2007 Annual Bonus. The Company agrees to pay Employee a lump sum amount equal to the applicable remaining portion of the annual bonus payment pursuant to the then-applicable Bonus Plan, in the amount actually earned thereunder pursuant to the terms and conditions thereof, less applicable withholdings (the “Annual Bonus Payment”). The Annual Bonus Payment will be made to Employee in February of 2008, pursuant to the payment schedule of the then-applicable Bonus Plan to other participants therein, but in no event will payment be made after March 10, 2008.
2007 Annual Bonus. For the avoidance of doubt, Employee shall be eligible to receive in 2008, at the same time bonuses are provided to employees of the Company generally, an annual cash incentive bonus award with respect to services performed for the Company during the 2007 fiscal year, as set forth in Section 4(b) of the Employment Agreement and as adjusted by the “bonus performance factor” or such other like adjustment, if and as approved by the board of directors of the Company (the “Board”) and actually utilized in the determination of cash bonuses generally. Employee’s target bonus for services performed for the Company during the 2007 fiscal year will be $750,000. The actual annual bonus payable with respect to such fiscal year shall be based upon the level of achievement of performance objectives for such fiscal year, as determined by the compensation committee of the Board.
2007 Annual Bonus. The Company shall pay Executive a cash lump sum of $1,462,500, which shall represent his bonus earned with respect to 2007, at such time as such bonuses are paid to the Company’s senior executives generally.
2007 Annual Bonus. On or before December 31, 2007, in addition to the Annual Salary, the Executive shall be awarded an annual bonus (the “2007 Annual Bonus”) of $60,000, payable as 60% in cash and 40% in Phantom Shares, which shall vest equally over a three-year period from the date of issuance (to be January 2008), and which will otherwise be subject to definitive documentation under, and to the terms of, the governing plan. The cash portion will be paid in December 2007. The number of the Phantom Shares granted pursuant to the 2007 Annual Bonus will be determined based on the closing market price of the Company’s class A common stock on a valuation date within the first five business days of 2008, the exact date of which will be determined after the date of this Agreement.
2007 Annual Bonus. The Executive’s Annual Target MJO Cash Bonus for 2007 is $1,268,750, provided that the determination whether to award a MJO Cash Bonus and its terms and amount shall be in the sole good faith discretion of the Compensation Committee of the Board (the “Compensation Committee”) taking into account and consistent with the Compensation Committee’s policies at that time as applied to other senior executive level associates of the Company, the achievement of the applicable Company performance goals in 2007, the achievement of the applicable Executive performance goals in 2007 and, subject to Section 7.2, the Executive’s continued employment through the applicable award date with respect to such bonus; it being agreed that for purposes solely of this Agreement that the Executive shall be deemed to have achieved his performance goals in 2007 as measured through August 31, 2007, but that any such annual bonus is subject to the Company’s performance and the sole good faith discretion of the Compensation Committee. The Compensation Committee may, it its sole good faith discretion, award the Executive a MJO Cash Bonus for 2007 in excess of, or, in exercising its negative discretion, less than the Annual Target in the event the Company outperforms its goals. Such annual bonus payment, if any, shall be made to the Executive at the time such bonus payments are made to eligible employees generally. For the purposes of this Section 4.1, the MJO Cash Bonus for 2007 shall not be prorated, notwithstanding the fact that Executive did not serve as Chief Executive Officer for the entire fiscal year.
