Anniversary Bonus definition
Examples of Anniversary Bonus in a sentence
At the end of the teacher's twentieth (20th), thirtieth (30th), and fortieth (40th) years of active service in one or more schools of the Deaneries the teacher shall receive a one- time two hundred and fifty dollar ($250) Anniversary Bonus in recognition of loyal service to the Diocese.
If Employee voluntarily terminates employment with the Company during the Employment Term for any reason (including, without limitation, to accept a new job or to retire), or if Employee's employment with the Company is terminated for Cause in accordance with this Agreement, then Employee shall not receive the Anniversary Bonus and, within five (5) business days of the date of any such termination of employment, repay the entire amount of the Signing Bonus.
In accordance with the general payroll practices of the Company (including authorized or legally required payroll deductions), the Company shall pay to Employee: (i) within seven (7) days after the commencement date of this Agreement, $50,000 (the "Signing Bonus"); and (ii) within seven (7) days after the one-year anniversary of the commencement date of this Agreement, provided Employee remains an employee of the Company through such one-year anniversary date, $50,000 (the "Anniversary Bonus").
If, on the date of the one-year anniversary of the date of the Change In Control, the Executive is in the employ of the Company, or any successor thereto or assign thereof, the Executive shall be paid, on such one- year anniversary date, an additional lump sum bonus equal to one (1) times the Executive's annual Base Salary as determined immediately prior to the Change in Control Date (the "Anniversary Bonus").
If, on the date of the one-year anniversary of the date of the Change In Control, the Executive is in the employ of the Company, or any successor thereto or assign thereof, the Executive shall be paid, on such one-year anniversary date, an additional lump sum bonus equal to one times the Executive's annual Base Salary as determined immediately prior to the Change in Control Date (the "Anniversary Bonus").
Although payable over a three year period, each and every Anniversary Bonus shall be considered earned as of the Effective Date; provided, however, BHI’s rights to receive one or more of the Anniversary Bonuses may be forfeited through a Voluntary Termination by BHI in accordance with Section 8.6 below.
In the event a reduction of the Anniversary Bonuses is made, any adjustment or cancellation will begin with the Anniversary Bonus due and payable on January 19, 2006, followed by the Anniversary Bonuses due and payable on January 19, 2005 and January 19, 2007, respectively.
If within the First Anniversary or within one year of the Second Anniversary the Executive either (i) resigns from employment with the Company for any reason, or (ii) is terminated by the Company for Cause, then the Executive will repay 100% of the last paid Signing Bonus, First Anniversary Bonus or Second Anniversary Bonus to the Company within thirty (30) days of the date of termination and, in either such event, will not be eligible for the next payable bonuses.
The Second Anniversary Bonus is $2,300,000 minus [400,000 x $4] minus $400,000, and thus equals $300,000, less applicable withholding.
In any addition to any other rights or remedies available to BHI, the Company hereby consents and agrees that for any breach or violation by the Company of its payment or other obligations owed to BHI hereunder (including without limitation the Anniversary Bonus payment obligations), upon the giving of any required notice and the expiration of any applicable cure period, BHI shall have the right to exercise its rights as a secured party under the Security Agreement, attached hereto as Exhibit B.