EFI Annual Bonus definition
EFI Annual Bonus. Starting in 2019 and continuing while Executive is employed with the Company, Executive’s annual target bonus opportunity for purposes of the management bonus program referenced in Section 4 of this Agreement is 130% of base salary (i.e., $806,000 if his base salary is $620,000), with any actual bonus based on the Company’s achievement of financial performance targets determined by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) at the time that the Compensation Committee approves the annual executive bonus program and subject to the terms and conditions of that program as it is established by the Compensation Committee for the applicable year. Historically, there has also been an opportunity to earn up to two times the amount the bonus target (i.e., a total of 260% of Executive’s annual salary or $1,612,000) as part of the Company’s Accelerator Bonus Program, if the Company significantly overachieves the annual financial performance targets. The determination is made annually by the Compensation Committee whether to provide this opportunity to program participants. • New Hire Equity Awards: The Company will grant the following new hire equity awards, in the form of restricted stock units (“RSUs”), to Executive at the first meeting of the Compensation Committee following the Effective Date, provided that Executive is then employed by the Company. The aggregate grant date value (with grant date values for purposes ___________________________________________________________________________________________________________________ ▇▇▇▇ Executive Employment Agreement of this Agreement as determined by the Company in accordance with its practices for determining the grant date value of employee equity awards) of such new hire equity awards will be $5,000,000, allocated as set forth below (the “New Hire Equity Award”).