Bonus Contract
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Employee Name:
________________________________
Date: __/__/___
Employee ID: ________ Dept: _______
Working Title:
________________________________
Starting Salary:
________________________________
Total Bonus Amount: __________________
Percentage of Annual Salary: ________
Number of Payouts: _____
Payments Effective Dates and Total Amounts:
________________________________
Hiring Manager's Name:
________________________________
The first initial payment of $________ will be made when the above mentioned employee reports to work on ____/____/______. The subsequent payment of $______ will be made upon the completion of _____ months of satisfactory or above work performance. This signing bonus is not part of the base salary calculation but is considered taxable income. The employee understands that the signing bonus is forfeited if the employee fails to report to work. Also, the employee understands that the remainder of the bonus are forfeited if the employee is no longer in the position to which they are hired or if their performance is not satisfactory. Additionally, the employee understands that a signing bonus is not included in retirement salary calculations. The above mentioned employee understands and agrees to these terms and conditions. I do hereby certify to agreement of the above mentioned terms as stated by signing below:
_______________________ Date_____
Employee Signature
_______________________ Date_____
Hiring Manager Signature
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