Annual Performance Review. On or before the anniversary date of this Agreement, and each year thereafter, the Board of Directors shall conduct a formal performance evaluation of Employee. Board and Employee shall agree to a work plan for Employee for the following year and shall reevaluate the requirements and limitations set forth in Section 4.3, herein, to determine whether such requirements and limitations should be adjusted. At the time of the annual review, if the Board, in its sole discretion, concludes that Employee has performed exemplary service as General Manager, the Board may award a merit bonus or increase to Employee’s hourly rate forth in Section 4.1, as may be increased from time to time, of not more than five percent (5%) of Employee’s hourly rate prior to any increase pursuant to Section 4.4 for the current calendar year.
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Sources: At Will Employment Agreement, At Will Employment Agreement, At Will Employment Agreement