Annual Management Bonus. During the Employment Term, Executive shall be eligible to receive cash bonuses each year from the Company determined by the Chief Executive Officer of the Company (the "Chief Executive Officer") and the Compensation Committee (the "Annual Management Bonus"). The Annual Management Bonus shall be payable based upon performance criteria to be agreed upon by Executive and the Chief Executive Officer and approved by the Compensation Committee. The Annual Management Bonus may range from 0% to 150% of 50% of Current Base Salary and shall be reviewed at least annually by the Compensation Committee. Any such Annual Management Bonuses paid to Executive shall be in addition to the Current Base Salary.
Annual Management Bonus. Executive shall be eligible to receive cash bonuses each year from the Company determined by the Chief Executive Officer and the Compensation Committee in the manner set forth on Schedule 1 hereto (the "Annual Management Bonus"). The Annual Management Bonus shall be reviewed at least annually by the Compensation Committee. Any such Annual Management Bonuses paid to Executive shall be in addition to the Current Base Salary.
Annual Management Bonus. During the Employment Term, Executive shall be eligible to receive cash bonuses each year from the Company as determined by the Compensation Committee (the “Annual Management Bonus”). The Annual Management Bonus shall be based upon performance criteria, specific goals, and performance evaluation as determined by the Compensation Committee. Executive’s achievement of his target performance goals for each fiscal year will result in a payment of 100% of Current Base Salary, with potential payouts ranging from 0% to 200% of Current Base Salary based upon actual performance. It is anticipated that the Compensation Committee will use its negative discretion to reduce any otherwise earned payment in excess of 100% of Current Base Salary to 100% of Current Base Salary absent extraordinary performance as determined by the Committee.
Annual Management Bonus. Upon the achievement of predetermined targets by the Company, the Company shall pay to the Employee an annual management bonus. The incentive target and goals will he established for each fiscal year. The payout range will be from 0-150% of target. The target shall be no less than 50% of annual base compensation.
Annual Management Bonus. The Executive shall be eligible to receive a Cash Bonus upon achievement of reasonable goals specified by the Board. Such goals shall be set forth in writing by the Board prior to the close of the first quarter of each fiscal year of the Company with fifty percent (50%) of such goals to be dependent of Executive’s individual performance as an executive manager and/or scientist with respect to Subject Ideas and Inventions (as defined below) and fifty percent (50%) of such goals to be dependent on the Company’s performance determined by reference to objective criteria such as the market price of the Common Stock or meeting budgets approved by the Board. All of such bonus compensation shall be payable or issuable to Executive so long as his business relationship is continuing at the time that the event triggering his right to such bonus compensation shall occur. At the discretion of the Board, while the Company is a “development stage company” as stated in its audited financial reports, the Company, in order to conserve its working capital, may elect to pay any cash bonus in equal installments of principal over a term not to exceed twenty-four months bearing interest not in excess of the prime rate stated in the Wall Street Journal as of the date of the grant of such bonus, such obligation to be evidenced by a promissory note reasonably satisfactory to the Executive.
Annual Management Bonus. For each fiscal year of the Corporation during the Employment Period, beginning with the fiscal year commencing in 2007, the Corporation shall establish a Management Bonus Pool equal to twenty percent (20%) of the Corporation’s earnings before interest and taxes (“EBIT”) if the Corporation meets or exceeds the financial objectives and performance milestones approved by the Board (or its committee) for such fiscal year. Such financial objectives and performance milestones shall be set by the Board (or a committee of independent Board members) within the first ninety (90) days of each fiscal year, and any bonus earned by Executive for each fiscal year shall be paid within two-and-one-half months after the close of that year. Executive shall be eligible to receive an annual Management Bonus (“Management Bonus”) in an amount not less than twenty-five percent (25%) of the Management Bonus Pool for each fiscal year overlapping with the Initial Term that the Corporation attains its financial objectives and performance milestones for that year, but any actual bonus amount to be paid to Executive in excess of twenty-five percent (25%) of the Management Bonus Pool shall be determined in the sole discretion of the Board or its delegated committee. For each fiscal year overlapping the Initial Term that the Corporation does not attain its financial objectives and performance milestones for that year, the amount of bonus (if any) to be paid to Executive shall be determined in the sole discretion of the Board or its delegated committee.
