Incentive Compensation Bonus. To be determined by the Board of Directors in its sole and complete discretion. The objective of this Section 5(b) is and shall be to provide Employee with an opportunity to earn additional incentive compensation in the form of cash and/or performance stock based upon the REIT’s attainment of certain stated financial results under the approved business plan for the REIT and the Employee’s performance in fulfilling his duties and obligations to the REIT. Employee understands that the Company’s payment of any cash bonus and/or any such award of performance stock will be contingent upon the REIT and Employee’s attainment of the goals/criteria/benchmarks which have yet to be established by the REIT’s Board of Directors. Once the Board of Directors has specified terms and conditions for the above described incentive compensation/bonus, same shall be reduced to writing each year and signed by both the REIT and Employee and made a part of this Agreement.
Appears in 3 contracts
Samples: Employment Agreement (Eagle Hospitality Properties Trust, Inc.), Employment Agreement (Eagle Hospitality Properties Trust, Inc.), Employment Agreement (Eagle Hospitality Properties Trust, Inc.)
Incentive Compensation Bonus. To be determined by the Governance and Compensation Committee of the Board of Directors in its sole and complete discretion. The objective of this Section 5(b) is and shall be to provide Employee with an opportunity to earn additional incentive compensation in the form of cash and/or performance performance/restricted stock based upon the REIT’s attainment of certain stated financial results under the approved business plan for the REIT and the Employee’s performance in fulfilling his duties and obligations to the REIT. Employee understands that the CompanyREIT’s payment of any cash bonus and/or any such award of performance stock will be contingent upon the REIT and Employee’s attainment of the goals/criteria/benchmarks which have yet to be established by the REIT’s Board of Directors. Once the Governance and Compensation Committee of the Board of Directors has specified terms and conditions for the above described incentive compensation/bonus, same shall be reduced to writing writing, each year and signed by both the REIT and Employee and made a part of this Agreement.
Appears in 1 contract
Samples: Employment Agreement (Eagle Hospitality Properties Trust, Inc.)
