Common use of Potential Annual Target Bonuses Clause in Contracts

Potential Annual Target Bonuses. In respect of each calendar year falling within the Employment Period, Employee shall be eligible to earn an annual bonus, depending upon the results of operation of the Company and the personal performance of Employee, of up to sixty percent (60%) of Employee's Annual Base Compensation for that calendar year (the "Potential Annual Target Bonus") in accordance with the terms of a bonus plan which shall be adopted and maintained in effect by the Board for that calendar year. The amount of the Potential Annual Target Bonus, if any, which is earned by Employee (the "Bonusable Amount") shall be paid by the Company to Employee no later than seventy-five (75) days following the close of the Company's calendar year, provided that unless expressly provided otherwise herein, it shall be a condition precedent to Employee's right to receive any Bonusable Amount that Employee be employed by the Company on the last day of that calendar year, regardless of any subsequent termination of employment.