Target Bonuses Clause Samples
The Target Bonuses clause defines the specific bonus amounts or percentages that employees are eligible to earn, typically based on achieving predetermined performance goals. In practice, this clause outlines the criteria for earning the bonus, such as meeting sales targets or completing projects, and may specify the timing and method of payment. Its core function is to provide clear expectations and incentives for performance, ensuring both employer and employee understand the conditions under which bonuses are awarded.
Target Bonuses. In addition to Base Salary, during the Term the Executive shall be eligible to receive an annual cash incentive bonus based upon a percentage of Base Salary and attainment of goals established in writing by the Board or its Compensation Committee at the beginning of each year (the “Target Bonus”) for each completed calendar year (subject to Section 5.4 hereof) of the Company. Such bonus shall be paid within 2-1/2 months following the end of the calendar year to which it relates.
Target Bonuses. Employee is eligible to receive an annual discretionary bonus targeted at 100% of his Base Salary (the “Target Bonus”). Such Target Bonus, if any, shall be based on the Employee’s and/or the Company’s achievement of certain goals and objectives to be established by the Board or the Compensation Committee in consultation with the Employee during the first quarter of each calendar year or otherwise as practical and paid upon completion of the Employer’s annual audit for the applicable fiscal year.
Target Bonuses. The Executive shall be eligible to receive an annual incentive bonus with a target amount equal to his Base Compensation. Such bonus (if any) shall be awarded based on objective or subjective criteria reasonably established in advance by agreement between the Executive and the Compensation Committee of the Board. The reasonable determinations of the Board with respect to such bonus shall be final and binding, subject to Section 10(g).
Target Bonuses. Options
3.3.1. Immediately following the Closing, the Board of Directors of the Parent shall grant Employee options to purchase 750,000 shares of the Parent's Common Stock (the "Additional Options") which shall vest in accordance with the following terms:
3.3.1.1. Upon reaching the 2007 Net Profit Target (as defined in, and in accordance with the terms of, the Merger Agreement), an aggregate number of Additional Options shall vest equal to 150,000 multiplied by a fraction (A) the numerator of which shall be the excess of Parent’s net income of the calendar year ending December 31, 2007 over $15,000,000 and (B) the denominator of which shall be $10,000,000. In no event shall the fraction in the preceding sentence exceed one (1); any of the foregoing Additional Options which were not vested in accordance with the foregoing shall expire and be of no further effect; and
3.3.1.2. Upon reaching the 2008 Net Profit Target (as defined in, and in accordance with the terms of, the Merger Agreement) an aggregate number of Additional Options shall vest equal to 150,000 multiplied by a fraction (A) the numerator of which shall be the excess of Parent’s net income for the calendar year ending December 31, 2008 over $20,000,000 and (B) the denominator of which shall be $25,000,000. In no event shall the fraction in the preceding sentence exceed one (1); any of the foregoing Additional Options not vested in accordance with the foregoing shall expire and be of no further effect; and
3.3.1.3. 450,000 of the Additional Options, a third of which shall vest upon and be conditional upon achievement of each of the First Share Price Trigger (150,000 Additional Options), the Second Price Trigger (150,000 Additional Options), and the Third Price Trigger (150,000 Additional Options) (as each term is defined in, and in accordance with the terms of, the Merger Agreement). Provided, however, that the First Share Price Trigger, the Second Price Trigger, and the Third Price Trigger shall be deemed to have occurred only if such relevant Share Price shall have remained during any twenty (20) Trading Days during any thirty (30) consecutive Trading Day period at any time during the period commencing on the Closing and ending on the fourth anniversary thereof.. Upon the fourth anniversary from Closing, any Additional Options not vested in accordance with the foregoing shall expire and be of no further effect.
3.3.2. The foregoing vesting schedule shall be accelerated in every event where the ...
Target Bonuses. Employee will be entitled to a guaranteed cash bonus for 2007 of $400,000, provided that Employee commences employment no later than May 15, 2007. In the event Employee commences employment subsequent to May 15, 2007, such 2007 bonus shall be pro-rated so that Employee is paid one-twelfth (1/12) of said amount for each full month of service completed during calendar year 2007. Said bonus shall be paid upon completion of the Employer’s annual audit, but in no event later than April 1, 2008. Beginning with calendar year 2008, the Employee is also eligible to receive an annual discretionary target bonus of no less than 66.67% of that year’s Base Salary (the “Target Bonus”). In the third year of the Term the Target Bonus shall be no less than 75% of that year’s Base Salary. In the fourth year of the Term the Target Bonus shall be no less than 100% of that year’s Base Salary. Such Target Bonus, if any, shall be based on the Employee’s achievement of certain goals and objectives to be determined by the Board in consultation with the Employee in the first quarter of each calendar year or otherwise as practical and paid upon completion of the Employer’s annual audit for the year of the Target Bonus.