Hi All,
First of all - I already posted this earlier in work, careers etc but got no responses and thought this might be a better location - mods sorry for posting twice but if you can delete the other thread please do do.
Hoping someone working in the legal side of things can give me their interpretation of the following document signed by employer & employee:
Salary = €x
Bonus = Circa €x + €x standard and production based and at the discretion of the managing director
Expenses = paid as per existing system
This agreement is based on your commitment to Company X over the next 5 years and your input to help grow and expand our existing company.
This document was signed in March 07 and full bonus was received for 2007. There was no bonus paid at all for 2008 (are they covered by "discretion of the managing director"?) although all targets were met and variations all accounted for making quite a bit of extra money for the company,
The agreement based on commitment over the next 5 years - does this tie the company in as well? Or would you interpret it to tie in only the employee?
Finally, the person involved has been asked to take a pay cut to 2005 salary. He is willing to take a pay cut but does not want to take a 30% cut, as he is already losing out on a substantial bonus. He wants to know if he agrees to take a pay cut, does that make the above document null & void?
TIA
Nutso
First of all - I already posted this earlier in work, careers etc but got no responses and thought this might be a better location - mods sorry for posting twice but if you can delete the other thread please do do.
Hoping someone working in the legal side of things can give me their interpretation of the following document signed by employer & employee:
Salary = €x
Bonus = Circa €x + €x standard and production based and at the discretion of the managing director
Expenses = paid as per existing system
This agreement is based on your commitment to Company X over the next 5 years and your input to help grow and expand our existing company.
This document was signed in March 07 and full bonus was received for 2007. There was no bonus paid at all for 2008 (are they covered by "discretion of the managing director"?) although all targets were met and variations all accounted for making quite a bit of extra money for the company,
The agreement based on commitment over the next 5 years - does this tie the company in as well? Or would you interpret it to tie in only the employee?
Finally, the person involved has been asked to take a pay cut to 2005 salary. He is willing to take a pay cut but does not want to take a 30% cut, as he is already losing out on a substantial bonus. He wants to know if he agrees to take a pay cut, does that make the above document null & void?
TIA
Nutso