Common use of Annual Incentive Bonuses Clause in Contracts

Annual Incentive Bonuses. Each year during the Term, the Executive shall be eligible to participate in a performance-based bonus compensation program pursuant to which the Executive will have an aggregate target bonus of 60% of the Executive’s Base Salary (the “Target Bonus Amount”), as determined by the Board in its discretion (the “Annual Bonus”). The amount, if any, of such Annual Bonus shall be determined based upon the Company’s and/or the Executive’s attainment of reasonable performance goals approved by the Board in its sole discretion. Each such Annual Bonus shall be payable on such date or dates as is determined by the Board. Notwithstanding any other provision of this Section 4(b), no bonus shall be payable pursuant to this Section 4(b) unless the Executive remains continuously employed with the Company through the applicable bonus payment date.

Annual Incentive Bonuses. Each year during the Term, the Executive shall be eligible to participate in a performance-based bonus compensation program pursuant to which the Executive will have an aggregate target bonus banns of 60% of the Executive’s Base Salary (the “Target Bonus Amount”), as determined by the Board in its discretion (the “Annual Bonus”). The amount, if any, of such Annual Bonus shall be determined based upon the Company’s and/or the Executive’s attainment of reasonable performance goals approved by the Board in its sole discretion. Each such Annual Bonus shall be payable on such date or dates as is determined by the Board. Notwithstanding any other provision of this Section 4(b), no bonus shall be payable pursuant to this Section 4(b) unless the Executive remains continuously employed with the Company through the applicable bonus payment date.