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Simple English definitions for legal terms
performance bonus
Read a random definition: Proprietary rights
A quick definition of performance bonus:
Performance Bonus: A type of bonus given to employees based on their performance at work. If they do a good job, they may receive extra money as a reward.
A more thorough explanation:
A performance bonus is an additional payment given to an employee or executive as a reward for achieving specific goals or targets set by the company. It is usually based on the individual's performance and contribution to the company's success.
John is a sales executive who exceeded his sales target for the quarter. As a reward, his company gave him a performance bonus of $5,000 on top of his regular salary.
This example illustrates how a performance bonus is given to an employee who has performed exceptionally well and contributed to the company's growth.