Compensation Bonus Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $240,000 per annum, or such greater amount as the Board of Directors of the Corporation may from time to time determine and confirm in writing. Executive’s Base Salary may be increased during the Term at the discretion of the Board of Directors. Such salary shall be payable in equal installments in accordance with the Corporation’s normal payroll policy. 4.2 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty percent (50%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned. 4.3 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan.
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Compensation Bonus Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $240,000 170,000 per annum, or such greater amount as the Board of Directors of the Corporation may from time to time determine and confirm in writing. Executive’s Base Salary may Any increase shall become effective for future salary payments and shall not be increased during the Term at the discretion of the Board of Directorsretroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy.
4.2 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty forty percent (5040%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned.
4.3 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan.
4.4 In the event that a Change in Control occurs during the Term, Executive shall receive a Change in Control Payment within 30 calendar days after the consummation of the Change of Control.
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Compensation Bonus Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $240,000 170,000 per annum, or such greater amount as the Board of Directors of the Corporation may from time to time determine and confirm in writing. Executive’s Base Salary may Any increase shall become effective for future salary payments and shall not be increased during the Term at the discretion of the Board of Directorsretroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy.
4.2 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty forty percent (5040%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned.
4.3 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan.
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Compensation Bonus Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $240,000 per annum, or such greater amount as the Board of Directors of the Corporation may shall from time to time determine and confirm in writing. Executive’s Base Salary may be increased to $252,000 during the Term at if, in the discretion opinion of the Board of Directors, the Corporation’s profitability and operating results justify an increase. Any increase shall become effective for future salary payments and shall not be retroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy.
4.2 Within five days of the execution of this Agreement, the Corporation shall pay Executive a signing bonus equal to ten thousand dollars ($10,000), less tax withholding and other authorized deductions.
4.3 Effective as of the date of this Agreement, the Corporation shall grant Executive a five-year incentive stock option to purchase 4,000 shares of the Corporation’s common stock at an exercise price equal to the closing price of such stock on the date hereof. The option shall vest over three years in accordance with the Corporation’s normal vesting policies.
4.4 For each fiscal year ending while this Agreement is in effect, Executive shall participate in an annual bonus plan of the Corporation pursuant to which Executive’s target bonus opportunity shall be fifty percent (50%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that the percentage of Executive’s Target Bonus may not be decreased without Executive’s consent. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earned.
4.3 4.5 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. In addition to the employee benefits otherwise available to the Corporation’s employees, during the Term, Executive shall continue to be entitled to the life insurance policy and disability insurance policy, if any, that the Corporation maintained for Executive prior to the execution of this Agreement.
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Compensation Bonus Benefits. 4.1 The Corporation will pay to Executive as compensation for his services hereunder a salary (the “Base Salary”) of $240,000 141,564 per annum, or such greater amount as the Board of Directors of the Corporation may shall from time to time determine and confirm in writing. Executive’s Base Salary may be increased to $148,642 during the Term at if, in the discretion opinion of the Board of Directors, the Corporation’s profitability and operating results justify an increase. Any increase shall become effective for future salary payments and shall not be retroactive. Such salary shall is to be payable in equal installments in accordance with the Corporation’s normal payroll policy.
4.2 4.3 Effective as of the date of this Agreement, the Corporation shall grant Executive a ten-year incentive stock option to purchase 100,000 shares of the Corporation’s common stock at an exercise price equal to the closing price of such stock on the date hereof. The option shall vest as follows: (i) as to 10,000 shares effective on the date hereof, and (ii) as to 10,000 shares on each of the next nine annual anniversaries of the date of this Agreement, provided that Executive still is employed at the Corporation on each such anniversary.
4.4 For each fiscal year ending while this Agreement is in effect, Executive shall be entitled to participate in an annual bonus plan of the Corporation pursuant Corporation. The amount of the bonus, if any, payable to which Executive’s target bonus opportunity Executive shall be fifty percent (50%) of Executive’s Base Salary (the “Target Bonus”). The actual bonus paid may be higher or lower than the Target Bonus for over-or under-achievement of Corporation and individual objectives as determined by the Board of Directors or Compensation Committee of the Board. The Target Bonus will be subject to annual adjustment by the Board or the Compensation Committee of the Board, in its sole discretion; provided, however, that based on such criteria as the percentage of Executive’s Target Bonus may not be decreased without Executive’s consentBoard or the Compensation Committee deem appropriate. Any bonus earned by Executive for any fiscal year shall be paid to him as soon as reasonably practicable after the end of the year for which it is earned, but in no event later than 90 days following the end of the fiscal year for which it is earnedgranted.
4.3 4.5 Executive shall be entitled to participate, to the extent he is eligible under the terms and conditions thereof, in any pension, retirement, disability, insurance, medical service, or other employee benefit plan which is generally available to all employees of the Corporation and which may be in effect from time to time during the period of his employment hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such employee benefit plan. In addition to the employee benefits otherwise available to the Corporation’s employees, during the Term, Executive shall continue to be entitled to the life insurance policy and disability insurance policy, if any, that the Corporation maintained for Executive prior to the execution of this Agreement.
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