Payment of Performance Bonus. The Company shall pay to Executive an annual cash bonus with a target opportunity equal to 100% of Executive’s Base Salary (“Target Bonus”) and a maximum opportunity equal to 150% of Executive’s Base Salary, as determined by the Board, or the Compensation Committee, based on Executive’s performance and the performance of the Company during the prior fiscal year (“Bonus”). On or before March 1 of each year, the Company shall pay to Executive the estimated amount of such Bonus (the “Estimated Bonus”) based on the unaudited financial statements of the Company for the prior fiscal year. On or before April 15 on each year, the Estimated Bonus shall be adjusted in accordance with the audited financial statements of the Company for the prior fiscal year. The Board, or the Compensation Committee, shall promptly notify Executive in writing of the amount of adjustment, if any. If the Bonus is greater than the Estimated Bonus, the Company shall pay to Executive and additional cash payment equal to the amount by which the Bonus exceeds the Estimated Bonus. If the Bonus is less that the Estimated Bonus, Executive shall pay to the Company a cash payment equal to the amount by which the Estimated Bonus exceeds the Bonus. Any amount required to be paid pursuant to the preceding two sentences shall be made by the responsible party within ten (10) business days of the delivery of notice of adjustment to executive. Except as provided in Section 2.2(b), the Company shall not be obligated to pay Executive any Bonus for his performance or the Company’s performance during any year, unless Executive is employed through December 31 of such year.
Payment of Performance Bonus. On or before April 15 each year, the Company shall pay to Executive a cash bonus ("BONUS") of up to 175% of Executive's Base Salary, as determined by the Boards, or the respective Compensation Committees thereof, based on Executive's performance and the performance of the Company during the prior calendar year. Except as provided in Section 2.2(b), the Company shall not be obligated to pay Executive any Bonus for his or the Company's performance in any year, unless Executive is employed through December 31 of such year. All bonus calculations shall be based upon the Company's audited financial statements through the end of the applicable calendar year.
Payment of Performance Bonus. The Performance Bonus shall be paid in cash, the Corporation's common stock, or any combination thereof, as the Executive shall decide, as follows:
Payment of Performance Bonus. On or before March 1 of each year (provided that the Company’s audited financial statements for the applicable year shall be available prior to such date) or as soon thereafter as practicable following availability of the Company’s audited financial statements for the applicable year, but no later than April 15 of each year, the Company shall pay to Executive a cash bonus (“Bonus”) of up to 100% of Executive’s Base Salary, as determined by the Board, or the Compensation Committee, based on Executive’s performance and the performance of the Company during the prior fiscal year. Except as provided in Section 2.2(b), the Company shall not be obligated to pay Executive any Bonus for his performance or the Company’s performance during any year, unless Executive is employed through December 31 of such year.
Payment of Performance Bonus. The Company shall pay to Executive an annual cash bonus of up to 100% of Executive's Base Salary, as determined by the Board, or the Compensation Committee, based on Executive's performance and the performance of the Company during the prior fiscal year ("Bonus"); PROVIDED, HOWEVER, that if a Registration Statement required to be filed by the Company (the "Registration Statement") with the Securities and Exchange Commission (the "Commission") pursuant to Section 2 of that certain Registration Rights Agreement dated as of the Effective Date, between SCAC and Friedman, Billings, Xxxxxx & Co., Inc., a Delaware corporation, is not filed with the Commission within one hundred twenty (120) days of the Effective Date, Executive's Bonus for the year ended December 31, 2001 shall in no event exceed 50% of Executive's Base Salary. On or before March 1 of each year, the Company shall pay to Executive the estimated amount of such Bonus (the "Estimated Bonus") based on the unaudited financial statements of the Company for the prior fiscal year. On or before April 15 of each year, the Estimated Bonus shall be adjusted in accordance with the audited financial statements of the Company for the prior fiscal year. The Board, or the Compensation Committee, shall promptly notify Executive in writing of the amount of adjustment, if any. If the Bonus is greater than the Estimated Bonus, the Company shall pay to Executive an additional cash payment equal to the amount by which the Bonus exceeds the Estimated Bonus. If the Bonus is less than the Estimated Bonus, Executive shall pay to the Company a cash payment equal to the amount by which the Estimated Bonus exceeds the Bonus. Any amount required to be paid pursuant to the preceding two sentences shall be made by the responsible party within ten (10) business days of the delivery of notice of adjustment to Executive. Except as provided in Section 2.2(b), the Company shall not be obligated to pay Executive any Bonus for his performance or the Company's performance during any year, unless Executive is employed through December 31 of such year.
Payment of Performance Bonus. The Performance Bonus, if any, shall be paid in cash in the form of a credit to the Executive's account under the Company's 1995 Deferred Compensation Plan. Such payment shall be made as soon as practicable after calculation of the Performance Bonus. Fifty percent (50%) of such credit shall vest immediately, with the other Fifty percent (50%) vesting on August 9 of the subsequent year.
Payment of Performance Bonus. The Performance Bonus for a particular year shall become due and payable only if the Executive remains employed with the Company as of the January 1 following such year (the “Service Trigger Date”), except as provided in Section 4(b)(i). If a Performance Bonus becomes due and payable for a particular year, then the Company shall pay such Performance Bonus to the Executive on the same day that the Company pays similar bonuses to other executives of the Company, provided, however, that the Company shall in no event pay the Performance Bonus to the Executive after March 15 of the year following the year in which the applicable Service Trigger Date occurs. Notwithstanding anything to the contrary in this Section 2(b), the Board may make reasonable adjustments, up or down, to the amount of Performance Bonus payable for any year to take into account extraordinary events, such as acquisitions, dispositions and unusual or one time earnings fluctuations.
Payment of Performance Bonus. The Performance Bonus is calculated once the bonus fiscal year ends, the Company receives its year-end financial audit, and performance reviews are completed. The Compensation Committee shall then determine eligibility and the amount of Performance Bonus the VP will receive under the terms of the Executive Bonus Plan. If the VP leaves the Company prior to the end of the bonus fiscal year, he is not eligible for a bonus payment. The only exceptions are if the VP is terminated because he formally retires under the pension plan (or retires meeting the requirements of that plan), resigns with Good Reason or is terminated for other than Cause (as such terms are defined in the VP’s employment agreement). Under these circumstances, a pro-rated bonus will be paid at the time bonuses are paid to other executives.
Payment of Performance Bonus. The Performance Bonus is calculated once the bonus fiscal year ends, the Company receives its year-end financial audit, and performance reviews are completed. The Compensation Committee shall then determine eligibility and the amount of Performance Bonus the CEO will receive under the terms of the Executive Bonus Plan. If the CEO leaves the Company prior to the end of the bonus fiscal year, he is not eligible for a bonus payment. The only exceptions are if the CEO is terminated because he formally retires under the pension plan (or retires meeting the requirements of that plan), resigns with Good Reason or is terminated for other than Cause (as such terms are defined in the CEO’s employment agreement). Under these circumstances, a pro-rated bonus will be paid at the time bonuses are paid to other executives.
Payment of Performance Bonus. In addition to the Executive's Base Salary, and so long as the Executive remains employed by the Company, continues to act as the lead manager of the Romanian engineering operation, performs within an agreed upon expense budget for the Romanian engineering operation (as amended by mutual agreement from time to time, which budget shall include a minimum of three round trip business class tickets per year for Executive or his spouse) and maintains an engineering team in Romania capable of supporting design and development of products incorporating Path 1's TrueCircuitTM technology, the Executive shall receive a bonus of US$4 million in Path 1 Common Stock (the "Bonus") for achieving the successful completion of a One Gigabit MAC with TrueCircuitTM technology, a FAST MAC with TrueCircuitTM technology and an 8+2 Fast Switch with TrueCircuitTM if completed by June 15, 2001. Simultaneously, Executive shall use his best efforts to finish a Ten Gigabit Switch without TrueCircuitTM technology by June 15, 2001.
