Performance Based Bonus. As additional compensation, the Executive shall be entitled to receive a performance based bonus, based on meeting revenue and cash flow objectives. The Executive shall be granted options ("Performance Options") to purchase an aggregate of 220,000 shares of Common Stock, subject to anti-dilution provisions relating to adjustments in the event that the Company, among other things, declares stock dividends, effects forward or reverse stock splits, at an exercise price of the fair market value of the date of the grant, and shall be exercisable for a period of four (4) years from the date of vesting unless sooner terminated, as described herein. The date of grant shall be the Effective Date of this Agreement. Up to one-half of these shares will be eligible for vesting on a quarterly basis and the rest annually, with the total grant allocated over a two-year period, starting with the quarter ended December 31, 2007. Vesting of the quarterly portion is subject to achievement of increased revenues over the prior quarter as well as positive and increased net cash flow per share (defined as cash provided by operating activities per the Company’s statement of cash flow, measured before changes in working capital components and not including investing or financing activities) for that quarter. Vesting of the annual portion is subject to meeting the above cash flow requirements on a year-over-year basis, plus a revenue growth rate of at least 30% for the fiscal year over the prior year, starting with the fiscal year ended September 30, 2008. In the event of quarter to quarter decreases in revenues and or cash flow, the Performance Options shall not vest for that quarter but the unvested quarterly Performance Options shall be added to the available Performance Options for the year, vested subject to achievement of the applicable annual goal. In the event this Agreement is not renewed or the Executive is terminated other than for Cause, the Executive shall be entitled to register the stock underlying the vested portion of the Performance Options provided hereunder on the terms and conditions set forth in a registration rights agreement to be mutually agreed upon by and between Executive and the Company. The Company shall file such Registration Statement as promptly as practicable and at its sole expense. The Company will use its reasonable best efforts through its officers, directors, auditors and counsel in all matters necessary or advisable to file and cause to become...
Performance Based Bonus. During the Executive’s employment with the Company pursuant to this Agreement, the Executive shall be eligible to receive a bonus following the end of each fiscal year in accordance with the performance-based bonus plans established by the Board for senior executive officers from time to time after taking into account the performance of the Company and the Executive and such other facts and circumstances as the Board may deem appropriate to consider.
Performance Based Bonus. As additional compensation, Executive shall be entitled to receive an annual bonus (the "Bonus") as is determined by the Board of Directors for each fiscal year based on the Executive's performance.
Performance Based Bonus. As additional compensation, the Executive shall be entitled to receive a bonus ("Bonus") for each fiscal year during the Term of the Executive's employment by the Company in an amount equal to two percent (2%) of Earnings of the Company Before Income Tax, Depreciation and Amortization (EBITDA) in excess of the EBITDA for the previous fiscal year. The base year for the Bonus shall commence fiscal 1997. The Bonus shall be payable within thirty (30) days of the determination of the amount of the Bonus; provided that its the Executive's sole discretion, to elect to take his bonus in cash or in restricted common stock of the Company, based upon an amount of such restricted common stock which shall be equal to Seventy- Five (75%) of the fair market value of the Company's common stock, which fair market value shall be equal to the average of the closing price for the five (5) prior trading days immediately prior to the determination of such Bonus.
Performance Based Bonus. Executive shall participate in the Company’s Annual Incentive Plan (“Bonus”) for Executive and other senior executive officers. The Executive’s Bonus maximum target for 2005 shall be 45% of Executive's Base Salary, depending on individual and Company performance metrics. Performance metrics for and target amount of the Bonus for 2006 and each subsequent calendar year shall be established on or before March 31 of the year to which the Bonus relates. The CEO, in consultation with the Board and in their sole and reasonable discretion, shall determine, on or before March 31 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company.
Performance Based Bonus. Executive shall be eligible for performance-based bonuses awarded on an annual calendar year basis provided the Company achieves financial objectives established by the Company's management and approved by the Board for such calendar year. For calendar year 2004, the target financial objectives shall be those previously established and approved by the Board, which in the case of Executive is the achievement of consolidated EBITDA-I of $140,696,000. For calendar years 2005 and following, the target financial objectives shall be established by the Company's management and approved by the Board for the applicable calendar year in a like manner such that Executive shall have the opportunity to realize a performance based bonus consistent with prior practice. Approval of the applicable financial objectives by the Board shall occur (i) on or before March 31 of the calendar year provided that the Company's management has furnished the Board with the proposed annual budget by December 31 of such prior calendar year or (ii) if the Company's management has not furnished the Board with the proposed annual budget by December 31, as soon as reasonably practicable after the Company's management has furnished the Board with the proposed annual budget. Subject to the provisions of this Section 3(a), Executive shall be provided the opportunity to earn at least an additional 50% of Executive's annual Base Salary then in effect in performance-based bonus compensation if the Company achieves 90% of the targeted financial objectives for the applicable calendar year. Subject to the immediately following sentence, performance-based bonuses that are earned with respect to any calendar year will be payable no later than the end of the first calendar quarter of the following calendar year. If Executive resigns before the last day of a calendar year (other than for a Material Breach (as hereinafter defined)) or is discharged by the Company for Cause (as hereinafter defined) before the last day of such calendar year, Executive will not be entitled to receive a performance-based bonus pursuant to Section 3(a) for such calendar year. If Executive's employment terminates prior to the last day of a calendar year for any other reason, Executive shall be entitled to receive a pro rata part of the performance-based bonus for such calendar year pursuant to Section 3(a). Such pro rata part shall equal the total performance-based bonus that would have been payable had Executive remained employ...
Performance Based Bonus. As additional compensation, the Executive shall be entitled to receive a bonus (“Bonus”) for each year during the Term of the Executive’s employment by the Company based upon the Company’s executive bonus plan as adopted and amended from time-to-time by the Company’s Board of Directors. The amount of any Bonus shall be determined based upon performance targets set annually by the Compensation Committee of the Company’s Board of Directors.
Performance Based Bonus. At the sole discretion of the Board of Directors, the Employee may also be eligible to receive a discretionary annual bonus after the end of the Company's calendar year, provided that the Employee continues to be employed by the Company at such year end. The amount of this bonus, if any, shall be determined by the Board of Directors based on objective or subjective goals set by the Board of Directors in its sole discretion. In the event that the Employee's employment with the Company is terminated by the Company without Cause or is terminated by the Employee for Good Reason other than at calendar year end, the Employee's bonus shall be prorated for such partial year. No bonus shall be payable to Employee with respect to any calendar year of the Company during which Employee's employment is terminated for Cause or Employee terminates his employment without Good Reason.
Performance Based Bonus. You will be eligible to participate in the Internap’s annual incentive plan as in effect for any calendar year during the Term (“Incentive Plan”), which is based on the achievement of company goals established by senior management and approved by the Board of Directors, as well as your individual performance. Your initial bonus opportunity under the Incentive Plan will be up to 37% of your annual base salary, subject to the terms of the Incentive Plan and pro-rated for the length of your employment by Internap as a portion of the full fiscal year.
Performance Based Bonus. In addition to any other compensation that Executive is entitled to under this Agreement, and subject to the conditions set forth in this Section 3(d), the Company shall pay to Executive an annual performance-based bonus (the “Performance-Based Bonus”) as follows:
