Common use of Bonus, Retirement and Other Benefit Plans Clause in Contracts

Bonus, Retirement and Other Benefit Plans. During the Term of Employment, Executive shall be entitled to participate in such cash incentive or bonus plans and such equity plans as may be authorized, declared and/or paid by the Board of Directors to Employer’s executive employees generally. Executive’s minimum target total direct compensation, including base salary, annual target cash incentive, and annual equity grant value, will be $720,000, provided, however, that in the event the Executive elects a reduced schedule total direct compensation will be pro-rated. Executive also shall be entitled to participate in all incentive, pension, retirement, savings, stock option and other stock grant and equity compensation plans, as well as to all other nonseverance related benefits, plans and programs, which may be maintained from time to time by Employer for the benefit of senior executives and/or other employees of Employer. Executive and his spouse and other eligible dependents shall be entitled to participate in, and be covered by, all of the health and other welfare benefit plans and programs that may be maintained from time to time by Employer for the benefit of senior executives and/or other employees of Employer. Executive’s participation shall be pursuant to the terms and conditions set forth in such plans and programs as they may change from time to time in the sole discretion of Employer. Nothing in this Agreement, however, shall be construed to require Employer to establish, maintain or continue any plan, program or arrangement described in this Section 3.2.

Bonus, Retirement and Other Benefit Plans. During the Term of Employment, Executive shall be entitled to participate in such cash incentive or bonus plans and such equity plans as may be authorized, declared and/or paid by the Board of Directors to Employer’s executive employees generally. Executive’s minimum target total direct compensation, including base salary, annual target cash incentive, and annual equity grant value, will be $720,0001,150,000, provided, however, that in the event the Executive elects a reduced schedule total direct compensation will be pro-rated. Executive also shall be entitled to participate in all incentive, pension, retirement, savings, stock option and other stock grant and equity compensation plans, as well as to all other nonseverance related benefits, plans and programs, which may be maintained from time to time by Employer for the benefit of senior executives and/or other employees of Employer. Executive and his spouse and other eligible dependents shall be entitled to participate in, and be covered by, all of the health and other welfare benefit plans and programs that may be maintained from time to time by Employer for the benefit of senior executives and/or other employees of Employer. Executive’s participation shall be pursuant to the terms and conditions set forth in such plans and programs as they may change from time to time in the sole discretion of Employer. Nothing in this Agreement, however, shall be construed to require Employer to establish, maintain or continue any plan, program or arrangement described in this Section 3.2.

Bonus, Retirement and Other Benefit Plans. During the Term of Employment, Executive shall be entitled to participate in such cash incentive or bonus plans and such equity plans as may be authorized, declared and/or paid by the Board of Directors to Employer’s executive employees generally. Executive’s minimum target total direct compensation, including base salary, annual target cash incentive, and annual equity grant value, will be $720,000845,000, provided, however, that in the event the Executive elects a reduced schedule total direct compensation will be pro-rated. Executive also shall be entitled to participate in all incentive, pension, retirement, savings, stock option and other stock grant and equity compensation plans, as well as to all other nonseverance related benefits, plans and programs, which may be maintained from time to time by Employer for the benefit of senior executives and/or other employees of Employer. Executive and his spouse and other eligible dependents shall be entitled to participate in, and be covered by, all of the health and other welfare benefit plans and programs that may be maintained from time to time by Employer for the benefit of senior executives and/or other employees of Employer. Executive’s participation shall be pursuant to the terms and conditions set forth in such plans and programs as they may change from time to time in the sole discretion of Employer. Nothing in this Agreement, however, shall be construed to require Employer to establish, maintain or continue any plan, program or arrangement described in this Section 3.2.

Bonus, Retirement and Other Benefit Plans. During the Term of Employment, Executive shall be entitled to participate in such cash incentive or bonus plans and such equity plans as may be authorized, declared and/or paid by the Board of Directors to Employer’s executive employees generally. Executive’s minimum target total direct compensation, including base salary, annual target cash incentive, and annual equity grant value, will be $720,000505,000, provided, however, that in the event the Executive elects a reduced schedule total direct compensation will be pro-rated. Executive also shall be entitled to participate in all incentive, pension, retirement, savings, stock option and other stock grant and equity compensation plans, as well as to all other nonseverance related benefits, plans and programs, which may be maintained from time to time by Employer for the benefit of senior executives and/or other employees of Employer. Executive and his spouse and other eligible dependents shall be entitled to participate in, and be covered by, all of the health and other welfare benefit plans and programs that may be maintained from time to time by Employer for the benefit of senior executives and/or other employees of Employer. Executive’s participation shall be pursuant to the terms and conditions set forth in such plans and programs as they may change from time to time in the sole discretion of Employer. Nothing in this Agreement, however, shall be construed to require Employer to establish, maintain or continue any plan, program or arrangement described in this Section 3.2.