Example ContractsClausesRepayment of Bonus
Repayment of Bonus
Repayment of Bonus contract clause examples

Discretionary Bonus. During the Employment Period, Executive shall be entitled to participate in an equitable manner with other senior management employees of Penns Woods in such annual or other periodic bonus programs (if any) as may be maintained from time to time by Penns Woods for its executive officers.

Annual Bonus. An annual cash bonus award opportunity, equal to at least the annual cash bonus award opportunity in effect immediately prior to the Change in Control. Any annual bonus earned by the Executive shall be paid to him after the end of the fiscal year to which it relates; provided that in no event shall the Executive’s annual bonus be paid later than March 15 of the fiscal year following the fiscal year for which it was earned.

Performance Bonus. Each year, commencing in calendar 2017, you will be eligible to earn an annual incentive bonus equal to 40 percent of your annual base salary as actually paid during the year. Whether you receive such a bonus, and the amount of any such bonus, shall be determined by the Board in its sole discretion, and shall be based upon achievement of performance objectives to be mutually agreed upon between you and the Board (or duly authorized committee thereof) and other criteria to be determined by the Board. Any bonus shall be paid within thirty (30) days after the Board’s determination that a bonus shall be awarded. You must be employed on the day that your bonus (if any) is paid in order to earn the bonus. Therefore, if your employment is terminated either by you or the Company for any reason prior to the bonus being paid, you will not have earned the bonus and no partial or prorated bonus will be paid.

Retention Bonus. If Employee meets all of the conditions and eligibility requirements set forth below, the Company shall pay Employee a bonus (the “Retention Incentive Bonus”) in the gross amount of $250,000.00, less applicable withholdings and deductions. The Retention Incentive Bonus will be paid as a lump sum, less applicable deductions and withholdings, within thirty (30) days following the earlier of: December 15, 2017 (the “Transition End Date”), or the termination of Employee by the Company without cause. The Company may withhold from any amounts payable under this Agreement such federal, state, or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. The Retention Incentive Bonus should be viewed as an indication of the Company’s confidence in and appreciation of Employee’s abilities, and as an additional form of compensation to meet a special purpose. The Retention Incentive Bonus will be in addition to any other compensation or benefits (including without limitation severance benefits) that Employee may otherwise be eligible to receive, and is not a permanent or recurring element of Employee’s compensation, nor will it impact any other element of compensation for which Employee may otherwise be eligible.

Annual Bonus. Executive shall be eligible to earn an annual bonus with respect to each fiscal year of Vine LP ending during the Employment Term (pro-rated for any fractional years), with a target bonus opportunity of forty percent (40%) of Executive’s Base Compensation (the “Target Bonus”). Such bonus shall be earned based on the achievement of performance metrics of Vine LP established by the Board after consultation with Executive. Any bonus, to the extent earned, shall be paid promptly after delivery of Vine LP’s audited financial statements for the relevant performance year if Executive is employed by the Company on such date. For the avoidance of doubt, the bonus contemplated by this [Section 4(b)] shall be exclusive of any bonuses for which Executive may be eligible in connection with services provided by Executive to Brix Oil & Gas Holdings LP, Harvest Royalties Holdings LP and their respective subsidiaries.”

Discretionary Bonus. At the sole discretion of the Board and [[Organization A:Organization]], promptly following each calendar year of employment CFO shall be eligible to receive a discretionary cash bonus of up to 30% of CFO’s then-current base salary (the “Bonus”), based on CFO’s achievement relative to certain performance goals (“Performance Goals”) to be established by the [[Organization A:Organization]] in writing in a manner reasonably consistent with the Company’s priorities. The determination of whether CFO has met the Performance Goals for any given year, and if so, the amount of any Bonus that will be paid for such year (if any), shall be determined by the Board and [[Organization A:Organization]] in their sole and absolute discretion. In order to be eligible to earn or receive any Bonus, CFO must remain employed by the Company through and including the date of payment of such Bonus. For the first calendar year of CFO’s employment with Company, the Bonus payable shall be pro-rated in accordance with the percentage of the calendar year that the CFO is an employee of the Company.

Annual Bonus. In addition to his Base Compensation, Executive shall be eligible to receive each year during the Term, a cash incentive payment (“Bonus”) in an amount determined by the Board based on Executive’s individual performance, the performance of Company and performance goals established by the Board. The target Bonus shall be an amount equal to 75% of Executive’s Base Compensation in effect at the time the Bonus is determined (“Target Bonus”). Such Bonus, if any, shall be paid not later than March 15 of the calendar year following the calendar year in which the Bonus was earned. Except as otherwise stated expressly in this Agreement, Executive must be employed with Company through December 31 of the calendar year during which the Bonus is earned to receive any part of the Bonus payment.

Prorated Bonus In satisfaction of the provisions of [Section 402(a)] of the Severance Plan, Executive shall be eligible for the cash bonus that would have been payable to him under the Senior Executive Bonus Plan for 2017, prorated based on a fraction # the numerator of which is the number of days between January 1, 2017 and the Termination Date, and # the denominator of which is 365. The actual amount of the bonus (if any) shall be determined by the Board or the Compensation Committee of the Board, and shall be paid at the same time as such bonuses are otherwise generally paid to the Company's executives and in any event no later than March 15, 2018.

Should you these revised terms, please indicate your agreement with the conditions described herein by signing this letter and returning it to me by October 28, 2019 along with a copy of the OEC Signing Bonus Repayment Agreement.

If you are required to repay any portion of the Bonus, as provided above, you will be required to make such repayment to the Company within sixty (60) days following your last date of employment with the Company.

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