Common use of Annual Bonus Program Clause in Contracts

Annual Bonus Program. (a) During each calendar year of the Employment Period, Executive will be eligible to participate in the Company’s annual short-term performance incentive plan applicable to executives in the same or similar positions to that of Executive, as such plan may exist from time to time (the “PIP”). The amount of Executive’s target annual bonus under the PIP for each calendar year during the Employment Period (each a “Target Annual Bonus”) shall be determined by the Executive Compensation Committee in its discretion. The amount of the actual annual bonus, if any, awarded to Executive under the PIP with respect to any calendar year during the Employment Period (each an “Annual Bonus Award”) shall be determined in accordance with the terms of the PIP as administered by the Executive Compensation Committee. All decisions regarding the criteria to be used to determine awards under the PIP (which may consist of both corporate and individual performance factors and metrics), the amount, if any, to be awarded to Executive under the PIP with respect to any calendar year during the Employment Period and interpretations of the terms of the PIP shall be made solely and exclusively by the Executive Compensation Committee in its discretion. The Company reserves the right to change, alter, or terminate the PIP at any time in its sole discretion; provided, that no such change, alteration or termination shall adversely affect Executive’s rights under this Agreement, or with respect to any Annual Bonus Award made prior to the date of such change, alteration or termination, without Executive’s prior written consent.

Annual Bonus Program. (a) During each calendar year of the Employment Period, Executive will be eligible to participate in the Company’s annual short-term performance incentive plan applicable to executives in the same or similar positions to that of Executivesenior executives, as such plan may exist from time to time (the “PIP”). The amount of Executive’s target annual bonus award under the PIP for each calendar year during of the Employment Period (each a the “Target Annual Bonus”) shall will be determined by the Executive Compensation Committee in its discretion$920,000. The amount of the actual annual bonus, if any, awarded to Executive under the PIP with respect to any calendar year during the Employment Period (each an “Annual Bonus Award”) ), shall be determined in accordance with the terms of the PIP as administered by the Executive Compensation Committee. All decisions regarding the criteria to be used to determine awards under the PIP (which may consist of both corporate and individual performance factors and metrics), the amount, if any, to be awarded to Executive under the PIP with respect to any calendar year during the Employment Period Period, and interpretations of the terms of the PIP shall be made solely and exclusively by the Executive Compensation Committee in its discretion; provided, however, that in determining Executive’s Annual Bonus Award, if any, with respect to any calendar year during the Employment Period, the corporate (as opposed to individual) performance factors and metrics that are taken into account, and the percentage of the award that is based on corporate and individual performance factors, shall be the same for Executive as those applied to the Chief Executive Officer of the Company. The Company reserves the right to change, alter, or terminate the PIP at any time in its sole discretion; provided, that no such change, alteration or termination shall adversely affect Executive’s rights under this Agreement, or with respect to under any Annual Bonus Award made prior to the date of such change, alteration or termination, without Executive’s prior written consent; and provided, further, that if no PIP is in place with respect to any calendar year during the Employment Period, then a substitute target annual short-term performance-based incentive award shall be established for Executive with respect to such calendar year, with a value equal to $920,000, having terms conforming with this Section 4.2(a) and otherwise having substantially similar vesting, performance and payment terms to those applicable under the then most recent Annual Bonus Award made to Executive. If earned, such substitute short-term performance incentive compensation award shall be payable in cash.

Annual Bonus Program. (a) During each calendar year of the Employment Period, Executive will be eligible to participate in the Company’s annual short-term performance incentive plan applicable to executives in the same or similar positions to that of Executive, as such plan may exist from time to time (the “PIP”). The amount of Executive’s target annual bonus under the PIP for each calendar year during the Employment Period (each a “Target Annual Bonus”) shall be determined by the Executive Compensation Committee in its discretion; provided, however, that Executive’s Target Annual Bonus for the 2006 calendar year shall be at least $209,250. The amount of the actual annual bonus, if any, awarded to Executive under the PIP with respect to any calendar year during the Employment Period (each an “Annual Bonus Award”) shall be determined in accordance with the terms of the PIP as administered by the Executive Compensation Committee. All decisions regarding the criteria to be used to determine awards under the PIP (which may consist of both corporate and individual performance factors and metrics), the amount, if any, to be awarded to Executive under the PIP with respect to any calendar year during the Employment Period and interpretations of the terms of the PIP shall be made solely and exclusively by the Executive Compensation Committee in its discretion. The Company reserves the right to change, alter, or terminate the PIP at any time in its sole discretion; provided, that no such change, alteration or termination shall adversely affect Executive’s rights under this Agreement, or with respect to any Annual Bonus Award made prior to the date of such change, alteration or termination, without Executive’s prior written consent.