Annual Cash Incentive Awards. Executive shall be eligible to bonus payments at levels at least commensurate with bonuses paid to the Senior Executives, if any, as determined from time to time by the Board in its sole and absolute discretion (the “Annual Bonus”). Executive’s Annual Bonus will be paid in form and at the same time as bonuses are generally paid to the Senior Executives. For purposes of this Agreement, the term “Senior Executive” shall mean the five highest compensated employees of the Company determined in accordance with applicable SEC rules and regulations. Provided, however, upon the closing of a Qualified Transaction, the Company shall pay Executive a bonus.
Appears in 4 contracts
Samples: Employment Agreement (Medistem Inc.), Employment Agreement (Medistem Inc.), Employment Agreement (Medistem Inc.)
