Statutory deductions clause samples

For the current financial year only (ending 30 September 2017), the Executive may be eligible, at the sole discretion of the Company, to receive an annual bonus in accordance with the Executive's previous employment agreement (and for the avoidance of doubt, any bonus payable under this sub-clause 4.4 and sub-clause 4.5 below, shall be paid to the Executive by Warner Music UK and accordingly, it will sign below to confirm its consent to this sub-clause and sub-clause 4.5 below). In this regard, his “target” bonus is £1,000,000 (“Target Bonus”) although depending on performance the actual bonus award may be either more or less than the Target Bonus at the Company’s sole discretion. The criteria to be achieved for the Target Bonus level to be met will be based on factors such as the Company’s, Warner Music Group’s, Warner Music Group’s Recorded Music division’s and the Executive’s performance and any transitional responsibilities that the Executive is asked to perform in respect of the role set out in this Agreement will be taken into account when the amount of any bonus for the Executive for the current financial year is determined.For the avoidance of doubt but without prejudice to the provisions of sub-clause 2.4 above, the Executive will be eligible, at the sole discretion of the Company (acting in good faith) to a pro-rata bonus if the Employment terminates before bonuses are paid to executives for the current financial year.Any bonus will be paid less statutory deductions.The Company hereby warrants that the Executive shall be treated on a no less favourable basis in respect of the determination of the Executive’s annual bonus for the current financial year than each senior executive at the same or equivalent level as the Executive.

(c) The payments and benefits referred to in Section9(a) are less statutory deductions. However, the Corporation agrees to assist and cooperate with the Executive, to the extent permitted by law, to minimize the income tax impact of these payments and benefits, including, at the option of the Executive, deferral of the payment of such amounts over the Severance Period.

(c) In consideration for entering into this Agreement, including the restrictive covenants in Sections 11, 12, 13 and 14 hereof, the Executive will receive a one time signing bonus of $150,000, less required statutory deductions. As directed by the Executive, the Corporation shall pay such bonus in a tax efficient manner, subject to the requirements of the Income Tax Act.

Severance Benefits. If a Participant's employment is terminated due to a Qualifying Termination, Seaspan shall pay such Participant, within fifteen (15) days of the date the termination takes effect (the "Date of Termination") or, if later, on the date the Participant's Release ceases to be revocable, a lump sum in cash (the "Severance Benefit"). The Severance Benefit shall be the sum of such Participant's then current Base Salary and Bonus Amount equivalent to 24 months, less any statutory deductions. For purposes of this Section 3(b), the then current Base Salary shall be determined immediately prior to the Qualifying Termination (without regard to any reductions therein which constitute Good Reason for termination by such Participant). For the purpose of calculating the Bonus Amount for this Section 3(b), the cash equivalent of any share award granted to the Participant during the period used to determine the Bonus Amount shall be equal to the cash value of the shares as of the date the share award was originally granted to the Participant.

(b) The Employer may terminate the Employee’s employment at any time, without cause by paying the Employee a lump sum payment equal to the Employee’s then Annual Base Salary, less statutory deductions. Upon termination of employment, all of the Employee’s benefits and perquisites will immediately terminate, except the Employee’s provincial medical coverage, extended health and dental coverage which will continue for the statutory notice period specified in the Employment Standards Act. If the Effective Date of Termination without cause is after the Employer’s fiscal year end date, the Employee will be eligible for a STIP incentive payment for the previous fiscal year, as determined in accordance with the standard terms of the STIP. In a without cause termination, eligibility for the STIP is only applicable for the previous fiscal year, not for the current year. The Employee is not entitled to any compensation arising from his dismissal other than as expressly set out in this provision. The Employee’s legal right to notice or compensation in lieu is governed by this provision, not by common law.

The Company shall pay the Equity Participation to you, less any required statutory deductions. The Equity Participation will only be settled in shares issued from treasury and will not be paid in cash.

(b) The Fee is payable monthly in arrear by direct credit into your nominated bank account less any tax and any other statutory deductions. On termination, you will only be entitled to such amount of the Fee as has accrued at the date of termination.

2. Fees As a non-executive Director you will receive a fee of £80,000 per annum, payable monthly in arrears by direct credit into your nominated bank account after the deduction of tax and other statutory deductions. This is in addition to any fees payable as the Barclays UK Chairman. In the event that you hold office for part of the year the fees shall be pro-rated accordingly on the basis of one twelfth for each complete or part month served. £30,000 of your non-executive Director fee, after tax and national insurance, will be used to purchase Barclays PLC shares twice per year, in February/March and July/August, after the announcement of the Companies’ full and half-year financial results. These shares will be held on your behalf until you leave the Board. Enclosed with this letter is an agreement setting out details in respect of this remuneration in Barclays PLC shares, which you are asked to sign and return.