Common use of Bonus Potential Clause in Contracts

Bonus Potential. Employee will be eligible to receive an annual discretionary cash incentive bonus targeted at One Million Five Hundred and Fifty Thousand Dollars ($1,550,000) per calendar year for 2022 (with eligible bonus for 2022 paid by the target date of February 2023) and continuing annually thereafter. This bonus will be sixty percent (60%) based on Company financial and non-financial performance against goals, and forty percent (40%) based on personal goals that will be set with Employee’s input (%’s subject to change in the reasonable discretion of the Chief Executive Officer). It will be determined based on Employee’s performance review with the Chief Executive Officer and paid, if awarded, in February after the Compensation Committee meeting and approval process. If in any given year, the Company does not meet a minimum of fifty percent (50%) of its pre-tax income goal, no bonuses will be paid to Employee for that year, unless special considerations are determined by the Compensation Committee. The actual annual discretionary cash incentive bonus paid to Employee for any given year will be both objective and subjective in nature, will be heavily dependent on both the Company’s financial performance and Employees performance against his pre-established performance goals, and may end up being higher or lower than Employee’s annual discretionary cash incentive bonus target.