does the player recieve this bonus with every year they play?
No, they only get it if you sell them, so when negotiating a contract try and get it as low as possible because it comes out of any transfer fee that you'd receive.
Loyalty bonus is paid out every month, so during the period of the contract he will receive an equal amount of money each month so that the end sum ends up on what has been agreed. But, if you sell the player you will have to pay the remaining amount to the player(unless he requests transfer)
You are reading "loyalty bonus".