Common use of Annual Performance Bonus Clause in Contracts

Annual Performance Bonus. Executive shall be eligible to receive, in respect of each calendar year during the Employment Term, an annual cash performance bonus (the “Annual Performance Bonus”) with a target between twenty-five percent (25%) and thirty-five percent (35%) of Salary for that calendar year, based upon (other than as noted below) the attainment of quantitative performance goals set forth in a performance plan established by the Committee by January 31 of each year (the “Performance Plan”). The Annual Performance Bonus shall be paid to Executive within thirty (30) days following the receipt of the audited results of the Company for the calendar year, but in no event later than sixty (60) days after the close of the calendar year. If necessary, the Annual Performance Bonus shall be granted under a performance based plan that meets the requirements under Section 162(m) of the Internal Revenue Code (the “Code”).

Appears in 3 contracts

Samples: Employment Agreement (Sotherly Hotels Lp), Employment Agreement (Sotherly Hotels Lp), Employment Agreement (Sotherly Hotels Lp)

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Annual Performance Bonus. The Executive shall be eligible to receive, in respect of each calendar year during the Employment Term, an annual cash performance bonus (the “Annual Performance Bonus”) with a target between twenty-five percent (25%) and thirty-five percent (35%) of Salary for that calendar year, based upon (other than as noted below) the attainment of quantitative performance goals set forth in a performance plan established by the Committee by January 31 of each year (the “Performance Plan”). The Annual Performance Bonus shall be paid to the Executive within thirty (30) days following the receipt of the audited results of the Company for the calendar year, but in no event later than sixty (60) days after the close of the calendar year. If necessary, the Annual Performance Bonus shall be granted under a performance based plan that meets the requirements under Section 162(m) of the Internal Revenue Code (the “Code”).

Appears in 2 contracts

Samples: Employment Agreement (Sotherly Hotels Lp), Employment Agreement (Sotherly Hotels Lp)

Annual Performance Bonus. The Executive shall be eligible to receive, in respect of each calendar year during the Employment TermTerm beginning with 2005, an annual cash performance bonus (the “Annual Performance Bonus”) with a target in an amount between twenty-five twenty percent (2520%) and thirty-five thirty percent (3530%) of Salary for that calendar year, based upon (other than as noted below) the attainment of quantitative performance goals set forth in a performance plan established by the Committee by January 31 of each year (the “Performance Plan”). The Annual Performance Bonus shall be paid to the Executive within thirty (30) days following the receipt of the audited results of the Company for the calendar plan year, but in no event later than sixty (60) days after the close of the calendar plan year. If necessary, the Annual Performance Bonus shall be granted under a performance based plan that meets the requirements under Section 162(m) of the Internal Revenue Code (the “Code”).

Appears in 2 contracts

Samples: Employment Agreement (MHI Hospitality CORP), Employment Agreement (MHI Hospitality CORP)

Annual Performance Bonus. The Executive shall be eligible to receive, in respect of each calendar year during the Employment Term, an annual cash performance bonus (the “Annual Performance Bonus”) with a target in an amount between twenty-five twenty percent (2520%) and thirty-five thirty percent (3530%) of Salary for that calendar year, based upon (other than as noted below) the attainment of quantitative performance goals set forth in a performance plan established by the Committee by January 31 of each year (the “Performance Plan”). The Annual Performance Bonus shall be paid to the Executive within thirty (30) days following the receipt of the audited results of the Company for the calendar year, but in no event later than sixty (60) days after the close of the calendar year. If necessary, the Annual Performance Bonus shall be granted under a performance based plan that meets the requirements under Section 162(m) of the Internal Revenue Code (the “Code”).

Appears in 2 contracts

Samples: Employment Agreement (MHI Hospitality CORP), Employment Agreement (MHI Hospitality CORP)

Annual Performance Bonus. The Executive shall be eligible to receive, in respect of each calendar year during the Employment Term, an annual cash performance bonus (the “Annual Performance Bonus”) with a target between twenty-five percent (25%) and thirty-five percent (35%) of Salary for that calendar year, based upon (other than as noted below) the attainment of quantitative performance goals set forth in a performance plan established by the Committee by January 31 of each year (the “Performance Plan”). The Annual Performance Bonus shall be paid to the Executive within thirty (30) days following the receipt of the audited results of the Company for the calendar year, but in no event later than sixty (60) days after the close of the calendar year. If necessary, the Annual Performance Bonus shall be granted under a performance performance-based plan that meets the requirements under Section 162(m) of the Internal Revenue Code (the “Code”).

Appears in 1 contract

Samples: Employment Agreement (Sotherly Hotels Lp)

Annual Performance Bonus. The Executive shall be eligible to receive, in respect of each calendar year during the Employment Term, Term an annual cash performance bonus (the “Annual Performance Bonus”) with a target in an amount between twenty-five twenty percent (2520%) and thirty-five thirty percent (3530%) of Salary for that calendar year, based upon (other than as noted below) the attainment of quantitative performance goals set forth in a performance plan established by the Committee by January 31 of each year (the “Performance Plan”). The Annual Performance Bonus shall be paid to the Executive within thirty (30) days following the receipt of the audited results of the Company for the calendar year, but in no event later than sixty (60) days after the close of the calendar year. If necessary, the Annual Performance Bonus shall be granted under a performance based plan that meets the requirements under Section 162(m) of the Internal Revenue Code (the “Code”).

Appears in 1 contract

Samples: Employment Agreement (MHI Hospitality CORP)

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Annual Performance Bonus. The Executive shall be eligible to receive, in respect of each calendar year during the Employment TermTerm beginning with 2007, an annual cash performance bonus (the “Annual Performance Bonus”) in an amount consistent with a target between twenty-five percent (25%) the bonus program as established by the CEO and thirty-five percent (35%) of Salary approved by the Committee for that calendar year, based upon (other than as noted below) the attainment of quantitative performance goals set forth in a performance plan established by the Committee by January 31 of each year (the “Performance Plan”). The Annual Performance Bonus shall be he paid to the Executive within thirty (30) days following the receipt of the audited results of the Company for the calendar plan year, but in no event later than sixty one hundred eighty (60180) days after the close of the calendar plan year. If necessary, the Annual Performance Bonus shall be granted under a performance performance-based plan that meets the requirements under Section 162(m) of the Internal Revenue Code (the “Code”).

Appears in 1 contract

Samples: Employment Agreement (MHI Hospitality CORP)

Annual Performance Bonus. The Executive shall be eligible to receive, in respect of each calendar year during the Employment TermTerm beginning with 2006, an annual cash performance bonus (the “Annual Performance Bonus”) in an amount consistent with a target between twenty-five percent (25%) and thirty-five percent (35%) the bonus program in place to compensate other members of Salary the senior management team for that calendar year, based upon (other than as noted below) the attainment of quantitative performance goals set forth in a performance plan established by the Committee by January 31 of each year (the “Performance Plan”). The Annual Performance Bonus shall be he paid to the Executive within thirty (30) days following the receipt of the audited results of the Company for the calendar plan year, but in no event later than sixty (60) days after the close of the calendar plan year. If necessary, the Annual Performance Bonus shall be granted under a performance based plan that meets the requirements under Section 162(m) of the Internal Revenue Code (the “Code”).

Appears in 1 contract

Samples: Employment Agreement (MHI Hospitality CORP)

Annual Performance Bonus. The Executive shall be eligible to receive, in respect of each calendar year during the Employment Term, Term an annual cash performance bonus (the “Annual Performance Bonus”) with a target between twenty-twenty five percent (25%) and thirty-thirty five percent (35%) of Salary for that calendar year, based upon (other than as noted below) the attainment of quantitative performance goals set forth in a performance plan established by the Committee by January 31 of each year (the “Performance Plan”). The Annual Performance Bonus shall be paid to the Executive within thirty (30) days following the receipt of the audited results of the Company for the calendar year, but in no event later than sixty (60) days after the close of the calendar year. If necessary, the Annual Performance Bonus shall be granted under a performance based plan that meets the requirements under Section 162(m) of the Internal Revenue Code (the “Code”).

Appears in 1 contract

Samples: Employment Agreement (Sotherly Hotels Lp)

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