Cash Bonus Compensation. As an added inducement for the Employee ----------------------- to use his best efforts to enhance the business of the Corporation, the Corporation shall pay to the Employee, as additional compensation hereunder, an annual cash bonus in the following amount and subject to the following terms and conditions:
(i) for and in respect of each fiscal year (or partial fiscal year) of the Corporation during the term of Employee's employment by the Corporation whether or not such employment is under this Agreement or any extension hereof, commencing with the portion of the fiscal year beginning January 1, 2000, which succeeds the Effective Date hereof, amounts, payable as provided below, equal to up to 100% of the basic compensation ("Annual Bonus") described in subparagraph (a) above. Such bonus shall be payable pro rata to Employee to the extent, and only to the extent, that business plan targets (including by way of example only, such targets as Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), revenue, and/or target service levels) and individual management performance targets (as both such business plan and individual performance targets have been developed by the Corporation's Chief Executive Officer and Board of Directors in consultation with Employee and issued within forty-five (45) days after the commencement of the relevant fiscal year of the Corporation (or portion thereof) have been exceeded or met by at least 75% of target with respect to the relevant fiscal year (or portion of the relevant fiscal year) of the Corporation and not to exceed 100% of the Annual Bonus; and
(ii) Employee must be employed full-time on the last day of the applicable period for which the cash bonus is paid to receive the bonus.
Cash Bonus Compensation. The Executive shall be entitled to the following bonus compensation:
Cash Bonus Compensation. (a) In addition to the Base Salary, beginning in fiscal year 2021 and thereafter during the Term, Employee shall have the opportunity to earn an annual cash bonus (the “Annual Bonus”) in respect of each such fiscal year with a target amount of one hundred percent (100%) of Base Salary (the target for any applicable fiscal year, the “Target Bonus” for such fiscal year). The amount of the Annual Bonus for each fiscal year shall be determined by EGH’s Board of Directors (the “Board”) or such committee to which the Board has defeased its power and authority under EGH’s certificate of incorporation as in effect from time to time (or any committee or subcommittee thereof to which the Board or such committee to which the Board has defeased its power and authority the applicable authority (if any such delegation has occurred)) (the Board or such committee, as applicable, the “Governing Body”) in its sole discretion and may exceed the amount of the target Annual Bonus for such fiscal year based on performance above target performance levels for the applicable year, as determined in the sole discretion of the Governing Body; provided that, in no event may the Annual Bonus for any fiscal year exceed two hundred percent (200%) of Base Salary.
(b) Fifty Percent (50%) of the Annual Bonus shall be based on the attainment of certain annual performance metrics and the remaining fifty percent (50%) of the Annual Bonus shall be based on continued service and/or other criteria, determined in the sole discretion of the Governing Body. Payment of the Annual Bonus shall be made at such time as Employer customarily pays annual bonuses to its senior executives but in no event later than March 15th of the year following the year to which such Annual Bonus relates.
Cash Bonus Compensation. In addition to the Base Salary, the Company shall also pay to Xxxxxxx annually bonus compensation (herein "Bonus") which will be paid within 45 days of the end of each fiscal year of the Company during the term of this Agreement. The Bonus for each fiscal year of the Company will be tied to the Company's earnings per share as reported in its annual financial statements before any extraordinary items set forth therein (herein "EPS") and the annual EPS target for that year (herein "EPS Target") as established by the Management and the Board of Directors. At the beginning of each fiscal year, Management and the Board of Directors shall establish an EPS Target for that year. At the end of each fiscal year, Xxxxxxx shall be paid a Bonus based upon the following formula: If the Company's actual EPS is 80% of the EPS Target or greater (the comparative percentage of the EPS to the EPS Target is referred to herein as the "Bonus Growth Percentage"), then Xxxxxxx'x Bonus shall be the Bonus Growth Percentage multiplied times 50% of Xxxxxxx'x Base Salary for the fiscal year then ended, subject to a maximum Bonus Growth Percentage of 120%. If the Bonus Growth Percentage is less than 80%, no Bonus will be earned or paid.
Cash Bonus Compensation. Employee shall be paid a signing bonus of Twenty-four Thousand DOLLARS ($24,000.00) for joining Company. The bonus shall be paid on the earlier of the following: Fourteen Thousand DOLLARS ($14,000.00) on signing this Agreement and Ten Thousand DOLLARS ($10,000.00) within 30 days.
Cash Bonus Compensation. The Executive shall be eligible to receive annual cash bonus compensation of up to one hundred fifty percent (150%) of Executive’s Base Salary (the “Cash Bonus”) to be awarded each year based on such individual, departmental, and Company-wide objective performance criteria or other factors, as the Board may establish. The Cash Bonus shall be determined prior to the end of the calendar year and paid within two and one-half months after the end of the calendar year. Except as expressly set forth herein, the Executive will not be entitled to receive payment of the Cash Bonus for any year unless Executive is employed by the Company on the date the Cash Bonus is determined. Performance objectives and the payout schedule relating to satisfying those objectives must be established by the Board or a duly constituted committee of the Board annually in consultation with the Executive and communicated in advance to the Executive. For the calendar year 2022, whether and the extent to which the Executive shall be entitled to all or a portion of his Cash Bonus shall be determined by the Board in its reasonable good faith judgment after evaluating whether and the extent to which the Company may have achieved the following:
i. Completed construction of the Company’s cannabis growing facilities located in Grants, New Mexico;
ii. Secured final Federal Registration for the Bulk Manufacturing of cannabis with the U.S. Drug Enforcement Agency (“DEA”);
iii. Commenced cannabis growing operations;
iv. Acquired or secured an agreement to acquire at least 25% of the stock Alterola Biotech, Inc;
v. Operations were expanded to develop and produce cannabinoid and cannabinoid-like medicines and products;
vi. Filed a request with the DEA to change cannabis from a schedule 1 narcotic;
vii. Received a grant from the State of New Mexico related to cannabis operations;
viii. Created a Scientific Advisory Board within the Company
ix. Hired additional executives to work for the Company; and/or
x. Received economic value through improvements in capital structure, economic value added or other value-added measurements like increases in share price, achieved of working capital targets, increased enterprise value, and/or fund raising.
Cash Bonus Compensation. The Executive shall be entitled to an annual bonus ("Annual Cash Bonus") as determined in the discretion of the Executive Committee (the "Executive Committee") of the Board of Directors of the Company (the "Board"). Any subsequent reference to the term "Annual Cash Bonus" in this Agreement shall be deemed to refer to the annual cash bonus paid (or agreed to be paid) to the Executive with respect to the most recently completed fiscal year; provided, however, that the term Annual Cash Bonus shall be deemed to be equal to Fifty Six Thousand Two Hundred and Fifty Dollars ($56,250) for purposes of this Agreement until such time as the Company shall have paid an annual cash bonus to the Executive in accordance with Section 6 hereof.
Cash Bonus Compensation. The Parties hereby agree that for the calendar year 2007, Executive’s cash bonus will be $400,000, payable on the second to last payroll cycle of the year. Nothing in this Agreement shall obligate the Company to pay Executive a cash bonus of any amount, or any bonus at all, in 2008 and subsequent calendar years, and payment of a bonus, if any, in such years shall be subject to the Company’s normal bonus compensation procedures. Any bonus compensation due to Executive shall be paid in accordance with Company’s normal payroll practices and shall be subject to any applicable withholdings required by law.
Cash Bonus Compensation. The Executive shall be entitled to an annual bonus ("Annual Cash Bonus") as determined in the discretion of the Executive Committee (the "Executive Committee") of the Board of Directors of the Company (the "Board").
Cash Bonus Compensation. The Executive shall be eligible to participate in such cash incentive compensation plans for executives of the Company as may be established by the Board or Compensation Committee to reward attainment by the Company of short and long term performance goals and other criteria, and to receive such bonuses as are determined by the Board or Compensation Committee from time to time on conditions no less favorable than awards made to other senior executive officers of the Company.
