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Executive Bonus Agreement

Executive Bonus Agreement Template for Canada

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Key Requirements PROMPT example:

Executive Bonus Agreement

"I need an Executive Bonus Agreement for our newly appointed CFO of a Canadian technology company, incorporating both annual performance-based bonuses and long-term equity incentives, with specific clawback provisions for regulatory compliance."

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Document background
The Executive Bonus Agreement is essential for Canadian companies seeking to implement structured executive compensation programs that align with corporate objectives and regulatory requirements. This document is typically used when establishing or modifying executive compensation arrangements, particularly for senior management positions where performance-based incentives form a significant portion of total compensation. The agreement ensures compliance with Canadian federal and provincial laws, including tax regulations, securities laws, and employment standards. It details performance metrics, calculation methodologies, payment terms, and includes provisions for both annual and long-term incentives, while protecting both the company's and executive's interests through carefully structured terms and conditions.
Suggested Sections

1. Parties: Identifies the company and the executive entering into the agreement

2. Background: Sets out the context of the agreement, including the executive's position and the company's desire to provide performance incentives

3. Definitions: Defines key terms used throughout the agreement, including types of bonuses, performance metrics, and calculation periods

4. Bonus Structure: Details the fundamental structure of the bonus program, including types of bonuses (annual, long-term, special) and their basic framework

5. Performance Metrics: Establishes the key performance indicators and goals that will determine bonus payments

6. Calculation Methodology: Explains how bonuses will be calculated, including formulas and adjustments

7. Payment Terms: Specifies when and how bonus payments will be made, including any deferral provisions

8. Conditions Precedent: Lists conditions that must be met before any bonus becomes payable

9. Clawback Provisions: Details circumstances under which the company may recoup bonus payments

10. Termination Implications: Describes how bonus entitlements are affected by various types of employment termination

11. Confidentiality: Requires the executive to maintain confidentiality regarding the bonus arrangement

12. Amendment and Termination: Sets out how the agreement can be modified or terminated

13. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and severability

Optional Sections

1. Equity-Based Components: Required when bonus includes stock options, restricted shares, or other equity-based compensation

2. Insurance Components: Needed when the bonus arrangement includes insurance-based elements like split-dollar life insurance

3. Tax Equalization: Used when providing tax protection or equalization for international executives

4. Change of Control: Addresses how bonus arrangements are handled in event of company merger or acquisition

5. Non-Competition and Non-Solicitation: Including when the bonus arrangement is tied to post-employment restrictive covenants

6. Retirement Provisions: Special provisions for treatment of bonuses upon retirement

7. Disability Provisions: Special provisions for bonus treatment in case of executive's disability

8. International Assignments: Required when executive may work in multiple jurisdictions

Suggested Schedules

1. Schedule A - Performance Metrics Definition: Detailed description of each performance metric and how it is measured

2. Schedule B - Bonus Calculation Examples: Practical examples showing how bonuses are calculated under various scenarios

3. Schedule C - Payment Schedule: Detailed timeline of when different bonus components are assessed and paid

4. Schedule D - Clawback Trigger Events: Comprehensive list of events that could trigger bonus clawback

5. Appendix 1 - Corporate Goals: Current corporate goals and targets relevant to bonus calculation

6. Appendix 2 - Individual Performance Criteria: Specific performance criteria for the executive

7. Appendix 3 - Market Adjustment Factors: Factors and calculations for market-based adjustments to bonus amounts

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions













































Clauses






































Relevant Industries

Financial Services

Technology

Manufacturing

Healthcare

Energy

Mining

Retail

Professional Services

Telecommunications

Real Estate

Transportation

Consumer Goods

Media and Entertainment

Pharmaceuticals

Relevant Teams

Human Resources

Legal

Finance

Compensation and Benefits

Corporate Governance

Executive Administration

Payroll

Tax

Corporate Secretary Office

Board Affairs

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Chief Technology Officer

Chief Marketing Officer

Executive Vice President

Senior Vice President

Division President

Managing Director

Regional Director

Executive Director

General Manager

Country Manager

Business Unit Head

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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