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Bonus when resigning

Discussion in 'Employment Contracts & Work Policies' started by gregorym1346, Jun 17, 2016.

  1. gregorym1346

    gregorym1346 Law Topic Starter New Member

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    New Jersey
    Hi guys,

    I am about to resign from my job to start a new one next month but before I do so, I wanted to know if
    - I could still be entitled to get my bonus.
    - when should I get paid, when I resign or in April next year.

    Since I already generated some revenues for the year 2016, I would be annoyed to miss this bonus.

    My contract states :
    - Bonus: an amount equal to (a) one (1%) percent of the annual Revenues of the Company, if any, between $1 to and including $500,000.00 generated in the United States; plus (b) two (2%) percent of the annual Revenues of the Company over $500,000.00 generated in the United States (subject to the aggregate Bonus limitation set forth below).

    - Any bonus due Employee pursuant to the foregoing shall be calculated and paid by the Company annually, 90 days after the end of the applicable fiscal year

    - For purposes of calculating the above referenced Bonus, the term “Revenue” shall mean all invoice payment receipts related to activities ordered in United States and performed in United States.
    Bonus Limitation: The aggregate Bonus to be paid to Employee in any fiscal year shall not in any event exceed the Base Salary paid to Employee for that fiscal year.

    But also

    At-Will Employment. I RECOGNIZE THAT I AM AN EMPLOYEE “AT WILL” OF THE COMPANY, AND THAT EITHER PARTY HAS THE RIGHT TO TERMINATE MY EMPLOYMENT AT ANY TIME AND FOR ANY REASON OR FOR NO REASON. Nothing in this Agreement changes Employee’s status as an employee at will. My position with the Company and my duties and responsibilities shall include those set forth on Schedule A attached hereto as may be changed, modified or terminated by the Board of Directors of the Company at any time or from time-to-time. In the event of any termination of my employment the Company shall have no further obligation to make any payments to me, or to bestow any benefits on me, from and after the date of my termination, other than payments or benefits accrued and due and payable to me prior to the date of my termination.

    Thank you
    Last edited: Jun 17, 2016
  2. army judge

    army judge Super Moderator

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    I suggest you take all of the questions regarding your bonus payout and your pending departure directly to the person or department overseeing bonus payments in the company engaging your services.

    That's who you should ask, not strangers who know nothing about the bonus scheme, mate.

    I can tell you this, many companies won't pay bonuses to people who leave their employ before the bonus payout date arrives.
  3. Betty3

    Betty3 Super Moderator

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    Agree, contact your employer to see if your bonus will be paid out. If you do not agree with the answer, you can always run it by a lawyer.
  4. adjusterjack

    adjusterjack Super Moderator

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    Sorry, but that means you don't get the bonus.

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