A quarterly bonus clause specifies that employees are eligible to receive additional compensation based on their performance, achievements, or company profits, evaluated every three months. It aims to motivate and reward employees for their contributions within the quarter, aligning their efforts with organizational goals.
Regular Quarterly Bonus Opportunity. Each Participant selected by the Administrator to receive a Regular Quarterly Bonus shall be eligible to receive a Regular Quarterly Bonus for a Fiscal Quarter with a bonus opportunity equal to a percentage of the Participant’s Bonus Eligible Salary as determined by the Administrator. Notwithstanding the foregoing, (A) each Participant who commences employment with the Company Group in, or is promoted or transferred within the Company Group to, a position selected to participate in the Plan and receive a Regular Quarterly Bonus during a Fiscal Quarter shall be eligible to receive a prorated Regular Quarterly Bonus for such Fiscal Quarter based on such person’s Commencement Date (and, to the extent promoted or transferred between eligible positions, the Regular Quarterly Bonus (and any other terms and conditions related thereto) will be adjusted to reflect the change in position as determined appropriate by the Administrator; and (B) each Participant who remains employed by the Company Group, but is demoted or transferred within the Company Group to a position otherwise ineligible to participate in the Plan during a Fiscal Quarter, shall be eligible to receive a prorated Regular Quarterly Bonus based on the period during such Fiscal Quarter in which he or she was eligible to participate in the Plan and receive a Regular Quarterly Bonus.
(b)Payment of Regular Quarterly Bonuses. (i)Subject to the provisions of the Plan (including Section 6(c)) and any Award Letter, any Regular Quarterly Bonus required to be paid under the Plan shall be paid in cash by the applicable member of the Company Group, in the calendar month following the end of the applicable Fiscal Quarter and in any event not later than thirty (30) days after the end of the applicable Fiscal Quarter.
Termination of Employment. (i)In order to earn a Regular Quarterly Bonus for a Fiscal Quarter, a Participant must remain actively employed by the Company Group (and not have been provided or received any notice of termination of employment with the Company Group) through the date on which such Regular Quarterly Bonus is paid. For the avoidance of doubt except as set forth in Section 6(c)(ii), a Participant whose employment with the Company Group terminates for any reason (including the Participant’s resignation) before the payment date of a Regular Quarterly Bonus shall forfeit the right to such Regular Quarterly Bonus. (ii)Notwithstanding Section 6(c)(i), if the employment of a Participant is terminated due to such Participant’s Disability or death or termination by the Company Group without Cause (and as of the Termination Date such Participant was otherwise eligible to receive a Regular Quarterly Bonus), the Participant (A) will continue to be eligible to receive payment of any Regular Quarterly Bonus for any Fiscal Quarter ending prior to the Termination Date, payable in accordance with Section 6(b); provided that such Participant will not be entitled to any such payments to the extent that, on or following the Termination Date, he or she breaches any written agreement with any member of the Company Group.
Regular Quarterly Bonuses and Performance Bonuses shall not be considered as extraordinary, special incentive compensation, and will not be included as “earnings,” “wages,” “salary,” or “compensation” in any pension, welfare, life insurance, or other employee benefit plan or arrangement of the Company Group.
(a) During Employment. Executive shall be eligible to earn a quarterly performance bonus with respect to each calendar quarter (each, a “Quarterly Bonus”) based upon such Quarterly Bonus target amounts and performance objectives as may be set forth annually in a schedule (each, a “Quarterly Bonus Schedule”) to be pre-determined by the Company and provided to Executive. Attached hereto as Exhibit A is the applicable Quarterly Bonus Schedule for calendar year 2020. The Quarterly Bonuses will be awarded based upon the assessment by the Company’s Board of Directors (the “Board”) of the Company’s attainment of the targeted goals set forth by the Company in the applicable Quarterly Bonus Schedule, as determined by the Board in its reasonable good faith discretion. The Quarterly Bonuses, if any, will be subject to applicable payroll deductions and withholdings. Following the close of each quarter of each calendar year, the Board (or any authorized committee thereof) will determine whether Executive has earned such quarter’s applicable Quarterly Bonus and the amount of any Quarterly Bonus, on the bases described above and as set forth on the applicable Bonus Schedule. Except as provided in this Section 2.3(a), no amount of any Quarterly Bonus is guaranteed at any time, and, except as otherwise stated in Sections 6.2(a)(iii) or 6.3(a)(iii), Executive must be an employee in good standing through the date a respective Quarterly Bonus is paid to be eligible to receive such Quarterly Bonus. Subject to Sections 6.2 and 6.3 related to payments upon certain terminations of employment, any Quarterly Bonus, if earned, will be paid at the same time quarterly bonuses are generally paid to other similarly-situated employees of the Company. Executive’s eligibility for a Quarterly Bonus is subject to change in the discretion of the Board (or any authorized committee thereof).
Notwithstanding the foregoing, regardless of actual corporate performance, Executive shall be paid Quarterly Bonuses equal to the target amounts for the first and second quarters of calendar year 2020, as set forth in the applicable Quarterly Bonus Schedule, with such payment made to Executive at the same time such quarterly bonuses are generally paid to other similarly-situated employees of the Company, but no later than March 15, 2021.
(b) Upon Termination. Subject to the provisions of Section 6, in the event Executive leaves the employ of the Company for any reason prior to the date a Quarterly Bonus is paid, Executive is not eligible to earn such Quarterly Bonus, prorated or otherwise.
2.1. Subject to the terms and conditions set forth in this Agreement, Employee is hereby awarded a bonus equal to one percent (1%) of Mobiquity’s gross revenue (the “Gross Revenue”), for each completed fiscal month during the 2019 fiscal year, provided that the Gross Revenue meets or exceeds seventy-five percent (75%) of the Gross Revenue targets for the applicable fiscal month set forth on Exhibit A. The bonus shall be paid on a quarterly basis for the three (3) months in the fiscal quarter (the “Quarterly Bonus”) as provided in Paragraph 2.3. The bonus for January 2019 to June 2019 will be paid in cash by September 16, 2019.
2.2. For the purposes of determining the Quarterly Bonus (if any), the Mobiquity’s monthly Gross Revenue shall be determined under generally accepted accounting principles, consistently applied, in connection with the preparation of the Mobiquity’s financial statements which are included in the Mobiquity’s Quarterly Report on Form 10-Q (for the first three quarters of 2019) and Annual Report on Form 10-K (for the fourth quarter of 2019), provided that Commissions (as defined herein) paid to Employee under Paragraph 3.1 shall be excluded from Gross Revenue (to the extent they are included in Mobiquity’s Gross Revenue), in determining the Quarterly Bonus.
2.3. The Quarterly Bonus shall be paid no later than fourteen (14) days following (a) the date of this Amendment with respect to the Quarterly Bonuses relating to the first and second fiscal quarters of 2019, (b) Mobiquity’s filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended on September 30, 2019 with respect to the Quarterly Bonus relating to the third fiscal quarter of 2019, and (c) Mobiquity’s filing of its Annual Report on Form 10-K for the fiscal year ended on December 31, 2019 with respect to the Quarterly Bonus relating to the fourth fiscal quarter of 2019.
2.4. Each Quarterly Bonus may be paid by the Company, as determined by Employee in his discretion, in cash or common stock of the Mobiquity, par value $0.0001 per share (the “Common Stock”), or a combination thereof.
Any quarterly bonus due for a particular fiscal quarter will be paid within fifteen (15) days following the end of each such Company fiscal quarter. Any annual bonus earned will be paid within thirty (30) days) following the filing of the Company’s Form 10k for the fiscal year for which the annual bonus was earned. The Employee must be an active employee of the Company at the end of each fiscal quarter during the period for which the quarterly bonus is earned to receive bonuses.
No Quarterly Bonuses are payable with respect to the strategic objective Performance Metric.
Bonus. You will continue to be eligible for a quarterly discretionary bonus of up to $58,125 per quarter (the “Quarterly Bonus”), under the terms. Whether you receive a Quarterly Bonus for any given quarter, and the amount of any such Quarterly Bonus, will be determined by the Company’s Compensation Committee of the Board, as applicable, in its sole discretion, based upon the Company’s and your achievement of objectives to be determined on a quarterly basis by the Compensation Committee of the Board, as applicable. Any bonus is not earned until paid and will be paid on or before the 15th of the month following the quarter for which the bonus is awarded. If your employment terminates for any reason prior to the payment date, you will not have earned, and will not be paid, any pro-rated bonus.
Quarterly Bonus. For each calendar quarter during the period commencing on October 1, 2023 and ending on September 24, 2024, Employee shall be eligible for bonus compensation (the “Quarterly Bonus”) with a bonus of $56,250.00 for target performance (the “Target Quarterly Bonus”), $28,185.00 for threshold performance and $98,437.50 for maximum performance, with the actual bonus payable being based on the level of achievement of the performance goals with 50% tied to EBITDA (excluding restructuring-related expenses and one-time, non-recurring items) and 50% tied to revenue set forth in the table on Exhibit A attached hereto for each calendar quarter (and, if the level of achievement is between any of the performance levels set forth for threshold, target and maximum performance, the quarterly bonus will be determined by straight-line interpolation between such levels of achievement) as determined by the Board (or an authorized committee thereof) in a manner consistent with generally accepted accounting principles and communicated to Employee as soon as practicable following such determination. The calculation of the quarterly bonus will be made as soon as practicable following the completion of the calendar quarter, subject to approval by the Board (or an authorized committee thereof), and the Quarterly Bonus will be paid no later than the forty-fifth (45th) day following the end of the calendar quarter to which such bonus relates subject to Employee’s continued employment through such payment date.
In connection with the Arrangement, the Company assumed the Waldern Employment Agreement. Mr. Waldern is eligible to receive a quarterly bonus of up to $50,000 based on his achievement of a balanced scorecard, in the sole discretion of the Company or the Company’s board of directors. Mr. Waldern shall also be eligible to receive a quarterly bonus of fully vested options totaling up to 0.25% of the Company’s then outstanding common shares over eight consecutive quarters at an exercise price equal to the market price of a share of Company Common Stock on the date of grant. In addition, Meta granted Mr. Waldern an option to acquire 1,115,000 shares of common stock of Meta vesting evenly over 3 years in connection with the execution of the Waldern Employment Agreement.
Quarterly Cash Bonus. The Executive shall be eligible to earn a quarterly cash bonus (the "Quarterly Bonus"). Such Quarterly Bonus will be calculated upon the achievement of performance objectives that will be established by the Board (as recommended by the Corporation's Compensation Committee) within thirty (30) days prior to the beginning of a fiscal year. The granting of a Quarterly Bonus is also based on the business performance of the Corporation and subject to approval by the Board. The Quarterly Bonus, if any, payable for any calendar year shall be paid no later than 30 days following each Quarter. Finally, if the Executive's employment terminates (other than for Cause) on or after July 1 of a calendar year, she shall be entitled to the payment of a pro rata part of any Quarterly Bonus, which would have been payable if she had continued to be employed by the Corporation through the end of such calendar year.
A Quarterly bonus is a form of performance-based compensation given to employees at the end of each quarter of the fiscal year. It is a financial incentive designed to reward employees for meeting specific goals, contributing to the company’s success, or achieving certain performance metrics. These bonuses can enhance employee motivation, improve productivity, and align the workforce with the organization’s objectives.
You should use a Quarterly bonus scheme if you wish to provide frequent performance feedback and motivation to employees. This approach can be particularly effective in fast-paced industries, where goals frequently change, and short-term achievements can significantly impact overall business success. Implementing quarterly bonuses can help:
When writing a Quarterly bonus clause in a contract or company policy, it is important to be clear and precise about the terms and conditions under which bonuses will be awarded. Consider the following structure:
Example:
Employees who meet 100% of their quarterly sales targets will receive a bonus equivalent to 10% of their quarterly salary, paid within two weeks after the end of each fiscal quarter.
Quarterly bonus provisions are commonly found in contracts or employment agreements in various industries, particularly those that value performance metrics linked to short-term goals. These contracts may include:
Incorporating a quarterly bonus in these contracts can help focus effort on immediate business objectives and yield timely results.
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