Common use of 2Bonuses Clause in Contracts

2Bonuses. For calendar year 2011, Executive shall receive such annual cash incentive bonus as may be determined by the Board in its reasonable discretion; provided, however, that (a) the target (expected value) amount of Executive’s 2011 annual incentive bonus shall be 64% of Executive’s Base Salary, and (b) Executive’s annual incentive bonus for 2011 may range between 0% and 80% of Executive’s Base Salary, depending on Executive’s performance for calendar year 2011. For calendar years after 2011, Executive shall be eligible to participate in the Company’s annual cash incentive bonus program which will provide for a potential annual, calendar-year bonus (the “Annual Bonus”) based on criteria determined in the reasonable discretion of the Board at or near the beginning of each such year; provided, however, that it is expected (subject to and contingent upon Board approval each year at the time such criteria are determined by the Board) that (a) the target (expected value) amount of Executive’s annual incentive bonus for each such calendar year shall be 80% of Executive’s Base Salary earned for such calendar year, and (b) Executive’s annual incentive bonus for each such calendar year will have an entry and maximum range, depending on achievement of entry, target and stretch goals, with zero to be earned if performance falls below entry goals, target (expected value) to be earned if target performance is achieved, maximum to be earned if performance meets or exceeds stretch goals, and pro-rated amounts earned if performance falls between entry, target and maximum goals. The metrics to be used to calculate the actual target annual incentive bonus and range of annual incentive bonus opportunity shall be determined in the reasonable discretion of the Board at or near the beginning of the calendar year for each year after 2011. The Company shall pay each Annual Bonus, if any, with respect to a calendar year (the “Bonus Year”) on or before March 15 of the year following the Bonus Year; provided, however, that if audited financial statements for the Company for the Bonus Year are not completed on or before March 5 of the year following the Bonus Year, then the Annual Bonus, if any, for the Bonus Year shall be paid within 10 days after the completion of such audited financial statements but in no event shall any such Annual Bonus be paid after June 30 of the year following the Bonus Year. Except as otherwise provided in Section 7.1, Executive will be entitled to receive payment of an Annual Bonus for a Bonus Year only if Executive is employed by the Company on December 31 of such Bonus Year.

2Bonuses. For calendar year 20112012, Executive shall receive such annual cash incentive bonus as may be determined by the Board in its reasonable discretion; provided, however, that (a) the target (expected value) amount of Executive’s 2011 2012 annual incentive bonus shall be 6460% of Executive’s Base Salary, and (b) Executive’s annual incentive bonus for 2011 2012 may range between 0% and 8090% of Executive’s Base Salary, depending on Executive’s performance for calendar year 20112012; provided however, that such annual incentive bonus for 2012 shall be prorated based upon the number of days that Executive was employed by the Company in 2012. For calendar years after 20112012, Executive shall be eligible to participate in the Company’s annual cash incentive bonus program which will provide for a potential annual, calendar-year bonus (the “Annual Bonus”) based on criteria determined in the reasonable discretion of the Board at or near the beginning of each such year; provided, however, that it is expected (subject to and contingent upon Board approval each year at the time such criteria are determined by the Board) that (a) the target (expected value) amount of Executive’s annual incentive bonus for each such calendar year shall be 8060% of Executive’s Base Salary earned for such calendar year, and (b) Executive’s annual incentive bonus for each such calendar year will have an entry and maximum range, depending on achievement of entry, target and stretch goals, with zero to be earned if performance falls below entry goals, target (expected value) to be earned if target performance is achieved, maximum to be earned if performance meets or exceeds stretch goals, and pro-rated amounts earned if performance falls between entry, target and maximum goals. The metrics to be used to calculate the actual target annual incentive bonus and range of annual incentive bonus opportunity shall be determined in the reasonable discretion of the Board at or near the beginning of the calendar year for each year after 20112012. The Company shall pay each Annual Bonus, if any, with respect to a calendar year (the “Bonus Year”) on or before March 15 of the year following the Bonus Year; provided, however, that if audited financial statements for the Company for the Bonus Year are not completed on or before March 5 of the year following the Bonus Year, then the Annual Bonus, if any, for the Bonus Year shall be paid within 10 days after the completion of such audited financial statements but in no event shall any such Annual Bonus be paid after June 30 of the year following the Bonus Year. Except as otherwise provided in Section 7.1, Executive will be entitled to receive payment of an Annual Bonus for a Bonus Year only if Executive is employed by the Company on December 31 of such Bonus Year.

2Bonuses. For calendar year 20112012, Executive shall receive such annual a cash incentive bonus as may which is comprised of two components: (i) lump sum of $62,000.00 representing a satisfaction of an estimated bonus payout Executive is forfeiting by resigning his employment with his prior employer and (ii) from the Effective Date through December 31, 2012, Executive shall be determined by the Board in its reasonable discretion; provided, however, that (a) the target (expected value) amount of Executive’s 2011 eligible for a prorated annual incentive bonus shall be 64with a Target of 60% of Executive’s Base Salary, based on financial, safety, and (b) Executive’s annual incentive bonus for 2011 may range between 0% personal performance criteria and 80% of Executive’s Base Salary, depending on Executive’s performance for calendar year 2011metrics established by the CEO. For calendar years after 20112012, Executive shall be eligible to participate in the Company’s annual cash incentive bonus program which will provide for a potential annual, calendar-year bonus (the “Annual Bonus”) based on criteria determined in the reasonable discretion of the Board at or near the beginning of each such year; provided, however, that it is expected (subject to and contingent upon Board approval each year at the time such criteria are determined by the Board) that (a) the target (expected value) amount of Executive’s annual incentive bonus for each such calendar year shall be 8060% of Executive’s Base Salary earned for such calendar year, and (b) Executive’s annual incentive bonus for each such calendar year will have an entry and maximum range, depending on achievement of entry, target and stretch goals, with zero to be earned if performance falls below entry goals, target (expected value) to be earned if target performance is achieved, maximum to be earned if performance meets or exceeds stretch goals, and pro-rated amounts earned if performance falls between entry, target and maximum goals. The metrics to be used to calculate the actual target annual incentive bonus and range of annual incentive bonus opportunity shall be determined in the reasonable discretion of the Board at or near the beginning of the calendar year for each year after 20112012. The Company shall pay each Annual Bonus, if any, with respect to a calendar year (the “Bonus Year”) on or before March 15 of the year following the Bonus Year; provided, however, that if audited financial statements for the Company for the Bonus Year are not completed on or before March 5 of the year following the Bonus Year, then the Annual Bonus, if any, for the Bonus Year shall be paid within 10 days after the completion of such audited financial statements but in no event shall any such Annual Bonus be paid after June 30 of the year following the Bonus Year. Except as otherwise provided in Section 7.1, Executive will be entitled to receive payment of an Annual Bonus for a Bonus Year only if Executive is employed by the Company on December 31 of such Bonus Year.

2Bonuses. For calendar year 2011, Executive shall receive such annual cash incentive bonus as may be determined by the Board in its reasonable discretion; provided, however, that (a) In addition to the target (expected value) amount of Executive’s 2011 annual incentive bonus shall be 64% of Executive’s Base Salary, and (b) Executive’s annual incentive bonus for 2011 may range between 0% and 80% of Executive’s Base Salary, depending on Executive’s performance for calendar year 2011. For calendar years after 2011, the Executive shall be eligible to participate in the Company’s annual cash incentive 's current bonus program which will provide plan for a potential annual, calendar-year bonus senior corporate officers (the “Annual "Bonus Plan"), as approved by the Compensation Committee of the Board of Directors in each calendar year during the term of this Agreement, commencing with the 2021 calendar year. The Executive's target bonus is fifty-five percent (55%) of the Base Salary earned during the calendar year (the "Target Bonus”") based and is contingent on the Executive meeting certain performance criteria and the Company achieving certain financial criteria, and up to one hundred ten percent (110%) of the Base Salary earned during the calendar year (the "Maximum Bonus") if the Executive exceeds certain performance criteria and the Company exceeds certain financial criteria all as determined in the reasonable discretion of the Board at or near of Directors and its Compensation Committee. The Executive shall be entitled to such increases in the beginning of each such year; provided, however, that it is expected (subject to "Target Bonus" and contingent upon Board approval each year at the time such criteria are "Maximum Bonus" during the term hereof as shall be determined and approved by the Board) Compensation Committee of the Board of Directors in its sole discretion, taking account of the performance of the Company and the Executive, and other factors generally considered relevant to the salaries of executives holding similar positions with enterprises comparable to the Company. Notwithstanding the foregoing, in the event that (a) the target (expected value) amount of Executive’s annual incentive bonus for each such calendar year shall be 80% of Executive’s Base Salary earned for such calendar Executive or the Company fail to attain their minimum respective criteria in any given year, the Board of Directors and its Compensation Committee may, in their reasonable discretion, decline to award any bonus to the Executive. (b) Executive’s annual incentive The bonus for each such calendar year will have an entry and maximum range, depending on achievement of entry, target and stretch goals, with zero to be earned if performance falls below entry goals, target (expected valuedescribed in Section 3.2(a) to be earned if target performance is achieved, maximum to be earned if performance meets or exceeds stretch goals, and pro-rated amounts earned if performance falls between entry, target and maximum goals. The metrics to be used to calculate the actual target annual incentive bonus and range of annual incentive bonus opportunity shall be determined in the reasonable discretion of the Board at or near the beginning payable between January 1 and March 15 (inclusive) of the calendar year following the calendar year for each which the bonus is determined in accordance with the Company's normal practices. In the event that the Executive is employed for less than the full calendar year after 2011in the year in which the Executive's Termination Date occurs ("Termination Year"), the bonus payable to the Executive shall be subject to Sections 4 and 5 of this Agreement and calculated based on the Executive meeting certain performance criteria and the Company achieving certain year-end financial criteria, all as determined by the Compensation Committee of the Board of Directors, in its sole discretion. Such bonus shall be pro-rated for the portion of the Termination Year during which the Executive was ​ ​ ​ employed by the Company. With respect to the bonus for the Termination Year, any bonus payable pursuant to this Section 3.2 shall be payable to the Executive between January 1 and March 15 (inclusive) of the calendar year following the calendar year for which the bonus is determined in accordance with the Company's normal practices. (c) For any year beginning during the twenty-four (24) month period following a Change in Control (the "Change in Control Period"), as well as for any year in which a Change in Control occurs if such Change in Control occurs prior to the grant of annual bonus opportunities for such year, to assure that Executive will have an opportunity to earn annual incentive compensation, the Executive shall be included in a bonus plan of the Company which shall satisfy the standards described above and in this Section 3(c) (such plan, the "Post-Change-in-Control Bonus Plan"). Bonuses under the Post-Change-in-Control Bonus Plan shall be payable with respect to achieving such financial or other goals reasonably related to the business of the Company as the Company shall establish (the "Goals"), all of which Goals shall be reasonably attainable, by the end of the year of grant, with approximately the same degree of probability as the most attainable goals under the Company's bonus plan or plans as in effect at any time during the 180-day period immediately prior to the Change in Control and in view of the Company's existing and projected financial and business circumstances applicable at the time. The amount of the bonus (the "Bonus Amount") that Executive is eligible to earn under the Post-Change-in-Control Bonus Plan shall be no less than one hundred percent (100%) of the Target Bonus for which the Executive was eligible in the year prior to the Change in Control for achievement of the target Goals, and no less than one hundred percent (100%) of the Maximum Bonus for which the Executive was eligible in the year prior to the Change in Control for achievement exceeding the target Goals, and in the event the target level of Goals are not achieved, the Post-Change-in-Control Bonus Plan shall provide for a payment of a Bonus Amount equal to a portion of the Targeted Bonus reasonably related to that portion of the Goals which were achieved. Notwithstanding the foregoing, if, during a Change in Control Period, employees of the Company or the successor or acquirer in the Change in Control who are similarly situated to the Executive are eligible for greater bonus amounts than those provided by the foregoing sentence, then the Executive shall be eligible for a Bonus Amount no less than that offered to such similarly situated employees. In the event that the Executive is employed for less than the full year for which a Post-Change-in-Control Bonus Plan is in effect, the bonus payable to the Executive shall be determined as described in Section 3.2(b) except that no discretion may be applied to reduce the amount of the bonus otherwise payable to the Executive and any subjective performance objectives applicable to the bonus shall be deemed satisfied. (d) As an incentive for the Executive's acceptance of employment with the Company, the Company shall pay each Annual BonusExecutive a sign-on bonus of Ninety Thousand Dollars ($90,000) in January of 2021, if any, with respect subject to a calendar year (Executive’s continued employment through the “Bonus Year”) on or before March 15 date of the year following the Bonus Year; provided, however, that if audited financial statements for the Company for the Bonus Year are not completed on or before March 5 of the year following the Bonus Year, then the Annual Bonus, if any, for the Bonus Year shall be paid within 10 days after the completion of such audited financial statements but in no event shall any such Annual Bonus be paid after June 30 of the year following the Bonus Year. Except as otherwise provided in Section 7.1, Executive will be entitled to receive payment of an Annual Bonus for a Bonus Year only if Executive is employed by the Company on December 31 of such Bonus Yearpayment.

2Bonuses. For calendar year 20112017, Executive shall receive such annual cash incentive bonus as may be determined by the Board in its reasonable discretion; provided, however, that (a) the target (expected value) amount of Executive’s 2011 2017 annual incentive bonus shall be 6460% of Executive’s Base Salary, and (b) Executive’s annual incentive bonus for 2011 may range between 0% and 80% of Executive’s Base Salary, depending on Executive’s performance for calendar year 2011. For calendar years after 20112017, Executive shall be eligible to participate in the Company’s annual cash incentive bonus program which will provide for a potential annual, calendar-year bonus (the “Annual Bonus”) based on criteria determined in the reasonable discretion of the Board at or near the beginning of each such year; provided, however, that it is expected (subject to and contingent upon Board approval each year at the time such criteria are determined by the Board) that (a) the target (expected value) amount of Executive’s annual incentive bonus for each such calendar year shall be 8060% of Executive’s Base Salary earned for such calendar year, and (b) Executive’s annual incentive bonus for each such calendar year will have an entry and maximum range, depending on achievement of entry, target and stretch goals, with zero to be earned if performance falls below entry goals, target (expected value) to be earned if target performance is achieved, maximum to be earned if performance meets or exceeds stretch goals, and pro-rated amounts earned if performance falls between entry, target and maximum goals. The metrics to be used to calculate the actual target annual incentive bonus and range of annual incentive bonus opportunity shall be determined in the reasonable discretion of the Board at or near the beginning of the calendar year for each year after 20112017. The Company shall pay each Annual Bonus, if any, with respect to a calendar year (the “Bonus Year”) on or before March 15 of the year following the Bonus Year; provided, however, that if audited financial statements for the Company for the Bonus Year are not completed on or before March 5 of the year following the Bonus Year, then the Annual Bonus, if any, for the Bonus Year shall be paid within 10 days after the completion of such audited financial statements but in no event shall any such Annual Bonus be paid after June 30 of the year following the Bonus Year. Except as otherwise provided in Section 7.1, Executive will be entitled to receive payment of an Annual Bonus for a Bonus Year only if Executive is employed by the Company on December 31 of such Bonus Year.