Common use of BONUS SCHEME Clause in Contracts

BONUS SCHEME. 7.1 In consideration for the Executive agreeing to take up employment under the terms set out in this Agreement the Company agrees to pay to the Executive the sum of £35,000 subject to deductions for tax and National Insurance in the usual way. This payment will be made within 15 days of the commencement of the Executive’s employment under this Agreement but the net amount after deduction of payroll and other taxes shall be repayable in full to the Company if the Executive gives notice to terminate his employment or his employment has terminated within 12 months of the commencement of his employment. The Company reserves the right to deduct this sum from any payment owing to the Executive upon termination of his employment. The parties agree that this sum referred to in clause 7.1 will be recoverable by the Company as a debt. 7.2 The Executive will be entitled to participate in any contractual bonus scheme or schemes established from time to time by the Company for executives of equivalent status to the Executive, subject always to the rules of those schemes. The Executive may from time to time receive a bonus payment up to an annual maximum of 25% of the Executive’s basic salary as set out in clause 5.1 above based on achievement of objectives to be agreed between the Executive and the Company from time to time. The payment and amount of any payment (within the 25% of basic salary threshold) is at the Company’s absolute discretion. A payment at any particular time will not create any entitlement to or expectation of any future payment or the amount of any future payment. Save in the case of any accrued bonus under any bonus scheme in which the Executive is participating, the Executive will not be entitled to receive any such bonus payment if, at the date the bonus payment under the bonus scheme would ordinarily be made, he is not employed by the Company or if the Executive has served notice to terminate his employment without Good Reason (as defined above).