2015 Annual Bonus. The Company will pay Executive the amount of Executive’s bonus earned for fiscal year 2015, if any, less applicable taxes, which will be determined in accordance with Section 2(b) of the Employment Agreement and will be paid to Executive at the same time and terms and conditions as such bonuses are paid to other executives of the Company who participate in the 2015 bonus plan.
2015 Annual Bonus. On the later of February 24, 2016 or the satisfaction of the Release Conditions, the Company shall pay to you an annual bonus in respect of calendar year 2015 equal to $1,700,000 (less applicable tax withholdings). The Company also will reimburse your reasonable, documented legal fees in negotiating this letter agreement and the Release, subject to a cap of $25,000. You acknowledge and agree that your rights and benefits under this Section 2 are subject to the satisfaction of the Release Conditions and your compliance in all material respects with the Executive Covenants, and you shall forfeit all rights and benefits under this Section 2 if the Release Conditions are not satisfied. In addition, without limiting the Company’s other remedies at law or equity in the event of your breach in any respect of any Executive Covenant, if you breach any of the Executive Covenants in any material respect, you will forfeit any unpaid Severance Benefits. You agree that you are not entitled to receive any other severance or termination benefits in connection with your termination of employment, other than as specified in Section 1 or this Section 2.
2015 Annual Bonus. Notwithstanding Ordan’s termination of employment with the Company at the close of business on December 31, 2015, Ordan will remain eligible to receive an annual bonus in respect of the Company’s 2015 fiscal year pursuant to the terms of the Company’s annual incentive plan (excluding any requisite continued employment to payment date provisions) as in effect for the 2015 fiscal year (the “Bonus Plan”) as provided in Section 2(b)(ii) of the Employment Agreement (the “2015 Bonus”). The 2015 Bonus shall be payable to Ordan based on actual performance as determined pursuant to the terms of the Bonus Plan on the date on which annual bonuses are paid to senior executives of the Company generally (but not later than two and a half months after the end of the 2015 fiscal year).
2015 Annual Bonus. The Employee, shall be eligible to receive a guaranteed 2015 annual bonus of $500,000 payable in March 2016 if the Employee is employed with the Company through March 2016. The Employee shall not be eligible for this bonus, and such bonus shall not be earned, if the Employee is not employed with the Company through March 2016.
2015 Annual Bonus. If the Effective Time or a Change in Control occurs on or after January 1, 2015 and prior to October 8, 2015, the Company shall be entitled to pay you a pro rata Target Bonus for the 2015 fiscal year based on the number of months employed from January 1, 2015 through the Effective Time or such Change in Control. If the Effective Time or a Change in Control does not occur on or prior to October 8, 2015, your 2015 bonus will be determined based on actual Company performance for 2015 under the annual bonus plan, prorated based on the number of months of employment from January 1, 2015 through October 8, 2015 and will be paid when the 2015 bonuses are paid to other senior executives of the Company.
2015 Annual Bonus. Employer shall pay, in a lump sum on the Payment Date, an amount equal to Employee’s projected 2015 cash bonus, based on known or projected performance through the Termination Date, reduced (if applicable) on a ratable basis to reflect the partial year of service.
2015 Annual Bonus. In lieu of and not in addition to any bonus or amount payable under the Company’s 2015 Short-Term Incentive Plan, the Company will pay the Executive a lump sum cash amount equal to one hundred thousand dollars ($100,000) on the earlier of April 1, 2016 or the Sale of the Company provided that the Executive has remained continuously employed by the Company or an affiliate of the Company until the earlier of such dates. Notwithstanding the foregoing, the Executive will be entitled to payment under this paragraph if the Executive’s employment with the Company is terminated without Cause or by the Executive for Good Reason, before the earlier of the two dates set forth in the preceding sentence.
2015 Annual Bonus. Employee shall be paid an annual bonus with respect to 2015 promptly (but in no event later than five business days) following the Start Date in the amount set forth on Exhibit A. In addition, Employee shall be paid an additional portion of a bonus with respect to 2015 promptly (but in no event later than five business days) following the Start Date in the amount set forth on Exhibit A (the “2015 Additional Bonus”), provided that, (i) in the event that Employee’s employment is terminated by the Company for Cause within two years following the date on which the Additional Bonus is paid, Employee will be obligated to repay to the Company immediately the entire amount of the 2015 Additional Bonus, (ii) in the event that the Employee’s employment is terminated by reason of Employee’s Disability or resignation within two years following the date on which the Additional Bonus is paid, Employee will be required to repay to the Company immediately an amount equal to the product of (A) the 2015 Additional Bonus and (B) a fraction, the numerator of which is the number of days from the Date of Termination through the second anniversary of the date on which the Additional Bonus is paid and the denominator of which is 730, (iii) in the event that the Employee’s employment is terminated by reason of Employee’s termination by the Company without Cause, Employee will be required to repay to the Company immediately an amount equal to the product of (A) the 2015 Additional Bonus and (B) a fraction, the numerator of which is the number of days from the date that is six months following the Date of Termination through the second anniversary of the date on which the Additional Bonus is paid and the denominator of which is 730 (it being understood that the repayment obligation under this clause shall in no event be less than zero). Notwithstanding the provisions of the immediately preceding sentence, the repayment obligation set forth in the immediately preceding sentence shall cease immediately upon a Change of Control (as defined on Annex A) that occurs while Employee is employed by the Company.
2015 Annual Bonus. So long as the undersigned does not resign her employment with the Company prior to the Retirement Date, the Company shall pay the undersigned the annual bonus for the 2015 fiscal year (the “2015 Annual Bonus”) under the Company’s Short Term Incentive Plan (the “STIP”) that she would have received had she remained employed by the Company through the date annual bonus payments for the 2015 fiscal year are made to continuing employees under the STIP, using a 1.0x personal modifier and based on actual performance as determined by the Compensation Committee of the Board. This bonus amount shall be paid at the same time as annual bonuses are paid to continuing employees under the STIP, and will be subject to applicable withholding taxes. The undersigned acknowledges and agrees that she will not be paid an annual bonus in respect of the Company’s fiscal year ending April 30, 2016.
