on which the Release is effective, unless a further deferral is required pursuant to Part Five - 3 of this Agreement. The payment shall be subject to the Corporation’s collection of all applicable withholding taxes, and Executive shall receive only the net amount remaining after such taxes have been collected. In no event shall any Termination Bonus be paid unless the Change in Control transaction is in fact consummated.
Termination Bonus. Should Employee be terminated for any reason other than those as set forth in Section 5 of this Agreement, the Employee shall be entitled to receive a termination bonus from Company in the sum of $120,000.00. The Company shall pay this bonus to Employee, in cash, within five (5) days of any termination.
Termination Bonus. If an Employee's employment terminates by reason of death, disability, retirement or termination by the Corporation other than under Section 17(b) hereof, the Corporation shall pay to such Employee in consideration of his/her prior services to the Corporation a termination bonus equal to 100% of such Employee's share of the aggregate retained earnings for all completed fiscal years of the Corporation during which such Employee was a Shareholder prior to the date of termination. If an Employee's employment terminates for any other reason, the Corporation shall pay to such Employee in consideration of his/her prior services to the Corporation a termination bonus equal to 50% of such Employee's share of the aggregate retained earnings for all completed fiscal years of the Corporation during which such Employee was a Shareholder prior to the termination date. Each Employee's share of the retained earnings of the Corporation shall be equal to the excess if any of the total of such Employee's share of the increase in retained earnings (net of taxes and dividends declared by the Board of Directors) of the Corporation for each fiscal year in which the Corporation had such an increase in retained earnings and such Employee was a Shareholder over the total of such Employee's share of any decrease in retained earnings (whether such decrease is a result of losses, taxes or dividends declared by the Board of Directors) of the Corporation for each fiscal year in which the Corporation experienced such a decrease in retained earnings and such Employee was a Shareholder. Promptly after each fiscal year of the Corporation, the Board of Directors shall determine each Employee's share of such increase or decrease in retained earnings for such fiscal year in the same manner it determines bonuses for Employees who are Shareholders. The Board of Directors shall report the determination thereof and the cumulative effect of such determination on all prior determinations to the Employee no later than three months following the end of each fiscal year. In the event the Corporation's increase or decrease in retained earnings for any fiscal year is adjusted after the Board of Director's initial determination of any Employee's share and before payment thereof, the Board of Directors may redetermine such Employee's share of the increase or decrease in retained earnings for the fiscal year of the adjustment in a reasonable manner to take into account such adjustment. The Board of Directo...
Termination Bonus. Upon termination, an employee may be eligible to receive a portion of his/her accumulated sick leave. Eligibility is determined by the employee’s years of service and qualification for a pension as described below. The following benefits are mutually exclusive.
Termination Bonus. Where the Executive is entitled to a Termination Bonus as a result of the operation of Sections 3.2(b), 3.3, 3.4, or 3.5, the Termination Bonus shall be calculated as:
Termination Bonus. “Termination Bonus” shall mean an amount equal to the product of (a) the Target Bonus and (b) the fraction derived (expressed as a decimal) by dividing (1) the number of days in the year that preceded the date of termination by (2) 365.
Termination Bonus. The Company hereby agrees that within 60 days after the expiration of the Employment Period, it shall review the performance of Executive hereunder and the extent to which his efforts have contributed to any increase in shareholder value of the Company and determine if a cash bonus or other compensation in addition to that otherwise provided herein is appropriate. The payment of any such additional compensation shall be made at the Board's sole discretion.
Termination Bonus. The Executive shall be entitled to receive a one-time payment of $200,000 upon the earlier to occur of (i) the Termination Date if the Executive is and has been continuously employed by the Corporation on such date, (ii) the date that the Corporation terminates the Executive’s employment prior to the Termination Date without Cause, or (iii) the date that the Executive resigns prior to the Termination Date as a direct result of a Constructive Discharge (each, a “Termination Event”). In no event shall the Executive be entitled to any payment under this Section (e) if the Corporation terminates his employment for Cause or if he voluntarily resigns other than for Constructive Discharge. The Executive shall return the $200,000 to the Corporation if he fails to comply with the terms of Section 6, which shall be in addition to any injunctive or other equitable relief to which the Corporation may be entitled. Any payment made under this paragraph (e) shall be paid in a lump sum within 30 days after a Termination Event occurs and shall be in addition to any other payments and benefits that Executive may receive under this Agreement or otherwise.
Termination Bonus. “Termination Bonus” shall mean fifty percent (50%) of the Executive’s Annual Base Salary.