Target Bonus Plan. During the Term, the Company shall maintain and the Executive shall be entitled to participate in an annual incentive bonus plan open to senior employees and certain other employees of the Company (the “Target Bonus Plan”), which will provide for the payment of lump sum cash bonuses to participants after the end of the calendar year to which such cash bonuses relate (and in any event no later than March 15 of the year following the calendar year to which such cash bonuses relate). Under the Target Bonus Plan, the Executive will be eligible to earn a target bonus (the “Target Bonus”) each year of not less than 150% of the Executive’s Base Salary for such year. Criteria for earning the Target Bonus will be established by the Compensation Committee based on the Company’s financial performance, the Executive’s contributions to the Company and other appropriate factors. The amount of the Target Bonus earned will be based on the performance of the Company and the Executive against such criteria as well as other factors deemed relevant by the Compensation Committee. The establishment of such criteria and the necessary standards of performance for partial or full earning of the Target Bonus shall be at the sole discretion of the Compensation Committee.
Target Bonus Plan. Notwithstanding any other provision of this Agreement, if the Company terminates this Agreement prior to the end of the term of this Agreement on August 30, 2003, for reasons other than for Cause, or if the Company and the Employee do not agree in writing before August 30, 2003, to extend the term of the Employee's employment by the Company beyond August 30, 2003, the Employee shall be entitled to receive as a severance payment an amount equal to the pro rata share of the bonus, or the full bonus,as the case may be, if any, under and subject to the terms and conditions of the Target Bonus Plan referred to in Section 5.02(a) based on fifty (50%) percent of the Employee's base salary actually received for the period from September 1, 2002, through the Termination Date, or through August 30, 2003, if the Employee's employment continues through that date. This payment is equal to the amount, if any, the Employee would have received following the end of the fiscal year ended August 30, 2003, if the Target Bonus Plan did not have a requirement that the Employee be employed by the Company at the time the bonus is customarily paid. Such payment shall be made to the Employee on or about November 15 following the end of said fiscal year."
5. All other terms and provisions of the Agreement shall remain in full force and effect.
Target Bonus Plan. During the Term, the Company shall maintain and the Executive shall be entitled to participate in an annual incentive bonus plan open to senior employees and certain other employees of the Company (the "Target Bonus Plan"), which will provide for the payment of cash bonuses to participants within 90 days of the end of each fiscal year. Under the Target Bonus Plan, the Executive will be eligible to earn a target bonus (the "Target Bonus") each year of not less than 175% of the Executive's Base Salary for such year. Criteria for earning the Target Bonus will be established by the Compensation Committee based on the Company's financial performance, the Executive's contributions to the Company and other appropriate factors. The amount of the Target Bonus earned will be based on the performance of the Company and the Executive against such criteria as well as other factors deemed relevant by the Compensation Committee. The establishment of such criteria and the necessary standards of performance for partial or full earning of the Target Bonus shall be at the sole discretion of the Compensation Committee.
Target Bonus Plan. During the Term, the Company shall maintain and the Executive shall be entitled to participate in an annual incentive bonus plan open to senior employees and certain other employees of the Company (the "Target Bonus Plan"), which will provide for the payment of cash bonuses to participants within 90 days of the end of each fiscal year. Under the Target Bonus Plan, the Executive will be eligible to earn a target bonus (the "Target Bonus") each year of not less than 230% of the Executive's Base Salary for such year. Criteria for earning the Target Bonus will be established by the Compensation Committee based on the Company's financial performance, the Executive's contributions to the Company and other appropriate factors. The amount of the Target Bonus earned will be based on the performance of the Company and the Executive against such criteria as well as other factors deemed relevant by the Compensation Committee; provided, however, that the Executive shall receive a Target Bonus each year equal to not less than 5% of the maximum Target Bonus. The establishment of such criteria and the necessary standards of performance for partial or full earning of the Target Bonus shall be at the sole discretion of the Compensation Committee.
Target Bonus Plan. Notwithstanding any other provision of this Agreement, if the Company terminates this Agreement prior to the end of the term of this Agreement on January 31, 2000, for reasons other than for Cause or Medical Disability, the Employee shall be entitled to receive as a severance payment an amount equal to the pro rata share of the bonus, if any, under and subject to the terms and conditions of the Target Bonus Plan referred to in Section 5.02(a) based on fifty (50%) percent of the Employee's base salary actually received for the period from the beginning of the fiscal year in which the Company so terminates this Agreement through the Termination Date. This payment is equal to the amount, if any, the Employee would have received in December following the end of the fiscal year if the Target Bonus Plan did not have a requirement that the Employee be employed by the Company at the time the bonus is customarily paid. Such payment shall be made to the Employee on December 15 following the end of the fiscal year in which the Company so terminated this Agreement.
