Is it possible to get a higher bonus for more than a job contract allows?

For example, if a job contract says that the "maximum" bonus that you are allowed per year is $50k. And you do a very good job at the company throughout the year. Can your employers change their minds and ignore the contract conditions and give you more bonus money like $150k bonus? Also when do private equity employees get their bonuses? Is it before year end on December 31? Or is it after the 2022 year is over and a full yearly review is done in 2023 for the previous year?

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