Common use of Annual Bonus Plan Clause in Contracts

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. 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. 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.