Cash Bonus/Incentive Compensation. In addition to the Base Salary provided for in Section 3(a) above, Executive shall be entitled to receive an annual bonus (“Bonus”) in accordance with the Sabra Health Care REIT, Inc. Executive Bonus Plan (the “Plan”), as it may be amended from time to time by the Compensation Committee; provided, however, that no amendment shall be effective if it reduces the percentage of Base Salary that would constitute the target amount of the Bonus as compared to the prior year, unless such amendment has been agreed to in writing by Executive. The Bonus shall be payable at the same time as other annual bonuses are paid to senior management personnel with respect to that fiscal year. Notwithstanding the foregoing, but subject to the provisions of Section 5, in order to have earned and to be paid any such Bonus, Executive must be employed by Sabra on the date of such payment.
Cash Bonus/Incentive Compensation. In addition to the Base Salary provided for in Section 3(a) above, Executive shall be entitled to receive an annual bonus (“Bonus”) in accordance with the Sun Healthcare Group, Inc. Executive Bonus Plan, as it may be amended from time to time by the Compensation Committee of the Board of Directors; provided, however, that no amendment shall be effective if it reduces the percentage of Base Salary that would constitute the minimum or maximum potential amount of the Bonus as compared to the prior year, unless such amendment has been agreed to in writing by Executive. The Bonus shall be payable at the same time as other annual bonuses are paid to senior management personnel. Subject to the provisions of Section 6, in order to have earned and to be paid any such Bonus, Executive must be employed by Sun on the date of such payment. It is intended that the Bonus described in this Section 3(b) qualify as "performance based compensation" under Section 162(m) of the Code to the extent necessary to preserve Sun’s ability to deduct such Bonus.
Cash Bonus/Incentive Compensation. In addition to the Base Salary provided for in Section 3(a) above, Employee shall be entitled depending upon mutually agreeable performance targets, a monthly bonus for each month in which Employer meets or exceeds performance targets. Bonus targets for each month or fiscal year shall be set by the Board of Directors of Employer. Such bonuses shall be payable quarterly. The Bonus shall be paid from Employer’s Investor Relations department, (“the Department”), which is exclusively devoted for the purpose of Investor Relations, Corporate Finance and related Marketing. The Employer has allocated to the “department” as its budget, Thirty Five Percent (35%) of the gross funds or revenues obtained by the Employer through investment capital. The bonus shall be Fifty Percent (50%) of the “net operating budget” of the “department” for efficiently and profitably managing the “Department”. “Net operating budget” shall be calculated as the gross “Budget” minus all direct “Department” expenditures, (those exclusively generated in connection with the investor relations department), for investor relations overhead, marketing, legal, accounting, operations, department employees payroll.
Cash Bonus/Incentive Compensation. During the Employment Period, the Employee shall be eligible to earn performance bonuses as set forth below (“Cash Bonus”). The Employee’s entitlement to these Cash Bonuses shall be based upon individual performance objectives tailored specifically to the Employee’s position, which shall be set by the Company’s Compensation Committee and approved by the Company’s Board of Directors. A Cash Bonus shall be a percentage of the Employee’s Annual Base Salary, calculated by dividing the Employee’s Annual Base Salary by four, and multiplying that number by 35% (the “Target Quarterly Bonus Amount”). The Cash Bonus shall be payable quarterly, promptly after the Company’s results for that quarter are announced, but in any event during the quarter immediately following the quarter in which the Cash Bonus is earned, and, with respect to a Cash Bonus earned in the fourth quarter of a calendar year, on or before March 15 of the following calendar year. In the event that the Employee’s employment hereunder terminates involuntarily for any reason other than cause, as defined in section 4.1, below, a Cash Bonus shall, if earned and accrued, be apportioned on a per diem basis and paid to the Employee upon his termination. The Cash Bonus shall be paid on the following schedule: 1Q 2009 0% of the Employee’s Target Quarterly Bonus Amount, regardless if or as earned 2Q 2009 100% of the Employee’s Target Quarterly Bonus Amount, guaranteed, regardless if or as earned 3Q 2009 50% of the Employee’s Target Quarterly Bonus Amount, guaranteed, regardless if or as earned; the remainder only if and as earned, no guaranty 4Q 2009 100% of the Employee’s Target Quarterly Bonus Amount, only if and as earned, no guaranty
Cash Bonus/Incentive Compensation. In addition to the Base Salary provided for in Section 3(a) above, Xx. Xxxxxx shall be entitled to receive an annual bonus (“Bonus”) in accordance with the SunHealthcare Group, Inc. Executive Bonus Plan (the “Plan”), as it may be amended from time to time by the Compensation Committee of the Board of Directors; provided, however, that no amendment shall be effective if it reduces the percentage of Base Salary that would constitute the minimum or maximum potential amount of the Bonus as compared to the prior year, unless such amendment has been agreed to in writing by Xx. Xxxxxx. The Bonus shall be payable at the same time as other annual bonuses are paid to senior management personnel with respect to that fiscal year. Subject to the provisions of Section 6, in order to have earned and to be paid any such Bonus, Xx. Xxxxxx must be employed by Sun on the date of such payment. It is intended that the Bonus described in this Section 3(b) qualify as "performance based compensation" under Section 162(m) of the Code to the extent necessary to preserve Sun’s ability to deduct such Bonus. In the event the minimum financial performance threshold is met as set forth in the Plan, Xx. Xxxxxx’ minimum Bonus shall be no less than 10% of his Base Salary for the applicable fiscal year.
Cash Bonus/Incentive Compensation. In addition to the Base Salary provided for in Section 3(a) above, Xx. Xxxxxxx shall be entitled to an annual bonus for each fiscal year in which SHG achieves or exceeds consolidated earnings before interest, taxes, depreciation and amortization ("EBITDA") targets as follows:
(1) If EBITDA is equal to or greater than 100% of target but less than 120% of target, Xx. Xxxxxxx shall receive an annual bonus equal to 50% of Base Salary earned during such fiscal year.
(2) If EBITDA is equal to or greater than 120% of target but less than 140% of target, Xx. Xxxxxxx shall receive an annual bonus equal to 75% of Base Salary earned during such fiscal year.
(3) If EBITDA is equal to or greater than 140% of target, Xx. Xxxxxxx shall receive an annual bonus equal to 100% of Base Salary earned during such fiscal year. The EBITDA target fiscal year 2002 is set forth in SHG’s April 6, 2001 Five Year Business Plan (FY 02: $74.9 million). Bonus targets for subsequent years shall be set by the Compensation Committee of the Board of Directors of SHG, which may use as performance measurements, EBITDA, return on capital, gross revenues or any combination of such factors. Such bonus shall be payable at the same time as other annual bonuses are paid to senior management personnel providing services to SunBridge. In order to have fully earned and to be paid any such bonus, Xx. Xxxxxxx must be employed by SHSS on the date of such payment. It is intended that the bonus described in this Section 3(b) qualify as "performance based compensation" under Section 162(m) of the Internal Revenue Code, to the extent necessary to preserve the Company’s ability to deduct such bonus. The maximum annual bonus that may be paid pursuant to this Section 3(b) is $1.2 million.
Cash Bonus/Incentive Compensation. In addition to the Base Salary provided for in Section 3(a) above, Executive shall be eligible to receive an annual bonus (“Bonus”) in accordance with Schedule A hereto, as it may be amended from time to time by the Compensation Committee of the Board of Directors; provided, however, that no amendment shall be effective if it reduces the potential amount of the Bonus, when compared to the prior year, unless such amendment has been agreed to in writing by Executive. Such Bonus shall be payable at the same time as annual bonuses are paid to senior executives of Sun. Subject to the provisions of Section 6, in order to have earned and to be paid any such Bonus, Executive must be employed by Sun on the date of such payment. It is intended that the Bonus described in this Section 3(b) qualify as "performance based compensation" under Section 162(m) of the Code to the extent necessary to preserve the Company’s ability to deduct such bonus.
Cash Bonus/Incentive Compensation. In addition to the Base Salary provided for in Section 3(a) above, Xx. Xxxxxxx shall be entitled to receive an annual bonus (“Bonus”) in accordance with the Sun Healthcare Group, Inc. Executive Bonus Plan (the “Plan”), as it may be amended from time to time by the Compensation Committee; provided, however, that no amendment shall be effective if it reduces the percentage of Base Salary that would constitute the target amount of the Bonus as compared to the prior year, unless such amendment has been agreed to in writing by Xx. Xxxxxxx. The Bonus shall be payable at the same time as other annual bonuses are paid to senior management personnel with respect to that fiscal year. Notwithstanding the foregoing, but subject to the provisions of Section 5, in order to have earned and to be paid any such Bonus, Xx. Xxxxxxx must be employed by Sun on the date of such payment.
Cash Bonus/Incentive Compensation. In addition to the Base Salary provided for in Section 3(a) above, subject to the approval of a majority of Sun's shareholders, Xx. Xxxxxx shall be entitled to an annual bonus for each fiscal year during the Term in which Sun achieves or exceeds consolidated earnings before interest, taxes, depreciation and amortization ("EBITDA") targets as follows:
1. If EBITDA is equal to or greater than 100% of target but less than 120% of target, Xx. Xxxxxx shall receive an annual bonus equal to 50% of Base Salary earned during such fiscal year.
2. If EBITDA is equal to or greater than 120% of target but less than 140% of target, Xx. Xxxxxx shall receive an annual bonus equal to 75% of Base Salary earned during such fiscal year.
3. If EBITDA is equal to or greater than 140% of target, Xx. Xxxxxx shall receive an annual bonus equal to 100% of Base Salary earned during such fiscal year. The bonus for the 2001 fiscal year shall be pro-rated based on Xx. Xxxxxx' employment during such year. EBITDA targets for FY 01 and FY 02 are equal to the projections set forth in Sun's April 6, 2001 Five Year Business Plan (FY 01: $50.2 million; FY 02: $74.9 million). Bonus targets for subsequent years shall be set by the Compensation Committee of the Board of Directors, which may use as performance measurements, EBITDA, return on capital, gross revenues or any combination of such factors. Such bonus shall be payable at the same time as other annual bonuses are paid to senior management personnel of Sun. In order to have fully earned and to be paid any such bonus, Xx. Xxxxxx must be employed by Sun on the date of such payment. It is intended that the bonus described in this Section 3(b) qualify as "performance based compensation" under Section 162(m) of the Internal Revenue Code, to the extent necessary to preserve the Company's ability to deduct such bonus. The maximum annual bonus that may be paid pursuant to this Section 3(b) is $2 million.
Cash Bonus/Incentive Compensation. In addition to the Base Salary provided for in Section 3(a) above, Xx. Xxxxx shall be eligible to receive an annual bonus (“Bonus”) in accordance with Schedule A hereto, as it may be amended from time to time by the Compensation Committee of the Board of Directors of Sun; provided, however, that no amendment shall be effective if it reduces the potential amount of the Bonus, when compared to the prior year, unless such amendment has been agreed to in writing by Xx. Xxxxx. Such Bonus shall be payable at the same time as other annual bonuses are paid to senior management personnel. Subject to the provisions of Section 6(b) and Section 6(d), in order to have earned and to be paid any such Bonus, Xx. Xxxxx must be employed by Sun or one of its affiliates on the date of such payment. It is intended that the Bonus described in this Section 3(b) qualify as "performance based compensation" under Section 162(m) of the Internal Revenue Code, to the extent necessary to preserve the Company’s ability to deduct such bonus.
2. Section 7(b), Section 7(c), Section 7(d) and Section 7(e) of the Employment Agreement are hereby amended and restated as follows:
