Common use of Additional Remuneration Clause in Contracts

Additional Remuneration. The Executive will also be eligible to receive an annual cash bonus of up to 60% of the Executive’s Base Salary for each fiscal year (the “Annual Bonus”), less withholding required by law, based on performance criteria established by the Board of Directors, which criteria shall be subject to change from year to year, in the discretion of the Board of Directors. Annual Bonus criteria shall be determined by the Board of Directors or any committee to whom the Board of Directors has delegated said responsibility, by no later than the first 60 days in each fiscal year. Except as otherwise determined by the Board of Directors or set forth herein, the Executive’s Annual Bonus will be paid only if the Executive is actively employed by and in good standing with the Corporation at the time of such bonus payments. Any period of notice which was given or ought to have been given, will not be deemed to be active employment.