A Bonus Agreement is a crucial document used to formalize variable compensation arrangements between employers and employees in the Netherlands. This agreement type is particularly important given Dutch legal requirements around variable compensation, including specific restrictions in the financial sector (such as the 20% bonus cap). The Bonus Agreement should be used whenever an employer wishes to implement a structured bonus scheme, whether for individual employees or groups of employees. It typically includes detailed performance metrics, calculation methodologies, payment conditions, and clawback provisions, all aligned with Dutch employment law and corporate governance requirements. The document serves as a supplement to the main employment agreement and provides clarity and legal certainty regarding bonus entitlements and obligations.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Context of the agreement, including employee's position and reference to employment agreement
3. Definitions: Key terms used throughout the agreement, including 'Bonus Period', 'Performance Targets', 'Base Salary'
4. Bonus Structure: Overview of the bonus type(s) and general framework
5. Performance Criteria: Detailed description of KPIs and targets that trigger bonus payments
6. Calculation Method: Formula and methodology for calculating the bonus amount
7. Payment Terms: Timing and conditions of bonus payments, including any deferral requirements
8. Conditions: Conditions that must be met to qualify for the bonus, including continued employment
9. Clawback Provisions: Circumstances under which the company may reclaim paid bonuses
10. Tax Treatment: Statement on tax implications and responsibilities
11. Governing Law: Specification of Dutch law as governing law and jurisdiction
1. Malus Provisions: Include when the company wants the right to reduce unvested/unpaid bonuses - particularly relevant for financial sector
2. Pro-rata Calculations: Include when bonus eligibility for partial years needs to be addressed
3. Stock Component: Include when part of the bonus is paid in company shares or stock options
4. International Aspects: Include for employees working across multiple jurisdictions
5. Non-Competition During Bonus Period: Include when bonus is tied to exclusivity requirements
6. Works Council Approval: Include when works council approval has been obtained or is required
7. Bonus Pool Provisions: Include when bonus is dependent on or drawn from a larger bonus pool
8. Dispute Resolution: Include when specific dispute resolution procedures for bonus-related issues are needed
1. Schedule 1 - Performance Metrics: Detailed breakdown of KPIs, targets, and measurement methodologies
2. Schedule 2 - Calculation Examples: Examples showing how bonus calculations work in different scenarios
3. Schedule 3 - Payment Schedule: Detailed timeline of assessment periods and payment dates
4. Schedule 4 - Bonus Matrix: Table showing bonus percentages or amounts corresponding to different performance levels
5. Appendix A - Definitions: Extended definitions if too lengthy for main agreement
6. Appendix B - Relevant Company Policies: References to or excerpts from relevant company policies affecting bonus payments
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