Annual Bonus Clause Example from Business Contracts

Annual Bonus. Commencing with the calendar year in which the Effective Date occurs, Employee will be eligible to earn an annual performance bonus of up to thirty percent (30%) of Employee's Base Salary rate (the "Annual Bonus") for performance at "targeted" levels. The Annual Bonus will be based upon an assessment by the Board of Directors of the Company (the "Board") of Employee's performance and the Company's attainment of written targeted goals as set by the Board in its sole discretion. Bonus payments, if... any, will be subject to applicable payroll deductions and withholdings. Following the close of each calendar year, the Board will determine whether Employee has earned an Annual Bonus, and the amount of any such bonus, based on the achievement of such goals. No amount of Annual Bonus is guaranteed, and Employee must be an employee on the Annual Bonus payment date to be eligible to receive an Annual Bonus; except as provided in Section 7 below, no partial or prorated bonuses will be provided. The Annual Bonus, if earned, will be paid no later than March 15 of the calendar year after the applicable bonus year. View More