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 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.
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 Performance Bonus shall be paid in cash, the Corporation's common stock, or any combination thereof, as the Executive shall decide, as follows:
(i) if all or any, portion of the Performance Bonus is to be paid in cash, such cash payment shall be made within thirty (30) days after the Corporation has received the final year-end audit report for the Corporation and the Bank prepared and certified by the Corporation's independent auditors'
(ii) if all or any portion of the Performance Bonus is to be paid in the Corporation's common stock, the purchase of such shares will be limited to the number of shares specified under Stock Options (5a) and the value of each share of such stock shall be equal to the price as quoted under Stock Options (5b).
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 shall be paid in cash, the Corporation's common stock, or any combination thereof, as the Executive shall decide subject to the limitations set forth below.
(i) If all or any portion of the Performance Bonus is to be paid in cash, such cash payment shall be made within thirty (30) days after the Corporation has received the final year-end audit report for the Corporation and the Bank prepared and certified by the Corporation's independent auditors.
(ii) If all or any portion of the Performance Bonus is to be paid in the Corporation's common stock, the number of shares issued to Executive in satisfaction of the Performance Bonus shall be determined based on the then applicable fair market value of such shares as determined by the Board, giving appropriate weight to the lack of marketability of such shares. At the Executive's option and expense, Executive may defer part of his Performance Bonus; provided Executive shall be responsible for notifying Employer of such deferral and making all necessary arrangements for such deferral (with respect to any trusts or other agreement relating thereto).
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. Within twenty (20) Business Days after the end of each calendar year, the Contractor shall submit to the Company a statement of any Performance Bonus payments due to the Contractor with respect to such calendar year. The Company shall pay any Performance Bonuses within thirty (30) Business Days after receipt of such statement.
Payment of Performance Bonus. In order for any Participant to be entitled to payment of a Performance Bonus, the applicable performance target(s) established by the Board must first be obtained or exceeded. Payment of a Performance Bonus shall be made within 60 days of the Board’s certification that the performance target(s) has been achieved. Payment of a Performance Bonus may be made in cash or shares of Common Stock, as provided by the terms of the applicable Award Agreement.
