Annual Incentive Award. Executive shall be entitled to receive an annual cash incentive bonus for each fiscal year during the Employment Term consistent with a bonus policy adopted by the Board (or the compensation committee of the Board) (the “Bonus Policy”). If the Executive, the Company or the Trust, as the case may be, satisfies the performance criteria contained in such Bonus Policy for a fiscal year, Executive shall receive an annual incentive bonus determined by multiplying Executive’s Base Salary for the year by the minimum percentages determined under the following schedule: Satisfaction of Performance Criteria Percentage of Base Pay Threshold 40% Target 80% Superior 120% Out Performance 175% If the Executive, the Company or the Trust, as the case may be, fails to satisfy the performance criteria contained in such Bonus Policy for a fiscal year, the Board (or the compensation committee of the Board) may determine whether any incentive bonus shall be payable to Executive for that year. In establishing its Bonus Policy, the Board (or the compensation committee of the Board) shall take into consideration a combination of the Executive’s performance (approximately 20%) and that of the Company or the Trust (approximately 80%). The performance hurdles for a particular year shall be established no later than January 15 of the applicable calendar year. In establishing the performance hurdles, the Board (or the compensation committee of the Board) will take into account dilution resulting from acquisitions and Share offerings, plus any changes made to the accounting rules and the standards in which they arise. For the initial year of the Bonus Policy, the Board (or the compensation committee of the Board) shall consider the following performance hurdles: Measure Threshold Target Superior Outperformance Achievement of EBITDA Goals (Percentages) 80% 100% 110% 120% Achievement of Acquisitions Growth (Percentages) XXX XXX XXX XXX In determining Executive’s bonus, these performance hurdles will be weighted as follows: 60% based on the “EBITDA Goals” actually achieved and 40% based on the “Acquisitions Growth” actually achieved.
Appears in 2 contracts
Samples: Employment Agreement (Capital Lodging), Employment Agreement (Capital Lodging)
Annual Incentive Award. Executive shall be entitled to receive an annual cash incentive bonus for each fiscal year during the Employment Term consistent with a bonus policy adopted by the Board (or the compensation committee of the Board) (the “Bonus Policy”). If the Executive, the Company or the Trust, as the case may be, satisfies the performance criteria contained in such Bonus Policy for a fiscal year, Executive shall receive an annual incentive bonus determined by multiplying Executive’s Base Salary for the year by the minimum percentages determined under the following schedule: Satisfaction of Performance Criteria Percentage of Base Pay Threshold 40% Target 80% Superior 120% Out Performance 175% If the Executive, the Company or the Trust, as the case may be, fails to satisfy the performance criteria contained in such Bonus Policy for a fiscal year, the Board (or the compensation committee of the Board) may determine whether any incentive bonus shall be payable to Executive for that year. In establishing its Bonus Policy, the Board (or the compensation committee of the Board) shall take into consideration a combination of the Executive’s performance (approximately 20%) and that of the Company or the Trust (approximately 80%). The performance hurdles for a particular year shall be established no later than January 15 of the applicable calendar year. In establishing the performance hurdles, the Board (or the compensation committee of the Board) will take into account dilution resulting from acquisitions and Share offerings, plus any changes made to the accounting rules and the standards in which they arise. For the initial year of the Bonus Policy, the Board (or the compensation committee of the Board) shall consider the following performance hurdles: Measure Threshold Target Superior Outperformance Achievement of EBITDA Goals (Percentages) 80% 100% 110% 120% Achievement of Acquisitions Growth (Percentages) XXX XXX XXX XXX In determining Executive’s bonus, these performance hurdles will be weighted as follows: 60% based on the “EBITDA Goals” actually achieved and 40% based on the “Acquisitions Growth” actually achieved.%
Appears in 1 contract
Samples: Employment Agreement
Annual Incentive Award. Executive shall be entitled to receive an annual cash incentive bonus for each fiscal year during the Employment Term consistent with a bonus policy adopted by the Board (or the compensation committee of the Board) (the “Bonus Policy”). If the Executive, the Company or the Trust, as the case may be, satisfies the performance criteria contained in such Bonus Policy for a fiscal year, Executive shall receive an annual incentive bonus determined by multiplying Executive’s Base Salary for the year by the minimum percentages determined under the following schedule: Satisfaction of Performance Criteria Percentage of Base Pay Threshold 20% Target 40% Target 80% Superior 12060% Out Performance 17575% If the Executive, the Company or the Trust, as the case may be, fails to satisfy the performance criteria contained in such Bonus Policy for a fiscal year, the Board (or the compensation committee of the Board) may determine whether any incentive bonus shall be payable to Executive for that year. In establishing its Bonus Policy, the Board (or the compensation committee of the Board) shall take into consideration a combination of the Executive’s performance (approximately 2050%) and that of the Company or the Trust (approximately 8050%). The performance hurdles for a particular year shall be established no later than January 15 of the applicable calendar year. In establishing the performance hurdles, the Board (or the compensation committee of the Board) will take into account dilution resulting from acquisitions and Share offerings, plus any changes made to the accounting rules and the standards in which they arise. For the initial year of the Bonus Policy, the Board (or the compensation committee of the Board) shall consider the following performance hurdles: Measure Threshold Target Superior Outperformance Achievement of EBITDA Goals (Percentages) 80% 100% 110% 120% Achievement of Acquisitions Growth (Percentages) XXX XXX XXX XXX In determining Executive’s bonus, these performance hurdles will be weighted as follows: 60% based on the “EBITDA Goals” actually achieved and 40% based on the “Acquisitions Growth” actually achieved.
Appears in 1 contract
Annual Incentive Award. In addition to the Executive’s Base Salary under Section 2(a) above, the Executive shall will be entitled eligible to receive an annual cash incentive bonus for award (“Annual Incentive Award”) in respect of each fiscal calendar year that ends during the Employment Term consistent to the extent an employee cash incentive award program is established by the Company and approved by the Board (the “Incentive Program”). The Executive’s Annual Incentive Award opportunity will be determined based on the achievement of specific corporate objectives of the Parent and will be equal to 25% of annualized Base Salary at threshold level achievement of corporate objectives (with no payout for achievement of corporate objectives below threshold level), 50% of annualized Base Salary at target level achievement of objectives and a bonus policy adopted maximum possible Annual Award of 100% of annualized Base Salary at stretch achievement level with the Executive’s eligibility commencing with calendar year 2009. Notwithstanding that the Effective Date occurred after January 1, 2009, the foregoing percentages will be in effect for the entire 2009 calendar year, such that the Executive shall be eligible for the full amount of any Annual Incentive Award earned without any proration relating to the month of January of 2009. The Annual Incentive Award payable to the Executive shall be based upon the satisfaction of performance criteria and objectives set by the Board (or its Human Resources and Compensation Committee) in consultation with the compensation committee of Executive and shall be subject to other terms and conditions set forth in the Board) (the “Bonus Policy”). If the ExecutiveIncentive Program; provided, the Company or the Trust, as the case may be, satisfies the performance criteria contained in such Bonus Policy for a fiscal year, Executive shall receive an annual incentive bonus determined by multiplying Executive’s Base Salary for the year by the minimum percentages determined under the following schedule: Satisfaction of Performance Criteria Percentage of Base Pay Threshold 40% Target 80% Superior 120% Out Performance 175% If the Executive, the Company or the Trust, as the case may be, fails to satisfy the performance criteria contained in such Bonus Policy for a fiscal year, that although the Board (or its Human Resources and Compensation Committee) will consult with the compensation committee Executive regarding performance criteria and objectives for the Annual Incentive Award, the final determination as to performance criteria and objectives will be in the sole discretion of the Board) may determine whether any incentive bonus shall be payable to Executive for that year. In establishing its Bonus Policy, the Board (or the compensation committee of the Board) shall take into consideration a combination of the Executive’s performance (approximately 20%) its Human Resources and that of the Company or the Trust (approximately 80%Compensation Committee). The performance hurdles for a particular year shall be established no later than January 15 of Whether and to what extent the applicable calendar year. In establishing the performance hurdles, criteria and objectives set by the Board (or the compensation committee of the Boardits Human Resources and Compensation Committee) will take into account dilution resulting from acquisitions and Share offerings, plus have been achieved for any changes made to the accounting rules and the standards in which they arise. For the initial calendar year of the Bonus Policy, shall be determined by the Board (or its Human Resources and Compensation Committee) in its sole discretion. The Executive acknowledges that to be eligible to receive an Annual Incentive Award in respect of any calendar year during the compensation committee Term, the Executive must be an employee of the Board) shall consider the following performance hurdles: Measure Threshold Target Superior Outperformance Achievement of EBITDA Goals (Percentages) 80% 100% 110% 120% Achievement of Acquisitions Growth (Percentages) XXX XXX XXX XXX In determining Executive’s bonus, these performance hurdles will be weighted as follows: 60% based Company on the “EBITDA Goals” actually achieved date of payout of the Annual Incentive Award and 40% based on not be in breach of this Agreement or the “Acquisitions Growth” actually achievedConfidentiality Agreement. Except as otherwise set forth herein, any such Annual Incentive Award shall be paid after the end of the calendar year for which it is awarded but not later than March 31 of the calendar year following the calendar year for which it is awarded, and shall be reduced by applicable taxes and withholdings.
Appears in 1 contract
Samples: Employment Agreement (NUCRYST Pharmaceuticals Corp.)