BONUS SCHEME. Subject to the terms, conditions and rules of any applicable bonus plan in force from time to time and the successful achievement by you and by the Company of any targets, budgets or objectives determined by the Compensation Committee of the Parent for each year, you shall be eligible for a discretionary bonus of up to 30% of your basic annual salary at the applicable time. Whether each target or objective has been successfully completed, whether to pay any bonus and, if so, the amount of any bonus are matters within the discretion of the Compensation Committee of the Parent. You agree that the terms, conditions and rules applicable to the bonus plan may be varied from time to time in the absolute discretion of the Company and you acknowledge that the targets and objectives are likely to vary from year to year. The fact that a bonus is paid in one year is no guarantee that bonuses will be paid in subsequent years. As the bonus is intended to incentivise you to remain in the employment of the Company, the payment of any bonus is conditional on your being in the employment of the Company on the day the bonus is due for payment. All bonuses shall be subject to deductions for income tax, employee's national insurance contributions and any other withholdings required by applicable law.
Appears in 3 contracts
Sources: Service Agreement (BioVex Group, Inc.), Service Agreement (BioVex Group, Inc.), Service Agreement (BioVex Group, Inc.)