Incentive Compensation Target Bonus. Executive will be eligible to receive an annual objective-based incentive bonus (“Target Bonus”) based on criteria established by the Board. For the 2014 fiscal year of Executive’s employment and subsequent fiscal years, Executive’s Target Bonus will be equal to one hundred percent (100%) of Executive’s then-current Base Salary. Such Target Bonus may be increased at the discretion of the Board to a maximum of one hundred and fifty percent (150%) of the then current Base Salary based on achievement of performance objectives determined by the Board. The bonus will be paid as soon as reasonably practicable after the fiscal-year end but no later than the Section 409A short-term deferral period under Treasury Regulation 1.409-1(b)(4). The fiscal year 2014 Target Bonus shall be prorated by the number of days between the Effective Date and June 30, 2014. Any earned bonus will be paid regardless of whether Executive is employed at the time the bonus is to be paid.
Incentive Compensation Target Bonus. Executive will be eligible to receive an annual objective-based incentive bonus (“Target Bonus”) based on criteria established by the Board. For the fiscal year of Executive’s employment ending June 30, 2010 (the “2010 Bonus”), Executive’s Target Bonus will be equal to eighty-five percent (85%) of Executive’s then-current Base Salary subject to the FY10 CEO Performance Evaluation Process as currently documented by the Compensation Committee and ratified by the Board. Following the 2010 Bonus, Executive’s Target Bonus, if any, will be determined by the Board following the then-current FY CEO Performance Evaluation Process as documented by the Compensation Committee and ratified by the Board. The Target Bonus is conditioned upon Executive’s satisfying the criteria and objectives established by the Board. Except as may be set forth otherwise herein, to receive payment of any bonus Executive must be employed by the Company at the time bonuses are paid.
Incentive Compensation Target Bonus. As of the Effective Date, Executive will be eligible to receive an annual objective-based incentive bonus based on criteria mutually established by Executive and the Board (“Target Bonus”). Executive’s Target Bonus will be equal to fifty percent (50%) of Executive’s then-current Base Salary. The Target Bonus may be increased at the discretion of the Board to a maximum of sixty percent (60%) of the then current Base Salary based on exceptional performance as determined by the Board or Compensation Committee. The Company maintains the right to change, modify or eliminate the Target Bonus at any time. The annual Target Bonus shall be paid within the Section 409A short term deferral period (to the extent required) following the determination of the Board or Compensation Committee and shall consist of all cash.
Incentive Compensation Target Bonus. Executive will be eligible to receive an annual objective-based incentive bonus (“Target Bonus”) based on criteria established by the Board. For the 2014 fiscal year of Executive’s employment and subsequent fiscal years, Executive’s Target Bonus will be up to fifty percent (50%) of Executive’s then-current Base Salary. The Target Bonus will be reviewed annually by the Compensation Committee of the Board. The bonus will be paid as soon as reasonably practicable after the fiscal-year end but no later than the Section 409A short-term deferral period under Treasury Regulation 1.409-1(b)(4). Except as otherwise provided for herein, Executive must be employed with the Company on the date the Target Bonus is paid. The corporate objectives bonus target for 2013 shall remain at thirty-five percent (35%).
Incentive Compensation Target Bonus. Executive will be eligible to participate in a Company bonus plan that may be established from time to time in the Company’s sole discretion. Executive’s target bonus amount will be $500,000, payable at the discretion of the Board based on Company and Executive performance (the “Incentive Bonus”). If Executive is hired after the start of a fiscal year, the bonus will be pro-rated for the balance of fiscal year in which the Executive is hired. Executive must be employed by the Company on the payment date in order to receive any Incentive Bonus.
Incentive Compensation Target Bonus. As of April 1, 2011, Executive will be eligible to participate in the Company’s Corporate Bonus Plan, based on criteria established by the Board (“Target Bonus). Executive’s Target Bonus will be equal to one hundred percent (100%) of Executive’s then-current Base Salary based on upon achievement of such performance goals and conditions established by the Board with Executive’s input, and Executive will have the opportunity to earn up to a total bonus of 275% of Executive’s annual base salary for performance exceeding those goals in accordance with the plan established by the Board. For subsequent years, your bonus will be reviewed annually by the Compensation Committee and you will be eligible to receive a bonus in such amount and upon such terms as shall be recommended by the Compensation Committee and approved by the Board. The Company maintains the right to change, modify or eliminate the Corporate Bonus Plan at any time.
Incentive Compensation Target Bonus. Executive will be eligible to receive an annual objective-based incentive bonus of up to twenty-five percent (25%) of Executive’s then-current Base Salary (“Target Bonus”). For the first calendar year of eligibility, the Target Bonus will be prorated based on the time period between the Effective Date and the end of the calendar year. The Company maintains the right to change, modify or eliminate the Target Bonus at any time. Upon the closing of a financing in an amount greater than forty million dollars (the “Financing”), you will be eligible to receive a one-time bonus of $75,000 (the “One-time Bonus”), provided you are employed by the Company on both the date the Financing closes and the date the One-time Bonus is paid to you, which shall be paid within sixty (60) days of the closing of the Financing.
