BONUS/OTHER COMPENSATION. Employee bonus compensation, whether in cash, Company stock, or other consideration, may be provided to Employee as determined from time to time by the Board of Directors or the President of the Company; the Company has no requirement to provide Employee with bonus compensation of any type.
BONUS/OTHER COMPENSATION. The Employee’s annual target bonus for each year of the term of this Agreement, pursuant to the eCollege 2004 Annual Corporate Incentive Plan, is 60% of his base salary, subject to the Company’s achieving the criteria set forth in that Plan or as may be approved by the Compensation Committee for years after 2004; provided, however, that with respect to 2004, the Employee’s annual bonus will be pro-rated for portion of year actually worked, with a guaranteed minimum bonus for 2004 of $78,000. The bonus will be paid within 30 days following the annual audit of the Company’s financial records. Subject to the foregoing, in any year in which the Employee is not employed by the Company for the entire year, the bonus will be prorated according to the number of days in the year that the Employee was employed by the Company.
BONUS/OTHER COMPENSATION. The Employee’s annual target bonus for each year of the term of this Agreement, pursuant to the eCollege 2004 Annual Corporate Incentive Plan, is 75% of his base salary, subject to the Company’s achieving the criteria set forth in that Plan or as may be approved by the Compensation Committee for years after 2004. The bonus will be paid within 30 days following the annual audit of the Company’s financial records. Subject to the foregoing, in any year in which the Employee is not employed by the Company for the entire year, the bonus will be prorated according to the number of days in the year that the Employee was employed by the Company.
BONUS/OTHER COMPENSATION. Employee shall be eligible for a an annual bonus of up to $100,000 based upon reasonable criteria and a bonus plan established by the Compensation Committee and administered by the CEO. The bonus will be paid following the annual audit of the Company's financial records, but no later than March 31 of the year following the year in which the bonus was earned. In any year in which the Employee is not employed by the Company for the entire year, the bonus will be prorated according to the number of days in the year that the Employee was employed by the Company.
BONUS/OTHER COMPENSATION. In addition to the base salary set forth in Section 2.1 above, (i) Executive shall be granted deferred compensation in an amount equal to $268,200 in accordance with the Deferred Compensation Agreement attached hereto as Exhibit D, and (ii) Executive shall be eligible for a bonus which is earned and calculated as of the end of each calendar quarter, pursuant to the formula set forth on Exhibit B attached hereto. EXECUTIVE AND EMPLOYER ACKNOWLEDGE AND AGREE THAT EXHIBIT B MAY BE MODIFIED BY EMPLOYER, IN EMPLOYER'S SOLE DISCRETION, ON AN ANNUAL BASIS DURING THE EMPLOYMENT TERM. Except as expressly provided in this Section 2.2, Executive must be employed for the entire calendar quarter in order to receive any bonus payment with respect to such calendar quarter. Thus, Executive shall not be eligible for or entitled to any bonus or pro rata bonus if his employment is terminated prior to the final day of the calendar quarter pursuant to Section 3.4 (Early Termination by Executive) or Section 3.5 (Termination for Cause). In addition, in the event a condition exists which would permit a termination for Cause under Section 3.5 hereof, if Employer elects not to terminate Executive, Executive shall nevertheless not be entitled to any bonus payment hereunder, unless Employer elects, in its sole discretion, to make any such bonus payment. However, in the event that Executive's employment is terminated pursuant to Section 3.3 (Early Termination by Employer) or Section 3.6 (Termination Due to Death or Disability) prior to the final day of the calendar quarter, then and only then shall Executive be entitled to a bonus for that portion of the calendar quarter during which he was employed, pursuant to the formula set forth on Exhibit B attached hereto, prorated proportionately for that percentage of the calendar quarter during which Executive was employed.
