Common use of Incentive Bonuses Clause in Contracts

Incentive Bonuses. The Executive shall be eligible for an annual incentive bonus with a target amount equal to 25% of his Base Compensation (the “Annual Target Bonus”). Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the Board. Any bonus for the fiscal year in which Executive’s employment begins shall be prorated, based on the number of days Executive is employed by the Company during that fiscal year. Any incentive bonus for a fiscal year shall in no event be paid later than 21/2 months after the close of such fiscal year. Such bonus shall be paid only if Executive is employed by the Company at the time of payment. The determinations of the Board with respect to such bonus shall be final and binding.

Appears in 2 contracts

Samples: Employment Agreement (Vanda Pharmaceuticals Inc.), Employment Agreement (Vanda Pharmaceuticals Inc.)

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Incentive Bonuses. The Executive shall be eligible for an annual incentive bonus with a target amount equal to 2545% of his Base Compensation (the “Annual Target Bonus”). Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the BoardBoard or the Compensation Committee of the Board (the “Compensation Committee”). Any bonus for the fiscal year in which Executive’s employment begins shall be prorated, based on the number of days Executive is employed by the Company during that fiscal year. Any incentive bonus for a fiscal year shall in no event be paid later than 21/2 months after the close of such fiscal year. Such Except as provided in Section 6, such bonus shall be paid only if the Executive is employed by the Company at the time of payment. The determinations of the Board or the Compensation Committee with respect to such bonus shall be final and binding.

Appears in 1 contract

Samples: Employment Agreement (Vanda Pharmaceuticals Inc.)

Incentive Bonuses. The Executive shall be eligible for an annual incentive bonus with a target amount equal to 25% of his Base Compensation (the “Annual Target Bonus”). Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the Board. Any bonus for the fiscal year in which Executive’s employment begins shall will be prorated, based on the number of days Executive is employed by the Company during that fiscal year. Any incentive The bonus for a fiscal year shall in no event will be paid later than 21/2 months after the close of such fiscal year. Such bonus shall Company’s books for that year have been closed and will be paid only if Executive is employed by the Company at the time of payment. The determinations of the Board with respect to such bonus shall be final and binding.

Appears in 1 contract

Samples: Employment Agreement (Vanda Pharmaceuticals Inc.)

Incentive Bonuses. The Executive shall be eligible for an annual incentive bonus with a target amount equal to 2540% of his Base Compensation (the “Annual Target Bonus”). Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the BoardBoard or the Compensation Committee of the Board (the “Compensation Committee”). Any bonus for the fiscal year in which Executive’s employment begins shall not be prorated, based on the number of days Executive is employed by the Company during that fiscal year. Any incentive bonus for a fiscal year shall in no event be paid later than 21/2 2 1⁄2 months after the close of such fiscal year. Such Except as provided in Section 6, such bonus shall be paid only if the Executive is employed by the Company at the time of payment. The determinations of the Board or the Compensation Committee with respect to such bonus shall be final and binding.

Appears in 1 contract

Samples: Employment Agreement (Vanda Pharmaceuticals Inc.)

Incentive Bonuses. The Executive shall be eligible for an annual incentive bonus with a target amount equal to 2540% of his Base Compensation (the “Annual Target Bonus”). Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the Board. Any bonus for the fiscal year in which Executive’s employment begins shall be prorated, based on the number of days Executive is employed by the Company during that fiscal year. Any incentive bonus for a fiscal year shall in no event be paid later than 21/2 months after the close of such fiscal year. Such Except as provided in Section 6, such bonus shall be paid only if Executive is employed by the Company at the time of payment. The determinations of the Board with respect to such bonus shall be final and binding.

Appears in 1 contract

Samples: Employment Agreement (Vanda Pharmaceuticals Inc.)

Incentive Bonuses. The Executive shall be eligible for an annual incentive bonus with a target amount equal to 2545% of his Base Compensation (the “Annual Target Bonus”). Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the BoardBoard or the Compensation Committee of the Board (the “Compensation Committee”). Any bonus for the fiscal year in which Executive’s employment begins shall not be prorated, based on the number of days Executive is employed by the Company during that fiscal year. Any incentive bonus for a fiscal year shall in no event be paid later than 21/2 months after the close of such fiscal year. Such Except as provided in Section 6, such bonus shall be paid only if the Executive is employed by the Company at the time of payment. The determinations of the Board or the Compensation Committee with respect to such bonus shall be final and binding.

Appears in 1 contract

Samples: Employment Agreement (Vanda Pharmaceuticals Inc.)

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Incentive Bonuses. The Executive shall be eligible for an annual incentive bonus with a target amount equal to 2540% of his Base Compensation (the “Annual Target Bonus”). Such bonus Annual Target Bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the BoardBoard or the Compensation Committee of the Board (the “Compensation Committee”). Any bonus for the fiscal year in which Executive’s employment begins shall be prorated, based on the number of days Executive is employed by the Company during that fiscal year. Any incentive bonus Annual Target Bonus for a fiscal year shall in no event be paid later than 21/2 21⁄2 months after the close of such fiscal year. Such bonus Except as provided in Section 6, such Annual Target Bonus shall be paid only if the Executive is employed by the Company at the time of payment. The determinations of the Board or the Compensation Committee with respect to such bonus Annual Target Bonus shall be final and binding.

Appears in 1 contract

Samples: Employment Agreement (Vanda Pharmaceuticals Inc.)

Incentive Bonuses. The Executive shall be eligible for an annual incentive bonus with a target amount equal to 2540% of his Base Compensation (the “Annual Target Bonus”). Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the BoardBoard or the Compensation Committee of the Board (the “Compensation Committee”). Any bonus for the fiscal year in which Executive’s employment begins shall not be prorated, based on the number of days Executive is employed by the Company during that fiscal year. Any incentive bonus for a fiscal year shall in no event be paid later than 21/2 2 1/2 months after the close of such fiscal year. Such Except as provided in Section 6, such bonus shall be paid only if the Executive is employed by the Company at the time of payment. The determinations of the Board or the Compensation Committee with respect to such bonus shall be final and binding.

Appears in 1 contract

Samples: Employment Agreement (Vanda Pharmaceuticals Inc.)

Incentive Bonuses. The Executive shall be eligible for an annual incentive bonus with a target amount equal to 2530% of his Base Compensation (the “Annual Target Bonus”). Such bonus Annual Target Bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the BoardBoard or the Compensation Committee of the Board (the “Compensation Committee”). Any bonus for the fiscal year in which Executive’s employment begins shall be prorated, based on the number of days Executive is employed by the Company during that fiscal year. Any incentive bonus Annual Target Bonus for a fiscal year shall in no event be paid later than 21/2 months after the close of such fiscal year. Such bonus Except as provided in Section 6, such Annual Target Bonus shall be paid only if the Executive is employed by the Company at the time of payment. The determinations of the Board or the Compensation Committee with respect to such bonus Annual Target Bonus shall be final and binding.

Appears in 1 contract

Samples: Employment Agreement (Vanda Pharmaceuticals Inc.)

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