Take the difference in your tax liability between your originally filed 2019 tax return and the recalculated 2019 tax return without the premium and report the difference as a refundable credit on your 2020 taxes. 10.2. Signing bonus. Gamida may grant a signing bonus to a newly hired officer at the discretion of the CEO (and in the case of the CEO, at the discretion of the Board of Directors), subject to additional approval required by corporate law (the “Signing Bonus”). The signing bonus shall not exceed three (3) monthly starting salaries of the executive officer. 2. Signing bonus. The Company has already provided you with a signing bonus (the signing bonus). In the event of qualified termination (as defined below), the signing bonus is not subject to any redemption requirements. In the event that the Company terminates your employment relationship for cause (defined below) or for your voluntary resignation without just cause (defined below) before the third (3rd) anniversary of the date on which you began your employment with the Company (the Start Date), you must immediately reimburse fifty percent (50%) of the total signing bonus to the Company; After the third (3rd) anniversary of your start date, no portion of the signing bonus will be returned to the Company, regardless of the circumstances of the termination of the employment relationship. The Company has the right, in its sole discretion, to automatically offset any compensation due to you by the redemption amount of the Signing Bonus to the fullest extent permitted by applicable law in order to recover it.
This signing bonus is offered in anticipation of the contributions you will make to our business over time. If you terminate before completing twenty-four (24) months of employment, or if you are terminated for cause before twenty-four (24) months of employment, you must repay the balance in proportion to your signing bonus. This refund may be deducted in whole or in part from the final payments to which you are entitled. Table of Contents Annual bonus targets 30% of Dr. Chakrabortys` annual base salary, based on the achievement of the objectives set by our Board of Directors. Dr. Chakraborty`s annual base salary was increased to $325,000 in connection with his appointment as Scientific Director in November 2020. In addition, according to the letter of offer, Dr.
Chakraborty received a one-time signing bonus of $30,000 with an additional payment to cover all taxes resulting from the payment of the signing premium. The letter of offer also provides for the grant of an initial call option of 628,952 common shares granted on September 25, 2019 at an exercise price of $0.10 per share and the grant of an option to purchase 331,982 common shares following the significant closing of our Series A-2 preferred share financing. granted on March 10, 2020 at an exercise price of $0.16 per share. Each option will vest in respect of 25% of the shares subject to the option on the first anniversary of the applicable grant date, and the remaining 75% of those shares subject to the option will subsequently become vested in 36 monthly instalments, subject to the continued service of Dr. Chakrabortys until each applicable exercise date. Overpayments are considered “paid on receipt” and must be reflected in the employee`s “receipt income” in the year in which they were received. If the signing bonus is refunded in the same year it was received, the employee only has to pay the net amount. The employer can then recover the state and federal taxes paid on this premium from the government. 3. Annual performance bonus and signing bonus. You are also entitled to an annual target bonus of 15% of your annual base salary for 2017 and 30% of your annual base salary for each year thereafter if you meet the performance targets set by the CEO and the Board of Directors (the bonus). After the end of each calendar year, the Board of Directors determines, in its sole discretion, the extent to which performance targets have been met in relation to the award for that year and the extent to which the bonus for that year is earned.
To be eligible for a bonus, you must be employed until the date on which the Board determines the extent to which the performance objectives have been achieved and the amount of the bonus to which you are entitled, which the Board of Directors will determine no later than April 1 of the calendar year following the calendar year to which the bonus relates. Any bonus or any part thereof will be paid less applicable deductions as soon as possible after the Board of Directors has determined the extent to which the bonus has been earned, but in no case later than May 1 following the calendar year in which the Board makes its decision on the amount of the bonus (if any). Upon receipt of a final signed version of this letter of employment, the Company will pay you a signing bonus of $51,000, less applicable deductions (the “Signing Bonus”) as soon as possible. If you leave the Company before the first anniversary of the Start Date, you must return the full amount of the Signing Bonus to the Company within 30 days of the date of such withdrawal. 4.2Contribution of signature. As a signing bonus, the Executive will receive two payments of $65,000 (plus payroll taxes) (the “Signing Bonus Payments”). The first payment of the signing bonus will be made on the Company`s first regular settlement date in January 2021 and the second payment in 2021 will be made on the day annual premium payments for 2020 are made to all other employees of the Company. Signing bonus payments will be deemed to be made eighteen (18) months after the effective date or, if applicable, the date on which the officer`s employment relationship is terminated by the Company without cause (as defined herein), due to death or disability (as defined herein) or by the Manager for cause (as defined herein) eighteen ( (18) months from the date of entry into force.
If the officer`s employment relationship is terminated by the Company for cause or by the Manager without just cause (including by resignation of the Manager) before or on the eighteen (18) month date following the effective date (the “Termination Date”), the Officer must, within ten (10) days of the date of departure, return a portion of the total value of the signing premium payments (before deduction of all applicable taxes) as shown in the table to Reimburse Businesses. below depending on its date of separation. 5. Signing bonus. In addition to the bonus under section 4 above, you will receive a one-time cash sign-up bonus of $10,000 (the signing bonus), which will be paid to you no later than 30 days after the start date. You must be employed by the Company at the time of withdrawal of the Signing Bonus in order to receive the Signing Bonus. The signing bonus is subject to deductions and deductions as required by law. If your employment relationship is terminated before the 12th anniversary of the start date for any reason other than (i) by the Company for no reason, (ii) death, (iii) disability, you agree to reimburse the Company the net amount of the signing bonus you received, after deduction of the state and federal withholding tax, Social Security, FICA and any other labor tax and payroll deductions allowed within 30 days of the date. your termination. They may be discouraged from informing employees of the terms and conditions of their employment. Enterprises may take action, para. B example when a new employee signs a confidentiality agreement.
If you have to repay the premium because you terminated your contract before the specified lock-up period, you will refund the full amount of the premium to your employer – including the amount you paid as a tax sign premium. You will receive a one-time signing bonus of twenty-five thousand dollars ($25,000), payable in a single lump sum cheque on the next regular payment date after the effective date. The signing bonus is taxable and all regular social security contributions are retained. In the event that you voluntarily leave the Company within twelve (12) months of the Effective Date, you are responsible for refunding the Company the entire signing bonus. By signing this Agreement, you authorize the Company to withhold some or all of the $25,000 signing bonus amount from any final payment to which you may be entitled in the event that a refund is required under this Section 3.b. There are cases where potential employees suffer losses in terms of bonuses or benefits when they leave their previous job. Signing Bonus: At the start of your employment and when you complete the required compliance and payroll documents, you will receive a one-time signing bonus of $150,000 (before withholding tax and applicable taxes) to be paid with your first expected semi-annual salary (or as soon as possible thereafter). .