Bonus definition

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Articles (non-leveraged investment)—checklist

Articles (non-leveraged investment)—checklist Objects Is it necessary or appropriate for the company to restrict its objects? If the company was incorporated before 1 October 2009, check if any of the objects stated in its memorandum of association need deleting (by way of a members’ special resolution). Application of model articles Determine if the model articles are to apply to the company. If the company was incorporated before 1 October 2009, consider whether Table A should still apply (if not previously amended). Determine what, if any, of the model articles should not apply to the company. Board of directors How many directors will be on the board? Which of the founders will be directors? How many directors will the investor have the right to appoint to the board? What is the quorum for board meetings? Does the chair (or another director) have a second or casting vote? Are fees payable to the investor directors and/or chair? If so, what are they? Set out administrative matters relating to the board (eg frequency...

Calculating if the Skilled Worker salary thresholds are met—quick reference checklist

Calculating if the Skilled Worker salary thresholds are met—quick reference checklist This is a quick reference checklist to assist with calculating whether the proposed salary for an employee to be sponsored under the Skilled Worker route will meet the relevant thresholds for eligibility under the route (the general threshold and the going rate). In particular, it assists with providing the formulae that are required for the relevant pro-rating calculations. There are three steps to calculating eligibility: • Step 1—finding out which salary points option applies (Options A-K). This aspect is not covered here. For guidance, see the tables in Practice Note: Sponsoring a Skilled Worker, which summarises the relevant Immigration Rules (Immigration Rules, Appendix Skilled Worker, para SW 4.4, SW 8.1–SW 13.3) • Step 2—gathering the relevant information to input into the calculations • Step 3—carrying out the relevant calculations to check eligibility Running through the guide is the example of an Aerospace engineer (SOC 2020 occupation code 2126), who has not been sponsored under the route previously, would be...

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Bonus schemes

Bonuses can be a very effective tool to motivate and retain employees while allowing businesses to control wage costs. In certain sectors and industries (eg the financial sector), bonuses are a significant element of an employee's reward package. Directors' total remuneration frequently includes variable performance-based bonuses, which can be critical to attracting and retaining key individuals. An all-employee bonus plan can act as a simple tool to align a proportion of remuneration to a business' key performance indicators, potentially eliminating the differences between managerial and non-managerial grades.Over recent years there has been increased public scrutiny of executive pay, particularly executive bonuses. Perceptions that such plans have supported 'short-termism' and 'rewards for failure' have led to increased regulation and legislation.Bonuses broadly fall into two categories. The categorisation is important and has significantly different consequences for employers and employees:•discretionary or non-contractual bonuses, and•contractual bonusesThe two categories are considered below.Discretionary or non-contractual bonusesWhen dealing with a discretionary or non-contractual bonus, it is necessary to consider:•to which aspects of the bonus the discretion properly...

Deductions from wages

The right to be paid wages in full is one of the most basic, and oldest, employment rights. A failure to pay will generally give a worker the right to bring a claim for unlawful deduction from wages. In a small number of cases, however, an employer is permitted to make a deduction.The worker's rightsAn employer may not make a deduction from the wages of any worker employed by the employer, or receive a payment from such a worker, unless:•it is required or authorised to be made by virtue of any statutory provision or any relevant provision of the worker's contract, or•the worker has previously signified in writing their agreement or consent to the making of itFor further information, see: When deductions are lawful below.For further information:•on the meaning of 'wages' see: Definition of wages below•on the definition of 'worker' for these purposes, see: Definition of 'worker' below•on the circumstances in which deductions are permitted, see: Excepted deductions and payments below•on the claims that a worker may bring, see: Bringing...

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LTIP—restricted award certificate

LTIP—restricted award certificate [insert name of company who granted the award pursuant to the long term incentive plan (LTIP)] (Company) [insert name of LTIP] (Plan) Name Number of Shares under Award Date of Grant Normal Vesting date[, subject to satisfaction of Performance Targets] End of Holding Period This is to certify that you are the holder of a Restricted Award to acquire up to the maximum number of Shares in [insert name of Company whose shares are being granted under award] as stated in the table above. The Restricted Award was granted on the Date of Grant stated above under a global deed of grant executed by the Company [and is subject to the Performance Target(s) attached to this certificate]. The Restricted Award was granted under, and is subject to, the Rules of the Plan. The RULES REQUIRE YOU TO sign A PARTICIPANT AGREEMENT within [30] Days of the grant of the award IN ORDER TO CONFIRM YOUR ACCEPTANCE OF...

Consultancy agreement—company and individual—pro-client (short form)

Consultancy agreement—company and individual—pro-client (short form) [ON HEADED NOTEPAPER OF CLIENT COMPANY] [Insert consultant’s name] [Insert consultant’s address] [Insert date] Dear [insert consultant’s name] [ Consultancy agreement OR Insert name of project ] Further to our recent discussions, I am pleased to confirm the terms of our agreement regarding the provision of your consultancy services to [insert name of client company] (Company). 1 Term 1.1 [Subject to the terms set out in this letter, your engagement [will commence OR commenced] on [insert date] and will continue unless or until either party gives to the other not less than [insert number] [weeks’ OR months’] prior notice in writing. OR 1.2 Your engagement will be for a fixed period of [insert number] months from [insert date], subject to the terms of this letter and subject to the right of either the Company or you to give to the other not less than [number] [weeks’ OR months’] notice in writing during such fixed period terminating the...

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If party X was gifted a plot of land and is now taking a mortgage as part of a self-build project to build a single dwelling, will they qualify under the Help to Buy ISA scheme to obtain a bonus on funds held in the account?

If party X was gifted a plot of land and is now taking a mortgage as part of a self-build project to build a single dwelling, will they qualify under the Help to Buy ISA scheme to obtain a bonus on funds held in the account? Help to buy ISAs were introduced from Autumn 2015 as a tax-free cash account aimed at encouraging first-time buyers to save for a UK residential property. As well as receiving interest on the balance tax-free, the government will supplement the amount saved with a 25% bonus (up to a maximum of £3,000) when the property is purchased. To qualify, first the individual must be a qualifying individual as defined by Individual Savings Account Regulations 1998, SI 1998/1870, reg 10(2)(d). This includes an individual who is a resident in the UK (see Practice Note: Introductory guide to residence and domicile for UK tax purposes before 6 April 2025 [ARCHIVED] for an overview of

How is index linked maintenance calculated on an order that is a few years old? What is the position where the method and calculation of the index linking is not specified in the order?

How is index linked maintenance calculated on an order that is a few years old? What is the position where the method and calculation of the index linking is not specified in the order? The usual wording as to the index linking of periodical payments is as set out in the Precedent: Standard order 2.1—financial remedy order at clause 89, ie: ‘The periodical payments set out in paragraph [insert] [and paragraph [insert] above] shall be varied automatically on the “variation date”, which shall be on the date of the payment due in [insert month] and at yearly intervals afterwards. The change in the payments shall be the percentage [change OR increase], if any, between the [retail prices index OR consumer prices index] during the most recent 12 month period preceding the variation date for which index data has been published.’ Or, at clause 90, ie: ‘The periodical payments set out in paragraph [insert] [and paragraph [insert] above] shall be varied automatically on the “variation date”, which shall...

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Energy weekly highlights—22 May 2025

This week's edition of the Energy weekly highlights includes coverage on Great British Energy in relation to the Great British Energy Act 2025 receiving Royal Assent and the designation of Great British Energy Group Ltd as Great British Energy. We also cover several announcements from Ofgem in relation to: (1) publication of its first guidance on ethical AI use in the energy sector; (2) a decision on energy code manager selection policy; (3) the approval, with the Department for Energy Security and Net Zero (DESNZ), of the Strategic Spatial Energy Plan methodology developed by the National Energy System Operator (NESO); and (4) a decision approving the extension of grid connections reform transitional arrangements. In addition this week, the Environment Agency (EA) has published guidance, detailing requirements for independent third-party verification of annual fossil fuel boiler sales reports under the Clean Heat Market Mechanism (CHMM) Regulations 2025, SI 2025/81, and DESNZ has allocated £630m for energy efficiency upgrades in public buildings, including schools, hospitals and care homes, as part of phase...

Share Incentives weekly highlights—22 May 2025

This week's edition of Share Incentives weekly highlights includes (1) confirmation that EMI and CSOP legislation will be amended to allow PISCES to apply to existing options, (2) HM Treasury’s launch of a consultation on reform of the Consumer Credit Act 1974 and (3) a focus on executive remuneration as the 2025 AGM season continues.

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27 Meaning of “wages” etc

(1)     In this Part “wages”, in relation to a worker, means any sums payable to the worker in connection with his employment, including—(a)     any fee, bonus, commission, holiday pay or other emolument referable to his employment, whether payable under his contract or otherwise,(b)     statutory sick pay under Part XI of the Social Security Contributions and Benefits Act 1992,(c)     statutory maternity pay under Part XII of that Act,[(ca)     [statutory paternity pay] under Part 12ZA of that Act,(cb)     statutory adoption pay under Part 12ZB of that Act,][(cc)     statutory shared parental pay under Part 12ZC of that Act,][(cd)     statutory parental bereavement pay under Part 12ZD of that Act,](d)     a guarantee payment (under sectio