Common use of Annual Bonus Plan Clause in Contracts

Annual Bonus Plan. Executive shall participate in the Company’s annual bonus plan (the “Annual Bonus Plan”), as shall 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, Executive’s bonus under the Annual Bonus Plan (i) for that portion of the Performance Period that occurs before the Effective Date shall be determined on a pro rata basis applying the applicable Annual Bonus Plan percentages set forth in Section 7(a)(i) of the Original Agreement to his base salary multiplied by a fraction, the numerator of which is the number of days transpired in the performance period beginning on the first day of the performance period and ending on the day prior to the Effective Date and the denominator of which is the number of days in the entire performance period, and (ii) for that portion of the Performance Period that occurs on and after the Effective Date shall be determined on a pro rata basis applying the percentages set forth above to his 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. 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.

Annual Bonus Plan. Executive shall participate in the Company’s annual bonus plan (the “Annual Bonus Plan”), as shall 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 10060% at “Target” and to 200120% 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, Executive’s bonus under the Annual Bonus Plan (i) for that portion of the Performance Period that occurs before the Effective Date shall be determined on a pro rata basis applying the applicable Annual Bonus Plan percentages set forth in Section 7(a)(i) of effect for Executive prior to the Original Agreement Effective Date to his her base salary multiplied by a fraction, the numerator of which is the number of days transpired in the performance period beginning on the first day of the performance period and ending on the day prior to the Effective Date and the denominator of which is the number of days in the entire performance period, and (ii) for that portion of the Performance Period that occurs on and after the Effective Date shall be determined on a pro rata basis applying the percentages set forth above to his her 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. 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.

Annual Bonus Plan. Commencing with the 2021 performance period, Executive shall participate in the CompanyCorporation’s annual bonus plan (the “Annual Bonus Plan”), as shall 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 occursoccurs (i.e., the fiscal 2021 performance period), Executive’s bonus under the Annual Bonus Plan (i) for that portion of the Performance Period that occurs before the Effective Date shall be determined on a pro rata basis applying the applicable Annual Bonus Plan percentages set forth in Section 7(a)(i(x) of the Original Agreement to his base salary multiplied by a fraction, the numerator of which is the number of days transpired in the performance period beginning on the first day of the performance period and ending on the day prior to the Effective Date and the denominator of which is the number of days in the entire performance period, and (ii) for that portion of the Performance Period that occurs on and after the Effective Date shall be determined on a pro rata basis applying the percentages set forth above to his 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. Executive shall participate in the Company’s annual bonus plan (the “Annual Bonus Plan”), as shall 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 10060% at “Target” and to 200120% 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, Executive’s bonus under the Annual Bonus Plan (i) for that portion of the Performance Period that occurs before the Effective Date shall be determined on a pro rata basis applying the applicable Annual Bonus Plan percentages set forth in Section 7(a)(i) of effect for Executive prior to the Original Agreement Effective Date to his base salary multiplied by a fraction, the numerator of which is the number of days transpired in the performance period beginning on the first day of the performance period and ending on the day prior to the Effective Date and the denominator of which is the number of days in the entire performance period, and (ii) for that portion of the Performance Period that occurs on and after the Effective Date shall be determined on a pro rata basis applying the percentages set forth above to his 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. 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.