Common use of Benefits and Bonus Clause in Contracts

Benefits and Bonus. 1. The Employee shall be entitled to participate in any bonus plan and such fringe benefits, if any, by way of insurance, hospitalization, and vacations normally provided to other members of the executive management of the Company generally and such additional benefits as may be from time to time agreed upon in writing between the Employee and the Company or as provided in the terms of the plans providing such benefits that the Compensation Committee of the Board of the Company may from time to time adopt. The Company, at its sole discretion may pay, or not pay, any other bonus as it determines. If the Compensation Committee adopts a bonus plan, the bonus plan shall provide for a bonus of up to forty percent (40%) of Employee's Base Salary if certain targets are met as set forth in the adopted bonus plan. 2. Employee acknowledges and agrees that it must reimburse the Company and/or have the Company offset any payments due to Employee to the extent that any bonuses are paid on financial information which is later determined to be overstated due to (1) a material (as determined by the Compensation Committee, which decision is binding and unappealable) mistake, miscalculation or intentional misstatement by the Company; or (2) the material (as determined by the Compensation Committee, which decision is binding and unappealable) noncompliance of the Company with any financial reporting requirement under federal or state securities laws and results in any financial restatement, which would have lessened the amount paid to Employee. Pursuant to Section 954 of the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act (as amended from time to time), Employee agrees that the terms of this Section III(B)(2) apply for three (3) years after any bonus based upon inaccurate financial information of the Company is paid to Employee, regardless if this Agreement has been terminated before the end of such three (3) year period for any reason.

Benefits and Bonus. 1. The Employee shall be entitled to participate in any bonus plan and such fringe benefits, if any, by way of insurance, hospitalization, and vacations normally provided to other members of the executive management of the Company generally and such additional benefits as may be from time to time agreed upon in writing between the Employee and the Company or as provided in the terms of the plans providing such benefits that the Compensation Committee of the Board of the Company may from time to time adopt. The Company, at its sole discretion may pay, or not pay, any other bonus as it determines. If The Company's current bonus plan for employees with the title of "Senior Vice President" as approved by the Compensation Committee adopts a bonus plan, is attached hereto and incorporated herein by reference as Exhibit A (the bonus plan shall provide for a bonus of up "Bonus Plan"). The Company's Compensation Committee has the right to forty percent (40%) of Employee's Base Salary if certain targets are met as set forth amend the Bonus Plan from time to time in the adopted bonus planits sole discretion. 2. Employee acknowledges and agrees that it must reimburse the Company and/or have the Company offset any payments due to Employee to the extent that any bonuses are paid on financial information which is later determined to be overstated due to (1) a material (as determined by the Compensation Committee, which decision is binding and unappealable) mistake, miscalculation or intentional misstatement by the Company; or (2) the material (as determined by the Compensation Committee, which decision is binding and unappealable) noncompliance of the Company with any financial reporting requirement under federal or state securities laws and results in any financial restatement, which would have lessened the amount paid to Employee. Pursuant to Section 954 of the XxxxDxxx-Xxxxx Fxxxx Xxxx Street Reform and Consumer Protection Act (as amended from time to time), Employee agrees that the terms of this Section III(B)(2) apply for three (3) years after any bonus based upon inaccurate financial information of the Company is paid to Employee, regardless if this Agreement has been terminated before the end of such three (3) year period for any reason.

Benefits and Bonus. 1. The Employee shall be entitled to participate in any bonus plan and such fringe benefits, if any, by way of insurance, hospitalization, and vacations normally provided to other members of the executive management of the Company generally and such additional benefits as may be from time to time agreed upon in writing between the Employee and the Company or as provided in the terms of the plans providing such benefits that the Compensation Committee of the Board of the Company may from time to time adopt. The Company, at its sole discretion may pay, or not pay, any other bonus as it determines. If the Compensation Committee adopts a bonus plan, the bonus plan shall provide for a bonus of up to forty fifty percent (4050%) of Employee's Base Salary if certain targets are met as set forth in the adopted bonus plan. 2. Employee acknowledges and agrees that it must reimburse the Company and/or have the Company offset any payments due to Employee to the extent that any bonuses are paid on financial information which is later determined to be overstated due to (1) a material (as determined by the Compensation Committee, which decision is binding and unappealable) mistake, miscalculation or intentional misstatement by the Company; or (2) the material (as determined by the Compensation Committee, which decision is binding and unappealable) noncompliance of the Company with any financial reporting requirement under federal or state securities laws and results in any financial restatement, which would have lessened the amount paid to Employee. Pursuant to Section 954 of the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act (as amended from time to time), Employee agrees that the terms of this Section III(B)(2) apply for three (3) years after any bonus based upon inaccurate financial information of the Company is paid to Employee, regardless if this Agreement has been terminated before the end of such three (3) year period for any reason.