2009 Bonus. (a) You will be able to participate in the Company’s 2009 Financial Bonus Plan, as such plan may be amended from time to time. Your target bonus opportunity for 2009 is 70% of Base Salary. Your minimum bonus for this year is 0% and maximum bonus is 200%, if performance targets are exceeded in accordance with the terms of the 2009 Financial Bonus Plan. In no event will you be entitled to earn an annual bonus in excess of 200% of target. You will separately be receiving a letter setting forth your performance goals for 2009 under the 2009 Financial Bonus Plan. Should you remain employed with the Company through December 31, 2009, payment under the terms of this bonus plan will be made no later than March 14, 2010.
(b) In the event that the Company terminates your employment without Cause or you terminate employment for Good Reason, you will be entitled to a pro-rata portion of your annual bonus for the year in which your termination occurs, payable at the time that annual bonuses are paid to other senior executives, but no later than March 14 of the following year (determined by multiplying the amount you would have received based upon actual performance had your employment continued through the end of such year by a fraction, the numerator of which is the number of days during the year of termination that you are employed by the Company and the denominator of which is 365). If a Change of Control of the Company occurs in 2009 and you do not voluntarily terminate your employment for at least six months after the Change of Control of the Company, you will be paid 200% of your 2009 target bonus promptly following such six-month anniversary of the Change of Control of the Company. The amount of your 2009 performance bonus, if any, will be reduced by the bonus described in the preceding sentence.
(c) With respect to calendar years after 2009, if you remain employed by the Company, you will be eligible to participate in the Company’s then current annual bonus plan, in accordance with the terms of such plan.
2009 Bonus. Effective on or as soon as practical after the Release Date (as defined below), but not later than 10 days thereafter, the Company shall pay you $303,188.00, which is 100% of the bonus amount you would have received with respect to the 2009 fiscal year had you not resigned your employment prior to such payment date.
2009 Bonus. For the partial fiscal year commencing on the Effective Date and ending on the Termination Date, the Executive shall be entitled to receive a cash bonus (the “2009 Bonus”). The target 2009 Bonus shall be 120% of the Executive’s Base Salary of Three Hundred Thirty Thousand Dollars ($330,000) pro-rated based upon the number of days the Executive was employed by the Company during the 2009 fiscal year prior to the Termination Date, and the actual 2009 Bonus will be based upon the Executive’s and/or the Company’s performance criteria established for the 2009 fiscal year by the Compensation Committee of the Board; provided, however, that the 2009 Bonus shall be no less than 100% of the Executive’s Base Salary of Three Hundred Thirty Thousand Dollars ($330,000), pro-rated based upon the number of days the Executive was employed by the Company during the 2009 fiscal year prior to the Termination Date. The 2009 Bonus will be paid by the Company on the date in 2009 on which the Company pays the 2009 bonus to the Company’s CEO.
2009 Bonus. Xx. Xxxxxxx’x 2009 bonus under the Company’s 2009 Cash Incentive Compensation Plan (the “Cash Incentive Plan”) will be determined pursuant to the terms of the Cash Incentive Plan; however, Xx. Xxxxxxx will be deemed to have been employed through December 31, 2009, for purposes of calculating any payment under the Cash Incentive Plan. Payment under such Plan, if any, shall be made in accordance with the terms of such Plan, and shall be made to Xx. Xxxxxxx contemporaneously with payments made to any employees of the Company; provided, however, that any such payment shall be made prior to March 15, 2010 in order to preserve the exemption from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
2009 Bonus. The Parties agree and acknowledge that notwithstanding Section 3(b) of the Employment Agreement, the Annual Bonus of the Executive for the 2009 Term (as such term is defined below) shall be payable upon the completion of the following milestones and payable in the following amounts: Company conducts Large Primate Study (16 Animals) 10 % Company applies to FDA for Human Studies 10 % Company raises at least $4,000,000 in connection with the issuance of Equity Securities (as such term is defined below) from the Company’s inception to the end of the 2009 Term 10 % TOTAL 30 % The Board of Directors of the Company shall in good faith determine whether a milestone has been achieved. Upon achievement by Executive of a milestone specified above, the Company shall promptly pay the portion of the Annual Bonus attributable to such milestone.
2009 Bonus. (i) Notwithstanding anything to the contrary contained in Section 3(b) of this Agreement, subject to the satisfaction of the 2009 annual performance goal established by unanimous written consent on March 30, 2009 (the “Consent”), in the event Company’s “Pre-Tax Return on Equity” (as defined below) for Company’s 2009 fiscal year is at least 8% (as determined by Company and approved by the compensation committee of the Board), Executive will be entitled to receive an annual bonus (the “2009 Bonus”) equal to the percentage (rounded up or down to the nearest third decimal place) of Company’s “Pre-Tax Income” (as defined below) for the 2009 fiscal year for each percentage (rounded up or down to the nearest third decimal place) by which Company’s 2009 Pre-Tax Return on Equity exceeds 8%, with the aggregate amount of the 2009 Bonus capped at 12% of 2009 Pre-Tax Income; provided that, notwithstanding anything contained herein to the contrary, in no event shall Executive receive a 2009 Bonus that is greater than the maximum amount set forth in the Consent or the applicable Annual Incentive Award Limit set forth in Section 5.2 of the Incentive Compensation Plan (the “Applicable Limits”). For purposes of clarity, (A) if Company’s Pre-Tax Return on Equity for Company’s 2009 fiscal year is less than 8%, Executive shall not be entitled to any 2009 Bonus; (B) if Company’s Pre-Tax Return on Equity for Company’s 2009 fiscal year equals or exceeds 20%, Executive shall be entitled to a 2009 Bonus equal to 12% of Company’s Pre-Tax Income; and (iii) if Company’s Pre-Tax Return on Equity for Company’s 2009 fiscal year equals at least 8%, but is less than 20%, Executive shall be entitled to a 2009 Bonus equal to the percentage of Company’s Pre-Tax Income as determined in accordance with the immediately preceding sentence. Without regard to the foregoing, the compensation committee of the Board shall have the right to adjust the dollar amount finally determined pursuant to the foregoing formula up or down by as much as 20%, with any upward adjustment to be subject to the Applicable Limits. Any 2009 Bonus will be payable in equal amounts of cash and RSUs (“Bonus RSUs”), provided that, subject to the applicable annual share limit in the Incentive Compensation Plan, once cash payments in respect of the 2009 Bonus reach $3.5 million (including Executive’s Base Salary for such year), the balance of the 2009 Bonus will be paid solely in Bonus RSUs. The number of Bonus RSUs will be dete...
2009 Bonus. Executive hereby agrees to forfeit any bonus or other incentive compensation for which he otherwise may be eligible for services during 2009.
2009 Bonus. You shall receive a performance bonus for 2009 of $300,000 (net of any deductions required to be withheld by any applicable laws and regulations) payable in two installments: (i) $200,000 payable within two weeks of the signing of this Agreement and (ii) $100,000 payable on or about March 15, 2010.
2009 Bonus. If Executive remains continuously employed pursuant to this Agreement through December 31, 2009, then Company will pay Executive a one-time bonus of SEVENTY-FIVE THOUSAND DOLLARS AND NO/100 ($75,000.00) to be made in a single sum cash payment on or before March 15, 2010 (the “Guaranteed Bonus”).
2009 Bonus. With respect to fiscal year 2009, the Employee shall receive a bonus (the “2009 Bonus”) in accordance with the terms and conditions previously established for the Employee by the Compensation Committee of the Board for the fiscal year 2009. Such terms and conditions include a target bonus of 60% of $364,000 and a maximum bonus of 90% of $364,000 based on the attainment of specified performance goals related to revenue and operating income attached hereto as Exhibit C (the “Goals”). The amount of any actual payment for fiscal year 2009 will depend upon the achievement (or not) of the various performance metrics comprising the Goals. Amounts payable with respect to fiscal year 2009 shall be determined by the Board and shall be payable following such fiscal year and no later than two and one-half months after the end of such fiscal year; provided, however, that nothing shall prohibit the Company from reducing the 2009 Bonus from the amount that would otherwise have been paid to the Employee based on the attainment of the Goals if such reduction is part of an overall cost or bonus reduction program that affects all senior executives of the Company in the same proportion.
