Common use of Management Incentive Plan Clause in Contracts

Management Incentive Plan. During each calendar year of the Executive Employment Agreement, beginning 2008, Executive shall be entitled to receive 50% of his base salary for that year as a bonus (the “Target Bonus”) upon completion of targeted goals, objectives and milestones established and approved by the Board. Prior to the commencement of each calendar year, Executive shall submit to the Board for approval a proposed “Bonus Plan” for the upcoming calendar year. Executive’s proposed Bonus Plan shall include a description of the goals, objectives and milestones and attendant bonus payments that shall be made by the Company to Executive in the event the Company attains such goals, objectives and milestones. The Board shall review, and at the Board’s discretion, modify and adopt the Bonus Plan, specifying the terms, conditions and amounts. The Bonus Plan as modified and adopted by a resolution of the Board shall be the Bonus Plan in effect for the respective calendar year. The bonus shall be paid no more than 30 days after the filing of the Company’s Form 10-K.

Management Incentive Plan. During each calendar year of the Executive Employment Agreement, beginning 20082007, Executive shall be entitled to receive 5045% of his base salary for that year as a bonus (the “Target Bonus”) upon completion of targeted goals, objectives and milestones established and approved by the Board. Prior to the commencement of each calendar year, Executive shall submit to the Board for approval a proposed “Bonus Plan” for the upcoming calendar year. Executive’s proposed Bonus Plan shall include a description of the goals, objectives and milestones and attendant bonus payments that shall be made by the Company to Executive in the event the Company attains such goals, objectives and milestones. The Board shall review, and at the Board’s discretion, modify and adopt the Bonus Plan, specifying the terms, conditions and amounts. The Bonus Plan as modified and adopted by a resolution of the Board shall be the Bonus Plan in effect for the respective calendar year. The bonus shall be paid no more than 30 days after the filing of the Company’s Form 10-K.