Subsequent Bonus. During each calendar year of the Executive Employment Agreement after the first year (i.e., January 2006 and after), Executive shall be entitled to receive not less than 45% 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.
Appears in 3 contracts
Samples: Executive Employment Agreement (HyperSpace Communications, Inc.), Executive Employment Agreement (HyperSpace Communications, Inc.), Executive Employment Agreement (HyperSpace Communications, Inc.)
Subsequent Bonus. During each calendar year of the Executive Employment Agreement after the first year (i.e., January 2006 and after), Executive shall be entitled to receive not less than 4550% 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.
Appears in 2 contracts
Samples: Executive Employment Agreement (HyperSpace Communications, Inc.), Executive Employment Agreement (HyperSpace Communications, Inc.)
