Common use of Bonus Eligibility Clause in Contracts

Bonus Eligibility. During the Term of this Agreement, Executive will be eligible for an annual bonus opportunity of a year based upon the criteria as set forth annually by the Board of Directors. Accordingly, the parties agree after consultation with Executive, the Board of Directors shall establish specific bonus criteria based upon the Performance Contract applicable to each fiscal year of this Agreement. The bonus criteria may contain both objective and subjective elements. The criteria will be implemented not later than thirty 30 days into the fiscal year, and will apply for the duration of that year. The Board of Directors shall determine, in its reasonable discretion and not later than thirty (30) days after the end of the fiscal year, whether and to what extent Executive satisfied the bonus criteria for that year, and Executive's bonus, if any, shall be based on that determination. (Optional)