Executive Bonus Plan. During the Term, the Executive shall be eligible to participate in the Company's Executive Bonus Plan (the "Bonus Plan"), in accordance with the terms and conditions of such Plan, as they may exist from time to time. Nothing herein shall preclude the Company from amending the Bonus Plan from time to time or terminating the Bonus Plan, in whole or in part, at any time.
Executive Bonus Plan. For each fiscal year during the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year as set forth on the Company's EBITDA Plan attached as Schedule
(A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40.5% and (z) the Executive's Base Salary for such fiscal year. The bonus payment shall be made within five (5) days of the Board's determination. Achieved EBITDA Percentage Bonus Multiple 80% 50% 100% 100% 110% 125% 120% 150%
(B) Each Bonus Multiple set forth above shall increase linearly as the Achieved EBITDA Percentage increases; therefore, so long as the Achieved EBITDA Percentage equals or exceeds 80%, in the event the actual Achieved EBITDA Percentage falls between any of the target Achieved EBITDA Percentages set forth above, the applicable Bonus Multiple shall be adjusted accordingly, provided, that in no event shall the Bonus Multiple exceed 150%. For example, (1) in the event the actual Achieved EBITDA Percentage is 90%, the Bonus Multiple shall be 75% or (2) in the event the actual Achieved EBITDA Percentage is 115%, the Bonus Multiple shall be 137.5%.
(C) With respect to fiscal year 1996, the Executive shall be entitled to receive a bonus as follows:
(1) the Executive will be entitled to receive a portion of the bonus earned by the Executive under that certain Employment Agreement dated January 2, 1995 between Sleepmaster and the Executive (the "Previous Agreement") determined based on the portion of fiscal year 1996 prior to the date hereof and (2) the Executive will be entitled to receive a portion of the bonus earned by the Executive under this Agreement determined based on the portion of the fiscal year after the date hereof.
Executive Bonus Plan. Employee shall be eligible to receive from Employer such management incentive bonuses as may be provided in management incentive bonus plans adopted from time to time by Employer or approved by the Board.
Executive Bonus Plan. The Executive shall be entitled to participate in an executive bonus plan (the “Bonus Plan”), the terms and conditions of which shall be established by the Committee for each fiscal year and which will provide that Executive will be able to earn an annual bonus of up to 50% of the Annual Base Salary, based upon achievement by the Company of certain financial measures and management objectives as determined by the Committee.
Executive Bonus Plan. For the otherwise remaining duration of the Term, the Executive shall continue to participate in the Company's Executive Bonus Plan and shall receive payment of bonuses thereunder, in accordance with the terms of such plan, as though the Executive's employment under this Agreement had not terminated.
Executive Bonus Plan. The Company maintains the Executive Bonus Plan (the "EBP") to provide performance-based incentive compensation to Xxxxxxx and certain other executives of the Company. During the Contract Period, Xxxxxxx shall be eligible to earn an annual performance bonus of 0 to 150% of his annual base salary in effect for that year ("incentive compensation"), calculated in such fashion and based on the achievement of certain performance criteria as are approved by the Board or the Compensation Committee prior to the beginning of such year under the EBP.
Executive Bonus Plan. For each fiscal year during the Employment Period, the Executive will be eligible to receive a bonus based on the Company's achievement of the Target EBITDA for such fiscal year. Target EBITDA for the Company shall be $10,400,000 for the period of July 1st through the end of fiscal year 2000 and for each subsequent fiscal year shall be determined by the Board no later than March 31st of such fiscal year.
(A) Once the Board has determined (which determination shall be made within thirty (30) days from the issuance of the Company's audited financial statements) the percentage of EBITDA achieved for such fiscal year as compared to the Target EBITDA for such fiscal year (the "Achieved EBITDA Percentage"), so long as the Achieved EBITDA Percentage for such fiscal year equals or exceeds 80%, the Executive shall be entitled to receive a bonus payment in an amount equal to the product of (x) the Bonus Multiple (as set forth opposite the Achieved EBITDA Percentage below), (y) 40% and (z) the Executive's Base Salary for such fiscal year (or, with respect to fiscal year 2000, the prorated portion of such Base Salary equal to the prorated portion of such fiscal year beginning July 1, 2000). The bonus payment shall be made within five
Executive Bonus Plan. Effective January 1, 2007, Executive shall be eligible to participate in the Company’s Executive Bonus Plan, as amended from time to time (the “Bonus Plan”) on the same terms as other corporate officers. Pursuant to the Bonus Plan, Executive shall be eligible to earn an annualized Target Bonus equal to seventy-five percent (75%) of Executive’s then-current Base Salary, based on achievement of one hundred percent (100%) of the individual and Company performance objectives and milestones established by the Board for that year in its sole discretion. All bonus compensation shall be paid subject to applicable payroll withholdings and employment taxes.
Executive Bonus Plan. Executive will participate in Company’s bonus plan applicable to its senior executives. Executive’s target bonus will be at least 60% of his base salary in effect for the fiscal year and the plan shall provide for a minimum bonus of 50% of target upon achievement of threshold performance. The annual bonus thereafter will be paid in accordance with Company’s standard bonus payment practices.
Executive Bonus Plan. Employee shall receive a bonus for fiscal year 1996, and for each year thereafter throughout the Employment Period, based on the incentive compensation program in effect for the Employer and its subsidiaries, Friction Products Co. and
