Common use of Annual Cash Bonus Opportunity Clause in Contracts

Annual Cash Bonus Opportunity. During the Term, Executive will be eligible to participate in an annual incentive program established by the Board or Compensation Committee with target level annual incentive compensation opportunities as may be determined by the Board or Compensation Committee from time to time, but with an annual “target level” incentive bonus opportunity (the “Target Bonus”) that is not less than 40% of the Annual Base Salary. The annual bonus payable under the incentive program (“Annual Bonus”) shall be based on the achievement of performance goals or such other criteria as may be determined by the Board or Compensation Committee. The payment of any Annual Bonus pursuant to the incentive program shall be subject to Executive’s continued employment with the Company through the date of payment, except as otherwise provided in Section 4. The Annual Bonus shall be paid to Executive when paid generally to other senior executives of the Company, but in any event, to the extent determinable as of such time, not later than March 15th of the year immediately following the applicable year for which such Annual Bonus is being paid. For the year ending December 31, 2023, Executive’s Annual Bonus shall not be pro-rated for the partial year of employment and Executive shall receive the full Annual Bonus for 2023 based on the level of achievement of performance goals or other such criteria as determined by the Board or Compensation Committee.

Annual Cash Bonus Opportunity. During the Term, Executive will be eligible to participate in an annual incentive program established by the Board or Compensation Committee with target level annual incentive compensation opportunities as may be determined by the Board or Compensation Committee from time to time, but with an annual “target level” incentive bonus opportunity (the “Target Bonus”) that is not less than 40% of the Annual Base Salary. The annual bonus payable under the incentive program (“Annual Bonus”) shall be based on the achievement of performance goals or such other criteria as may be determined by the Board or Compensation Committee. The payment of any Annual Bonus pursuant to the incentive program shall be subject to Executive’s continued employment with the Company through the date of payment, except as otherwise provided in Section 4. The Annual Bonus shall be paid to Executive when paid generally to other senior executives of the Company, but in any event, to the extent determinable as of such time, not later than March 15th of the year immediately following the applicable year for which such Annual Bonus is being paid. For the year ending December 31, 2023, Executive’s Annual Bonus shall not be pro-rated for the partial year of employment and Executive shall receive the full Annual Bonus for 2023 based on the level of achievement of performance goals or other such criteria as determined by the Board or Compensation Committee. Notwithstanding the foregoing, effective upon the Pricing Date, the Target Bonus shall be increased to 45% of the Annual Base Salary with retroactive effect to January 1, 2024.