The Annual Bonus Eligibility clause outlines the conditions under which an employee qualifies for a yearly bonus, typically based on factors like individual performance, departmental goals, or overall company success. It specifies any criteria, such as employment duration or achievement of specific milestones, that must be met for the employee to receive the bonus.
Your annual bonus eligibility will be $600,000 per year, subject to the Company's determination as provided below. The target annual bonus in effect at any given time is referred to herein as the "Target Bonus."
Annual Bonus Eligibility. You will remain eligible for annual bonuses for 2023 and 2024, subject in all respects to bonus terms as determined by the Company in its discretion.
Annual Bonus Eligibility: Commencing with your effective date of September 11, 2020, you will participate in the Company’s annual bonus plan with a target bonus of 100% of Annual Salary. Your actual payout will be based on Company performance and individual goals established by the Compensation Committee. Terms of the annual bonus plan are subject to change each year as determined by the Compensation Committee.
Your annual bonus eligibility for FY22 (July 1, 2021 – June 30, 2022) will remain in place unchanged per the terms and conditions of the applicable bonus plan, whether currently in place and/or that may be established prior to the Separation Date; provided, that if the Separation Date is prior to June 30, 2022, your bonus, if any, will be calculated on a pro-rata basis for the portion of the applicable period in which you were an employee. You will not be eligible to earn or receive any bonus pay for any period commencing July 1, 2022.
In connection with his hiring as McAfee’s Executive Vice President, Chief Product and Revenue Officer, the offer letter agreement (the “Letter Agreement”) with Singh provides that he will receive compensation that includes an annual base salary of $600,000 and annual bonus eligibility for a total annual target of $600,000 per full fiscal year, subject to adjustment from time to time, with a target amount of 50% for the 2021 fiscal year.
The Company entered into an executive employment and severance agreement (“Employment Agreement”) with Mr. Brodin pursuant to which he will be provided with the following compensation arrangements: (i) an annual base salary of $350,000; (ii) a grant of shares of restricted stock worth approximately $297,500 vesting annually pro rata over a three-year period; (iii) a fiscal 2021 annual bonus eligibility potential of up to 50% of his pro-rated base salary pursuant to the terms and conditions of the Company’s annual incentive bonus plan; and (iv) an automobile allowance of $1,000 per month. If Mr. Brodin’s employment is terminated without “cause” or for “good reason”, he will be entitled to a lump sum severance benefit equal the sum of his base salary plus the average of the prior three years’ bonuses (the total of which is doubled if the termination occurs after a “change of control”); a pro rata cash bonus for the year of the termination; and COBRA premiums at the active employee rate for the duration of the executive’s COBRA continuation coverage period. To receive these benefits, Mr. Brodin must execute a general release of claims. Upon the termination of employment, Mr. Brodin will be subject to customary non-compete and non-solicit obligations for a period of 24-months following the termination of his employment.
Annual Bonus Eligibility: You will be eligible to participate in Wingstop’s Annual Bonus Plan for 2022, at 100% target of your annualized salary of $700,000, with 200% maximum upon achievement of stretch goals, subject to applicable bonus tax withholdings. The target, maximum and annual salary will be based on full year service as Chief Executive Officer and President, and will not be pro-rated based on your prior position with the Company.
Executive’s Annual Bonus eligibility for subsequent years is intended to reflect a comparable ratio of Annual Bonus eligibility to Base Salary. However, Executive’s Annual Bonus eligibility will be subject to review and adjustment in accordance with Company’s customary practices concerning compensation review for similarly situated employees of the Company or its subsidiaries, but in no event shall the Target Bonus Opportunity be decreased below eighty (80%) percent of Base Salary.
Annual Bonus Eligibility refers to the criteria or conditions set by an employer that determine whether an employee qualifies for an annual bonus. This typically involves meeting specific performance metrics, being employed for a certain period, or achieving established goals. Eligibility criteria are often outlined in employment agreements or company policies.
When Should I Use Annual Bonus Eligibility?
You should use Annual Bonus Eligibility when drafting employment contracts, employee handbooks, or any documents related to compensation and performance management. It ensures clarity on the conditions under which bonuses are awarded and helps manage employee expectations regarding bonus payments.
How Do I Write Annual Bonus Eligibility?
When writing about Annual Bonus Eligibility, be clear and precise about the criteria and conditions. Include specifics such as performance metrics, employment duration, or other relevant factors. Here’s a simple example:
Annual Bonus Eligibility: Employees are eligible for an annual performance bonus based on the following criteria:
Must have completed one full year of employment by the end of the fiscal year.
Must achieve a performance rating of “meets expectations” or higher during the annual review.
Must be employed at the time of bonus distribution.
Which Contracts Typically Contain Annual Bonus Eligibility?
Annual Bonus Eligibility is typically found in the following types of contracts and documents:
Employment Contracts: These often specify bonus eligibility to clarify compensation packages.
Executive Agreements: Senior-level employees often have detailed bonus clauses.
Employee Handbooks: Companies include policies to outline general bonus eligibility for all staff.
Sales Comp Plans: For sales roles, plans often detail bonus criteria tied to sales targets and performance.
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The Annual Leave clause outlines the entitlement of employees to take paid time off from work each year for rest and relaxation, specifying the number of days or weeks available and any conditions for taking this leave. It may also include details about the process for requesting leave, notice requirements, and provisions for carrying over unused leave to subsequent years.
The "Annual Vacation" clause outlines the entitlement of employees to a specified number of vacation days each year, during which they continue to receive regular compensation. It typically includes provisions on how vacation time is accrued, the process for scheduling, and any limitations on carrying over unused days to subsequent years.
The "Appointment of Successor Trustee" clause outlines the procedures and criteria for designating a new trustee in the event of a resignation, incapacity, or any other circumstance that necessitates replacing the current trustee. It ensures the trust's continuity by detailing how and by whom the successor trustee is chosen, maintaining the intended management and oversight of the trust assets.
12 example clauses
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