Common use of Management Bonus Program Clause in Contracts

Management Bonus Program. Beginning on the Effective Date, Executive will be eligible to participate in the Company’s annual management bonus program for executives under which he will be eligible to receive a bonus based on a percentage of his annual base salary and the achievement of performance targets established by the Board at the beginning of the year. The award and payment of the executive bonus will be governed by the terms of the applicable management bonus program. The Board shall have the sole discretion to change or eliminate its management bonus program, to determine whether Executive is entitled to any such bonus and to determine the amount of any such bonus. Except as provided in Section 9.a, if Executive’s employment terminates for any reason prior to the end of the calendar year, Executive’s entitlement to any portion of the executive bonus or commission for that year will be determined pursuant to the then applicable management bonus program.

Management Bonus Program. Beginning on the Effective Date, Executive will be eligible to participate in the Company’s annual management bonus program for executives under which he will be eligible to receive a bonus based on a percentage of his annual base salary and the achievement of performance targets established by the Board Company at the beginning of the year. The award and payment of the executive bonus will be governed by the terms of the applicable management bonus program. The Board Company shall have the sole discretion to change or eliminate its management bonus program, to determine whether Executive is entitled to any such bonus and to determine the amount of any such bonus. Except as provided in Section 9.a, if Executive’s employment terminates for any reason prior to the end of the calendar year, Executive’s entitlement to any portion of the executive bonus or commission for that year will be determined pursuant to the then applicable management bonus program.