Base Salary and Bonus Potential. Effective as of May 1, 2003, your annual base salary will reflect an increase to two hundred thirty five thousand ($235,000), subject to standard payroll deductions and required withholdings, and paid on the Company’s normal payroll schedule. Pursuant to the terms and conditions of the Company’s Management Incentive Bonus Program for its Executive Officers, you will be eligible to receive an annual performance bonus of up to thirty-five percent (35%) of your previous and increased base salaries, each on a pro rata basis, subject to standard payroll deductions and required withholdings. The Company’s Compensation Committee will determine in its sole discretion whether you have earned an annual bonus, and the amount of any earned annual bonus. The Company may modify your compensation from time to time as it deems necessary.
Base Salary and Bonus Potential. As a result of your promotion, your annual base salary will be increased to two hundred eighty thousand dollars ($280,000), subject to standard payroll deductions and required withholdings, and paid on the Company’s normal payroll schedule. Pursuant to the terms and conditions of the Company’s Management Incentive Bonus Program for its Executive Officers, you will be eligible to receive an annual performance bonus for Fiscal Year 2003 (“FY2003”) targeted at fifty percent (50%) of your previous and increased base salaries, each on a pro rata basis, subject to standard payroll deductions and required withholdings. The Company’s Compensation Committee will determine in its sole discretion whether you have earned an annual bonus for FY2003, and the amount of any earned annual bonus, provided that, if you are actively employed as an employee in good standing as of the date that the FY2003 bonuses are paid, you are guaranteed to receive a FY2003 bonus of at least $30,000, subject to standard payroll deductions and required withholdings. The Company may modify your compensation from time to time as it deems necessary.
Base Salary and Bonus Potential. Effective as of May 1, 2003, your annual base salary will reflect an increase to two hundred twenty five thousand ($225,000), subject to standard payroll deductions and required withholdings, and paid on the Company’s normal payroll schedule. Pursuant to the terms and conditions of the Company’s Management Incentive Bonus Program for its Executive Officers, you will be eligible to receive an annual performance bonus of up to thirty-five percent (35%) of your previous and increased base salaries, each on a pro rata basis, subject to standard payroll deductions and required withholdings. As we discussed, during your mid-year review of your bonus plan achievement, I will consider an increase of such eligibility to receive an annual performance bonus of up to forty percent (40%). However, the Company’s Compensation Committee will determine in its sole discretion whether this increase would occur or whether you have earned an annual bonus and the amount of any earned annual bonus. The Company may modify your compensation from time to time as it deems necessary.
Base Salary and Bonus Potential. As a result of your promotion, your annual base salary will be increased to three hundred and twenty thousand dollars ($320,000), effective January 1, 2013. Beginning fiscal 2013, you will be eligible to receive an annual discretionary performance bonus of up to 75% of your base salary, less applicable withholdings, upon achievement of performance objectives to be determined by the Board, or the Compensation Committee of the Board, in its sole discretion (the “Annual Bonus”). The Annual Bonus, or any portion thereof, that the Board, or the Compensation Committee of the Board, determines has been earned, will be paid quarterly, within thirty (30) days following the end of each quarter.
