Annual Incentive Bonuses. The Employee shall be eligible for incentive bonuses as approved by the Employer's Board of Directors (the "Board").
Annual Incentive Bonuses. 3.1 The Bonus for each of Fiscal Year 2007, Fiscal Year 2008, Fiscal Year 2009 and Fiscal Year 2010 shall be as follows:
Annual Incentive Bonuses. The Company shall provide the Executive with the opportunity to earn an annual target bonus of $135,000 (the “Target Bonus Amount”) for each calendar year of the Company ending during the Agreement Term, provided that Executive’s maximum bonus opportunity for extraordinary performance shall be governed by the provisions of the Company’s annual MIP bonus plan. With respect to calendar year 2007, Executive’s Target Bonus Amount shall be $135,000 and such amount will not be pro-rated for the partial year of service in 2007. Any annual target bonus hereunder shall otherwise be payable under the terms of the Company’s annual bonus program for its senior officers.
Annual Incentive Bonuses. In addition to Annual Base Salary, the Employee will be entitled to earn an incentive bonus on an annual basis (the “Annual Bonus”) during the Employment Period. The Board will set, on or before the 90th day of such fiscal year, the criteria which will be required to be achieved by the Employee during the fiscal year to earn all or a specified percentage of his Annual Bonus. The maximum Annual Bonus that the Employee may earn is 60%, and the target bonus is 30%, of the Employee’s salary paid during the fiscal year. If a Change in Control occurs, the Employee will receive a lump-sum payment on or before the Change in Control Date equal to the Employee’s maximum Annual Bonus, prorated with the numerator being the number of months in the fiscal year to the Change in Control Date (including the month in which the Change in Control occurs as a full month) and the denominator being 12. This payment will be in lieu of any right of the Employee to receive an Annual Bonus for the fiscal year in which the Change in Control occurs.
Annual Incentive Bonuses. Each year during the Term, the Executive shall be eligible to participate in a performance-based bonus compensation program pursuant to which the Executive will have an aggregate target bonus of 60% of the Executive’s Base Salary (the “Target Bonus Amount”), as determined by the Board in its discretion (the “Annual Bonus”). The amount, if any, of such Annual Bonus shall be determined based upon the Company’s and/or the Executive’s attainment of reasonable performance goals approved by the Board in its sole discretion. Each such Annual Bonus shall be payable on such date or dates as is determined by the Board. Notwithstanding any other provision of this Section 4(b), no bonus shall be payable pursuant to this Section 4(b) unless the Executive remains continuously employed with the Company through the applicable bonus payment date.
Annual Incentive Bonuses. In addition to Annual Base Salary, the Executive will be entitled to earn an incentive bonus on an annual basis (the "Annual Bonus") during the Employment Period. The Board will set, on or before the 90th day of such fiscal year, the criteria which will be required to be achieved by the Executive during the fiscal year to earn all or a specified percentage of his Annual Bonus. The maximum Annual Bonus that the Executive may earn is 80%, and the target bonus is 40%, of the Executive's then-current Annual Base Salary. If a Change in Control occurs, the Executive will receive a lump-sum payment on or before the Change in Control Date equal to the Executive's maximum Annual Bonus, prorated with the numerator being the number of months in the fiscal year to the Change in Control Date (including the month in which the Change in Control occurs as a full month) and the denominator being 12. This payment will be in lieu of any right of the Executive to receive an Annual Bonus for the fiscal year in which the Change in Control occurs.
Annual Incentive Bonuses. The Company shall provide the Executive with the opportunity to earn an annual target bonus of $165,000 for each calendar year of the Company ending during the Agreement Term, as determined by the Compensation Committee in its discretion (the “Annual Bonus”). The amount, if any, of such Annual Bonus shall be determined based upon the Company’s and/or the Executive’s attainment of reasonable performance goals approved by the Compensation Committee in its sole discretion. Each such Annual Bonus shall be payable on such date or dates as is determined by the Compensation Committee. Notwithstanding any other provision of this Section 4(b), no bonus shall be payable pursuant to this Section 4(b) unless the Executive remains continuously employed with the Company through the applicable bonus payment date. Any Annual Bonus hereunder shall otherwise be payable under the terms of the Company’s annual bonus program for its senior officers.
Annual Incentive Bonuses. The Executive shall be entitled to participate in and be considered for any annual incentive bonus program adopted or implemented by the Company for its executive or “Named Executive” officers and shall be entitled to receive, in addition to the Base Salary, any incentive bonus which may be awarded to the Executive by the Board from time to time. Any annual incentive bonus awarded to the Executive by the Board shall be paid (and my not be deferred) to the Executive within forty five (45) days of the date such incentive bonus is approved by the Board.
Annual Incentive Bonuses. The Executive shall be entitled to receive a guaranteed incentive bonus of $50,000 for the fiscal year ending June 30, 2008 (“Fiscal 2008”) under the annual bonus plan if he remains employed until the end of Fiscal 2008, with such bonus to be paid in September 2008. Subsequent to Fiscal 2008, the Executive shall have the opportunity to earn an incentive bonus of 25% to 45% of Base Salary under the annual bonus plan, dependent upon the achievement of specified goals.
Annual Incentive Bonuses. With respect to the years 2000 and 2001, you will instead of a bonus under this section receive the payments described in Section 6. During the Term, with respect to years following 2001, you shall be eligible to receive bonuses under the terms and conditions of the Management by Objectives Program, as modified from time to time (“MBO Program”) approved by the Board or the Human Resources and Compensation Committee of the Board, based upon the achievement of pre-established financial and other corporate or personal performance goals. Under the MBO Program you shall be eligible to receive a bonus equal to 100% of your Base Salary at the target level of performance. (Such annualized target bonus under the MBO Program as may be increased from time to time by the Board is referred to in this Agreement as ‘Target Bonus”). Additionally, under the MBO Program you will be eligible to receive a bonus payment equal to 200% of your Base Salary if certain “stretch” goals are achieved (as that term is defined in the MBO Program) or a payment of up to 350% of your Base Salary should certain “ultra-stretch” goals be achieved (as that term is defined in the MBO Program). Any payments under the MBO Program shall be made in accordance with the provisions of, and under the conditions contained in, the MBO Program, except as otherwise provided in this Agreement, including the payment of a certain percentage of that bonus in stock or common stock equivalents, at the Board’s discretion, which amount is currently set at 40% of the MBO Program bonus payout. As used in this Agreement, the term “Annual Bonus” includes the 2000 Incentive Guarantee, the 2001 Incentive Guarantee (both as defined in Section 6) and the Target Bonus.
