CONTRACTUAL BONUS Sample Clauses

CONTRACTUAL BONUS. At the conclusion of each fiscal year (commencing with fiscal 2017), the Executive shall be entitled to receive from the Company a cash bonus (which, like the Base Salary, shall be payable in USD and converted at the time of payment using the Conversion Rate) in an amount equal to five percent (5%) of the Company’s Income Before Provision for Income Taxes (“Income Before Taxes”), as presented in the Company’s audited Consolidated Statements of Income for such fiscal year (the “Contractual Bonus”); provided that the Contractual Bonus shall not exceed $1,000,000 USD for any given fiscal year. The calculation of the Contractual Bonus shall be based on the amount of Income Before Taxes before taking into account the payment of the Contractual Bonus to the Executive or any other similar contractual bonus that may be payable to any other executive officer of the Company from time to time. The Contractual Bonus shall be paid by the Company to the Executive within two and one-half months after the conclusion of the Company’s fiscal year (no later than March 15 based on the Company’s current calendar year fiscal year).

Get the Official Word Add-in

CONTRACTUAL BONUS. A. For the year 2007 and each subsequent full calendar year thereafter, during the life of this Agreement, the Company shall pay a bonus equivalent to two (2) months last drawn salary to each employee, such bonus to be paid in November of each year.

Related Clauses

• Performance Bonus
• Performance Bonuses
• Annual Bonus
• Cash Bonus
• Target Bonus
• Incentive Bonus
• Annual Bonus Compensation
• Incentive Bonus Compensation
• Bonus
• Annual Bonuses

Related to CONTRACTUAL BONUS

• Performance Bonus If Employee's employment is terminated by Employee with cause, or by Bank without cause, Employee shall be paid, in addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i) all non-forfeitable deferred compensation, if any; and (ii) unpaid performance bonus payments, if any, payable under Section 4.2 of the Agreement, which shall be declared earned and payable based upon performance up to, and shall be pro-rated as of, the date of termination. Employee shall not be entitled to such unpaid performance bonus payments if Employee's employment is terminated by Bank with cause, or by Employee without cause.
• Performance Bonuses The Executive will be eligible to receive an annual cash bonus at an annualized rate of up to 40% of his base salary, based on the achievement of reasonable individual and Company performance targets to be established by the Company and Parent.
• Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.
• Cash Bonus Executive shall be entitled to a fraction of any Cash Bonus for the fiscal year of the Company within which Executive’s termination of employment occurs which, based upon the criteria established for such Cash Bonus, would have been payable to Executive had he remained employed through the date of payment, the numerator of which is the number of days of such fiscal year prior to his termination of employment and the denominator of which is three hundred and sixty-five (365); and
• Target Bonus For purposes of this Agreement, “Target Bonus” means the assigned bonus target for the Executive under any short-term incentive plan(s) of the Company, multiplied by his or her base salary, for the relevant fiscal year. If the Executive’s base salary is changed during the relevant fiscal year, the Target Bonus shall be calculated by multiplying the Executive’s assigned bonus target by the highest base salary in effect during that fiscal year.
• Incentive Bonus During the Term, Employee shall be eligible to receive an incentive bonus up to the amount, based upon the criteria, and payable in such amount, at such times as are specified in Exhibit A attached hereto. The manner of payment, and form of consideration, if any, shall be determined by the Compensation Committee of the Board, in its sole and absolute discretion, and such determination shall be binding and final. To the extent that such bonus is to be determined in light of financial performance during a specified fiscal period and this Agreement commences on a date after the start of such fiscal period, any bonus payable in respect of such fiscal period's results may be prorated. In addition, if the period of Employee's employment hereunder expires before the end of a fiscal period, and if Employee is eligible to receive a bonus at such time (such eligibility being subject to the restrictions set forth in Section 6 below), any bonus payable in respect of such fiscal period's results may be prorated.
• Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):
• Bonus The Executive shall be eligible for Bonuses determined by the Board.
• Annual Bonuses For each fiscal year during the term of employment, the Executive shall be eligible to receive a bonus in the amount, if any, as may be determined from time to time by the Board in its discretion.