Common use of Annual Bonus Program Clause in Contracts

Annual Bonus Program. Employee shall participate in any XXX annual bonus program that is adopted by XXX and that is applicable to senior officers of XXX (subject to the terms and conditions of any such program). Any such annual bonus program must be approved by the XXX Compensation Committee and shall set forth objective criteria for bonus payments based on the financial performance of XXX. Such annual bonus program also shall set forth a target bonus objective for Employee, which shall be set by the Board in its sole discretion. The actual annual bonus amount, if any, shall be paid in accordance with the terms of such program and may be paid in cash or stock incentives or a combination of cash and stock incentives.

Annual Bonus Program. Employee shall participate in any XXX annual bonus program that is adopted by XXX and that is applicable to senior officers of XXX (subject to the terms and conditions of any such program). Any such annual bonus program must be approved by the XXX Compensation Committee and shall set forth objective criteria for bonus payments based on the financial performance of XXX. Such annual bonus program also shall set forth a target bonus objective for Employee, which shall be set by the Board of Director’s in its sole discretion. The actual annual bonus amount, if any, shall be paid in accordance with the terms of such program and may be paid in cash or stock incentives or a combination of cash and stock incentives.