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Board Of Directors' Resolution Setting Christmas Bonus For Employees
BOARD OF DIRECTORS' RESOLUTION SETTING CHRISTMAS BONUS FOR EMPLOYEES
Pursuant to a duly made, seconded, and unanimously adopted motion, the Board of Directors of [Name of Corporation], hereinafter referred to as Corporation", adopted the following resolution:
WHEREAS the Compensation Committee appointed by this Board of Directors has presented the Board with its recommendations, a copy of which is attached to the minutes, of this meeting, a recommendation regarding the Board's inquiry concerning the possibility of providing the employees of this Corporation with provision of additional compensation in the form of a Christmas Holiday cash bonus for the employees of this Corporation, it is hereby:
RESOLVED that the recommendation of the Compensation Committee in its report dated [Date of report], a copy of which the Secretary of the Corporation is directed to attach to the minutes of this meeting, be and hereby is adopted, and the Treasurer of this Corporation is hereby directed to pay a cash Christmas Holiday bonus to employees of this Corporation on the [Date of bonus], on the basis of [Basis for bonus]. Such cash bonus will be issued according to the following formula:
1. Every employee who has been in the Corporation's employ of said Corporation for less than [Senior employee's number of months] months shall receive a cash bonus equal to his or her ordinary salary for [Senior employee's Number of week for bonus] week(s);
2. Every employee who has been in the Corporation's employ of said Corporation for longer than [Junior employee's number of months] months and less than months shall receive a cash bonus equal to his or her ordinary salary for [Junior employee's Number of week for bonus] weeks;
The undersigned, [Secretary of Corporation], certifies that he or she is the duly appointed Secretary of Corporation and that the above is a true and correct copy of a resolution duly adopted at a meeting of the directors thereof, convened and held in accordance with law and the Bylaws of said Corporation on [Date of resolution], and that such resolution is now in full force and effect.
IN WITNESS THEREOF, I have affixed my name as Secretary of [Name of Corporation] Corporation and have attached the seal of [Name of Corporation] Corporation to this resolution.
Dated: [Date signed]
Secretary