Incentive Bonus Payments. In addition to the Base Salary described above, Employee will continue to participate in and receive payments under such incentive bonus programs as the Company, in its sole discretion, may authorize from time to time for Employee and other executive officers of the Company; provided, however, Employee will be entitled to the following during the Term of this Agreement:
Incentive Bonus Payments. From the date of this Agreement until the earlier of (a) the Expiration Date, (b) the date the Company terminates the Executive with Cause or (c) the Executive quits the employ of the Company without Good Reason, the Company shall pay Executive, in addition to the Base Salary pursuant to the Employment Agreement, less customary payroll deductions, the following bonus(es):
(i) If, for the calendar year 2001, the Company achieves $63 million in EBITDA (as defined and computed in accordance with the Company's Credit Agreement, dated February 26, 1998, (collectively, as amended, "Credit Agreement")), Executive shall be paid a bonus equal to 15% of the Executive's then-existing annual base salary, payable on or before March 31, 2002;
(ii) For the calendar year 2002,
a. If, for the First Quarter 2002, the Company achieves "EBITDA" equal to or greater than the Company's "fixed charges" (both terms as defined and computed in accordance with the Credit Agreement) for that quarter, then the Company shall pay Executive a bonus equal to 5% of Executive's then-existing annual base salary, payable on or before 45 days after the end of that calendar quarter;
b. If, for the Second Quarter 2002, the Company achieves "EBITDA" equal to or greater than the Company's "fixed charges" (both terms as defined and computed in accordance with the Credit Agreement) for that quarter, then the Company shall pay Executive a bonus equal to 10% of Executive's then-existing annual base salary, payable on or before 45 days after the end of that calendar quarter;
c. If, for the Third Quarter 2002, the Company achieves "EBITDA" equal to or greater than the Company's "fixed charges" (both terms as defined and computed in accordance with the Credit Agreement) for that quarter, then the Company shall pay Executive a bonus equal to 15% of Executive's then-existing annual base salary, payable on or before 45 days after the end of that calendar quarter; and
d. If, for the entire Year 2002, the Company achieves "EBITDA" for the entire Year 2002 equal to or greater than the Company's "fixed charges" (both terms as defined and computed in accordance with the Credit Agreement) for the entire Year 2002, then the Company shall pay Executive a bonus equal to 50% of Executive's then-existing annual base salary, less the amounts, if any, previously paid to the Executive pursuant to Sections 2(ii)(a), (b) and/or (c), such net amount to be paid on or before 90 days after the end of that calendar quarter.
Incentive Bonus Payments. During the period of the Executive's employment hereunder, the Executive may receive such discretionary bonuses as may be granted to him from time to time by the Board. In addition, Executive shall be eligible to receive such bonuses, if any, as shall be awarded Executive pursuant to Executive's Employee Incentive Plan, attached.
Incentive Bonus Payments. Employee will be eligible to participate in Holdings' Annual Incentive Plan. The level of the bonus available to Employee will be set forth in the Annual Incentive Plan and will be awarded in consideration of individual and corporate performance based on performance goals and objectives determined by the Atlas Compensation Committee. A fuller description of how corporate and individual performance opexxxx xn tandem to determine the calculation of bonuses will be described in the Annual Incentive Plan. The Annual Incentive Plan document will be developed by the Holdings Compensation Committee and is subject to amendment from time to time with changes as adopted by the Compensation Committee or full Board of Directors of Holdings. As further described in the Annual Incentive Plan, corporate and individual performance in combination may permit the Employee to earn a target bonus equal to 50% of Base Annual Salary. Lesser corporate or individual performance may cause bonus payments to be in an amount less than 50% of Base Annual Salary or result in no bonus being payable. Greater corporate and individual performances may result in the bonus being more than 50% of Base Annual Salary. When the bonus payment reaches more than 50% of Base Annual Salary, Atlas reserves the right to pay some or all of the portion of the bonus that is above 50% of Base Annual Salary in Atlas unrestricted company stock payable under the Atlas Air Worldwide Holdings, Inc. 2004 Long Term Incentive and Share Award Plan. Any bonus paid under the Annual Incentive Plan will be paid no later than two weeks following the completion of the year-end audit for the applicable year.
Incentive Bonus Payments. Buyer and Seller agree that the incentive bonus payments to be made to Xxxxxx X. Xxxxxxxx, pursuant to Section 4.e. of the Xxxxxxxx Employment Agreement attached as Exhibit A hereto, and to each of Xxxxx X. Xxxxxxxx, Xxxxxxx Xxxxx, Xxxxxxxx X. Xxxx, Xxxx Xxxxxxxxxxx, Xxxxxxxxxxx Xxxxxxx, Xxxx Xxxx and Xxxxxx Xxxxxxx, pursuant to Section 4.d. of the employment agreements to be entered into with such individuals in the form of Exhibit B hereto, shall be determined for each of the above-named individuals by Buyer's Compensation Committee, shall be paid in either cash or equity as determined by such Compensation Committee, shall be in the following aggregate amounts and shall be paid upon the achievement of each of the following milestones (which are set forth in the aforementioned agreements): (a) $150,000 upon the successful completion of Phase II studies for any compound under development in Discovery's portfolio (each a "Portfolio Compound"); (b) $500,000 upon the successful completion of Phase II studies for any Portfolio Compound; and (c) $1,000,000 upon receipt of marketing approval in the United States for any Portfolio Compound. The aforementioned bonuses shall be paid only once for each of the milestones.
Incentive Bonus Payments. The Executive shall be entitled to participate in cash and/or equity incentive arrangements as may be approved by the Board of Directors of the Bank and pursuant to such terms as shall be authorized by the Board of Directors of the Bank in its discretion.
Incentive Bonus Payments. Employee will be eligible to receive an incentive bonus payment based on performance for each calendar year during the Employment Period upon approval of the Compensation Committee of the Board of Directors of Holdings (the "Compensation Committee"). Such incentive bonus, if any, is targeted to be an amount not to exceed 75% of Employee's Base Annual Salary and shall be payable no later than December 31 of the succeeding year. In the event of such approval, payment shall be made in cash or restricted stock of Holdings, as determined by the Compensation Committee. Employee agrees to abide by the stock ownership guidelines as approved by Holdings' Board of Directors.
Incentive Bonus Payments. Employee will be eligible to receive an Incentive Bonus payment based on performance for each calendar year during the Employment Period upon approval of the Compensation Committee of the Board of Directors at Atlas (the "Compensation Committee"). For 1997, Employee's bonus payment will be a minimum of $60,000 payable in the first quarter of 1998. Such Incentive Bonuses shall be calculated and paid on the same basis as other senior executives at Atlas.
Incentive Bonus Payments. In addition to the Base Salary described above, Employee will continue to participate in and receive payments under such incentive bonus programs as the Company, in its sole discretion, may authorize from time to time for Employee and other executive officers of the Company; provided, however, Employee will be entitled to the following during the term of this Employment Agreement:
(a) ANNUAL DISCRETIONARY INCENTIVE BONUS OPPORTUNITY. Employee will have a graduated annual incentive bonus opportunity of up to 100% of base salary for performance at or below target and up to an additional 50% of base salary for performance in excess of target. Performance will be measured against annual financial targets approved by the Compensation Committee of the Board of Directors. Eighty percent (80%) of any bonus granted under this subsection will be paid in cash and the balance will be paid in restricted stock awards subject to the Company's qualified Stock Benefit Plan (valued at NYSE closing price on date of grant). Thirty-three and one third percent (33 1/3%) of each such restricted stock award shall vest on the successive anniversary dates of the respective award over a three year period based solely on the passage of time unless employment is terminated voluntarily by the Employee in violation of this Agreement or by the Company for Cause. The cash portion of the incentive bonus payable under this subsection will be paid within 45 days of the end of each fiscal year; the restricted stock shall have a grant date of May 31 of the year granted.
Incentive Bonus Payments. The Company and Executive agree that Executive's right to any annual Incentive Bonuses described in Section 2 of the Second Amendment is hereby terminated and that the Company will not be obligated to make any Incentive Bonus payments to Executive.
