Executive Bonus Plan Sample Clauses

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. Executive will participate in Company’s bonus plan applicable to its senior executives, with a guaranteed bonus of $100,000 for the remainder of Company’s 2005 fiscal year. The guaranteed payment of $100,000 will be paid to Executive no later than November 30, 2005. Commencing the following fiscal year, Executive’s target bonus will be at least 60% of his base salary in effect at the end of such 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 be eligible to receive from the Employer such management incentive bonuses as may be provided in management incentive bonus plans adopted from time to time by Employer.

Executive Bonus Plan. Without limiting the provisions of Section 8.12 above, on the Closing Date, the Buyer shall cause the Company to establish a bonus plan in the form attached hereto as Exhibit C (the "Bonus Plan"), to incentivize the senior executives of the Company named therein to increase sales revenue derived from the Company's and the Buyer's engineering and manufacturing businesses. The Company, the Buyer and the Shareholders each hereby acknowledge that (i) any payments made under the Bonus Plan to the senior executives of the Company are in consideration for services rendered by such senior executives, and/or are incentives for continued employment by such senior executives with the Company and (ii) in no event shall any such payments have any correlation or relation to the number of Shares being sold to the Buyer by any of such senior executives, or the transactions contemplated in this Agreement.

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. 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) 21.5% 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. Effective July 2, 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 forty percent (40%) 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 or Compensation Committee, as applicable, for that year in its sole discretion. All bonus compensation shall be paid subject to applicable payroll withholdings and employment taxes.

Executive Bonus Plan. The Company maintains the Executive Bonus Plan (the "EBP") to provide performance-based incentive compensation to ▇▇▇▇▇▇▇ and certain other executives of the Company. During the Contract Period, ▇▇▇▇▇▇▇ 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.