Company Bonus Plan. You will continue to be eligible to participate in the Company's discretionary bonus plan, which provides for annual bonus awards based upon both the Company's financial results and your own individual performance. The Company bonuses are based on its fiscal (calendar) year, and are typically paid out in March of the following year. Your bonus payment shall be based 25% on your individual performance, and 75% on the Company's overall performance. For each year commencing with fiscal year 2016 (payable in 2017), your bonus target shall be 50% of your base salary, which can be overachieved or underachieved based on your performance and the Company's performance. Your annual bonus payment for 2016 will be based on your new base salary, as set forth in Section 4(a) above. Your entitlement to any and all bonus payments is expressly contingent upon you being employed by the Company at the time such bonuses are paid.
Company Bonus Plan. Executive shall be eligible to receive a cash bonus for 2014 performance with the target amount of such bonus equal to percent ( %) of Executive’s annual base salary in effect as of the Effective Date, provided that the actual amount of the bonus may be greater or less than such target amount. The amount of the bonus shall be determined based on the attainment of objectives aligned with the key strategic initiatives to be set by management and the Compensation Committee. These objectives will be agreed to and approved by 8/22/14. The determination of whether a bonus shall be paid shall be made by the Board or the Compensation Committee in its sole discretion, and shall be paid to Executive no later than March 15, 2015. Executive must be employed by Company on the date on which the bonus is paid in order to be eligible for, and to be deemed as having earned, such bonus.
Company Bonus Plan. In the event that the Board of Directors of the Company shall adopt a company-wide bonus plan for which all executive-level employees shall be eligible (the "Company Plan"), then Executive shall be entitled to make an election to participate in the Company Plan. Such plan will become effective only at the commencement of Company's fiscal year, and Executive shall have the opportunity to make his election to participate at that point in time. If Executive elects to participate in the Company Plan, Executive shall irrevocably forfeit all of his future rights under the Consolidated Earnings Bonus as specified in Section 3 (a) (iii) above, and shall be entitled to participate only in the Company Plan from that point forward. All bonuses set forth in Section 3(a) (iii) shall be paid annually, within ninety (90) days after the completion of each annual period. However, upon review and approval by the Compensation Committee appointed by the Board of Directors, Executive shall be entitled to receive a quarterly draw against his Consolidated Earnings Bonus in an amount equal to fifty percent (50%) of such bonus earned during the fiscal quarter. Such quarterly draws shall be paid within thirty (30) days after the close of the quarter. The remainder of the Consolidated Earnings Bonus shall be paid annually pursuant to the terms contained herein. In the event that the quarterly draws paid to Executive should exceed the total of the Consolidated Earnings Bonus earned for the annual period, then any such excess payment shall be deducted from the Executive's salary.
Company Bonus Plan. Buyer or the Surviving Corporation shall assume and perform all of the obligations of the Company pursuant to, and in accordance with, the terms of the Company’s 2007 Incentive Plan, as described on Schedule 6.5 hereto.
Company Bonus Plan. The Company may from time to time establish a bonus plan for Company management. If such a plan is adopted, Executive will be in the class of employees eligible to participate in such plan. Such a plan is subject to approval of the Board of Directors.
Company Bonus Plan. The Company bonus plan operates on a February 1 through January 31 time frame and will provide XXXXXX XXXX the opportunity to earn a bonus when the Company meets certain profitability goals. The target bonus for XXXXXX XXXX'x position for each annual period is set at 70% of base salary. The Chairman and Chief Executive Officer in his sole discretion, will determine the actual amount received. It is possible to receive more than the target percentage based on the Company exceeding the Incentive Plan and at the discretion of the Chairman and Chief Executive Officer. XXXXXX XXXX acknowledges that the Company's Board of Directors has complete and sole discretion (exercisable in good faith) to establish and revise any and all of the Company's bonus plans and payout levels; provided, however, that no such action may retroactively alter or limit the amount of any incentive compensation actually and previously earned by XXXXXX XXXX.
Company Bonus Plan. At the Effective Time, the Company shall have established a bonus plan in an aggregate amount of $1,870,025 (the “Company Bonus Plan”) in a form that has been approved by the board of directors of the Company and Acquirer. The Company Bonus Plan shall be allocated amongst designated current or former Company officers, employees or consultants (“Company Bonus Plan Participants”) as set forth in the schedules attached thereto and shall be payable pursuant to its terms.
Company Bonus Plan. No current or former service provider, employee, officer or director has, individually or in the aggregate, received any award, allocation or communication with respect to, payment or notice of payment, or has any outstanding right, claim or entitlement to payment of any kind under the Company Employee Participation Plan.
Company Bonus Plan. The Company bonus plan operates on a February 1 through January 31 time frame and will provide Xx. Xxxxxx the opportunity to earn a bonus when the Company meets certain profitability goals. The bonus for Xx. Xxxxxx for the period from October 6, 2000 through January 31, 2001 shall equal 70% of base salary prorated for a 4 month period representing that portion of the 2000 fiscal year during which he was employed, provided Xx. Xxxxxx was actually employed during such period. Such bonus shall be paid concurrently with the Company's payment of bonuses to other Company executives but no later than June 15, 2001. The target bonus for Xx. Xxxxxx'x position for subsequent periods is set at 70% of base salary. The Chairman and Chief Executive Officer will determine the actual amount received. It is possible to receive more than the target percentage based on the Company exceeding the Incentive Plan and at the discretion of the Chairman and Chief Executive Officer. Xx. Xxxxxx acknowledges that the Company's Board of Directors has complete and sole discretion (exercisable in good faith) to establish and revise any and all of the Company's bonus plans and payout levels; provided, however, that no such action may retroactively alter or limit the amount of any incentive compensation actually and previously earned by Xx. Xxxxxx.
Company Bonus Plan. The Company shall pay the proceeds from the Company Bonus Plan to the participants thereunder (the “Plan Participants”) at the Closing, unless an alternative arrangement regarding payment of the Company Bonus Plan Amount to the Plan Participants is agreed to by the parties following the date hereof and prior to the Closing.
