Annual Bonus Plan. Executive shall be a participant in the Company's annual bonus plan subject to the attainment of performance objectives and other provisions of such plan as in effect each year of this Agreement.
Annual Bonus Plan. Executive shall participate in the Annual Bonus Plan of the Company set forth in Attachment 2 to this Agreement.
Annual Bonus Plan. The Company shall pay an annual bonus to the Executive for each 12-month period of the Term based upon criteria established by the Compensation Committee. The bonus shall be paid within five business days after the Company files its Form 10-Q with the Securities and Exchange Commission (the “SEC”), but in no event later than May 30th of each year beginning in 2006. The Executive acknowledges that no bonus is due from the period January 1 through March 31, 2005.
Annual Bonus Plan. During the Term, the Company shall maintain and the Employee shall be entitled to participate in an incentive bonus plan (the "Annual Bonus Plan"), which will provide for the payment of cash bonuses to eligible executives of the Company at specified times during the year and within 90 days of the end of each fiscal year based on the Company's financial performance and other appropriate factors for that year or a portion thereof. Under the Annual Bonus Plan, Employee shall be eligible to earn a target bonus (the "Target Bonus") each year equal to 200% of Employee's Adjusted Base Salary for such year based on criteria established by the Compensation Committee, and the performance of the Company against such criteria. The establishment of such criteria and of the necessary performance targets for partial or full earning of the Target Bonus shall be at the sole reasonable discretion of the Compensation Committee; provided, however, that Employee shall be entitled to a Target Bonus each year equal to at least five percent (5%) of the maximum Target Bonus. During the calendar year 1997 and the year in which the Expiration Date occurs, the Target Bonus which would be payable shall be prorated and paid based on the number of days in such year actually occurring during the Term.
Annual Bonus Plan. The Employee shall be eligible to receive an annual cash bonus (the "Bonus") which shall be determined by the Board of Directors of the Company ("the Board"). For the Company's 1998 fiscal year, the Employee's Bonus eligibility shall be as follows: (1) 25% of Salary if the Company achieves 85% of 1998 Target EBITDA; or (2) 50% of Salary if the Company achieves 100% of 1998 Target EBITDA; and (3) 2% of Salary for each percentage point by which the Company exceeds 100% of 1998 Target EBITDA, up to 125% of 1998 Target EBITDA or up to an additional 50% of Salary. "1998 Target EBITDA" is the Company's earnings for the year before interest, taxes, depreciation and amortization as set forth in the Company's 1998 business plan approved by the Board. For fiscal years during the Employment Term subsequent to 1998, the relevant performance targets shall be set by the Board in its sole discretion, provided that the Employee's aggregate Bonus potential as a percentage of Salary shall not decrease. That is performance criteria may change and may no longer consist of achievement of Target EBITDA but, even so, the Bonus, as a percent of Salary, realizable in any year for achievement of that year's criteria will not be less than that provided above for achievement of 1998 Target EBITDA.
Annual Bonus Plan. The Executive shall have an opportunity to receive annual bonuses during the Term of Employment (the “Annual Bonus”), subject to such terms and conditions as the Board or a delegatee thereof shall prescribe. The Executive’s maximum target Annual Bonus opportunity shall be equal to 30% of his Annual Base Salary, it being understood that the actual Annual Bonus received by the Executive will depend on the level of attainment of performance and other factors used by the Company to determine Annual Bonus amounts and that there is no guarantee that an Annual Bonus will be earned.
Annual Bonus Plan. Commencing with the 2021 performance period, Executive shall participate in the Corporation’s annual bonus plan (the “Annual Bonus Plan”), as may be adopted and/or modified from time to time by the Board of Directors or the Compensation Committee. Annual Bonus Plan awards are calculated as a percentage of Executive’s base salary on the December 31st closest to the last day of the Annual Bonus Plan performance period. The percentages of base salary that Executive shall be eligible to receive in accordance with the Annual Bonus Plan based on performance shall be determined by the Compensation Committee and it is anticipated that the percentages shall initially range from 0% at “Threshold” to 100% at “Target” and to 200% at “Maximum,” as such terms are defined in the Annual Bonus Plan. Notwithstanding the foregoing, for the performance period in which the Effective Date occurs (i.e., the fiscal 2021 performance period), Executive’s bonus under the Annual Bonus Plan shall be determined on a pro rata basis (x) applying the percentages set forth above to Executive’s base salary multiplied by a fraction, the numerator of which is the number of days transpired in the performance period beginning on the Effective Date and ending on the last day of the performance period and the denominator of which is the number of days in the entire performance period, and (y) so long as the Corporation’s performance objective for such performance period is achieved at “Threshold” or above, the percentage applied shall be not less than the “Target” percentage. Annual Bonus Plan awards are payable no later than the 15th day of the third month following the end of each fiscal year of the Corporation. Except as expressly modified herein, Executive’s entitlement to any bonus hereunder shall be subject to and in accordance with the terms of the Annual Bonus Plan.
Annual Bonus Plan. The Employee shall participate with the other executive officers of the Company in the Annual Bonus Plan established by the Board, and in connection therewith shall be eligible for an annual bonus of up to twenty-five percent (25%) of his Base Salary (as adjusted by the CPI for the year of the Term for which the bonus is determined), in accordance with and based upon the mutually agreeable performance goals established for the Employee by the President and the Employee and as such Annual Bonus Plan shall be modified by the Board from time to time.
Annual Bonus Plan. During the Term, the Company shall maintain and the Employee shall be entitled to participate in an incentive bonus plan (the "Annual Bonus Plan"), which will be determined by the Board of Directors and which will provide for the payment of cash bonuses to eligible executives of the Company at specified times during the year and within 90 days of the end of each fiscal year based on the Company's financial performance and other appropriate factors for that year or a portion thereof. Under the Annual Bonus Plan, Employee shall be eligible to earn a target bonus (the "Target Bonus") each year equal to 200% of Employee's Adjusted Base Salary for such year based on criteria established by the Compensation Committee, and the performance of the Company against such criteria. The establishment of such criteria and of the necessary performance targets for partial or full earning of the Target Bonus shall be at the sole reasonable discretion of the Compensation Committee; provided, however, that Employee shall be entitled to a Target Bonus each year equal to at least five percent (5%) of the maximum Target Bonus. During the calendar year 1997 and the year in which the Expiration Date occurs, the Target Bonus which would be payable shall be prorated and paid based on the number of days in such year actually occurring during the Term.
Annual Bonus Plan. The Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) for each of the Company’s fiscal years ended during the Employment Period. Executive will be entitled to an Annual Bonus in an amount equal to 100% of Executive’s Base Salary if the Company achieves the revenue and earnings before interest, income taxes, depreciation and amortization (“EBITDA”) targets set forth in the board-approved annual budget (the “Budget”) for the applicable fiscal year. Executive will only be eligible for an Annual Bonus of greater than 100% of the Executive’s Base Salary if the Company exceeds the revenue and EBITDA targets in the Budget for the applicable fiscal year, in which case the amount of such Annual Bonus shall be based on the Annual Bonus targets established by the Board for such fiscal year. The Company will determine the Budget and Annual Bonus targets for each fiscal year as promptly as practicable following the end of the applicable fiscal year (but, in any event, will not be obligated to do so prior to December 1 of such fiscal year). Each Annual Bonus (or portion thereof) shall be paid in cash promptly following delivery of audited financial statements of the Company to the Board for the fiscal year for which the Annual Bonus (or pro rated portion) is earned or awarded, unless electively deferred by the Executive pursuant to any deferral programs or arrangements that the Company may make available to the Executive. Notwithstanding anything to the contrary set forth above, but subject to the other provisions of this Agreement (including Section 4(a) hereof), Executive will be entitled to a minimum Annual Bonus of 50% of Executive’s Base Salary for the fiscal year ended September 30, 2005 provided Executive continues to be employed by the Company pursuant to this Agreement as of the end of such fiscal year.
