Common use of Bonus Programs Clause in Contracts

Bonus Programs. With respect to Executive’s employment for fiscal year 2014, Executive will be eligible to receive a discretionary cash bonus if, as and in such amount (if any) as determined by the Company in its sole discretion. With respect to each fiscal year after 2014, Executive will be eligible to participate in any performance-based bonus program that the Company provides for all or most of its similarly situated key executives at a bonus level commensurate with Executive’s position in the Company as determined by the Company in accordance with the terms of the applicable bonus program. Executive’s target annual bonus under such program shall be fifty percent (50%) of Executive’s Base Salary for the year to which the given bonus relates (the “Target Annual Bonus”). The actual amount of the annual bonus for a given year will be determined by the Company pursuant to the applicable program and the attainment of applicable Company (including, if and as applicable, Affiliates’) and/or individual performance metrics and may be between 0% and 100% of the Executive’s Base Salary for the given year to which the bonus relates. The metrics upon which any performance-based bonus and bonus program are based (which may include qualitative and/or quantitative Company and/or individual performance metrics) and corresponding bonus levels shall be reviewed and may be modified and set annually by the Company in its sole discretion and subject to and commensurate with the Board’s approval of the annual operations budget for the Company. In all instances, to earn and be entitled to payment of any bonus, Executive must be employed in good standing by the Company on the day such bonus is paid. Annual bonuses (if any) will be payable in a single lump-sum in cash between January 1 and March 15 of the year following the fiscal year to which such bonus relates. At whatever time paid, any bonus paid to Executive will be paid, less any required taxes and withholding in accordance with applicable regulations.

Bonus Programs. With respect to Executive’s employment for the remainder of fiscal year 2014, Executive will be eligible to receive a discretionary cash bonus if, as and in such amount (if any) as determined by the Company in its sole discretion. With respect to each fiscal year after 2014, Executive will be eligible to participate in any performance-based bonus program that the Company provides for all or most of its similarly situated key executives at a bonus level commensurate with Executive’s position in the Company as determined by the Company in accordance with the terms of the applicable bonus program. Executive’s target annual bonus under such program shall be fifty percent (50%) of Executive’s Base Salary for the year to which the given bonus relates (the “Target Annual Bonus”). The actual amount of the annual bonus for a given year will be determined by the Company pursuant to the applicable program and the attainment of applicable Company (including, if and as applicable, Affiliates’) and/or individual performance metrics and may be between 0% and 100% of the Executive’s Base Salary for the given year to which the bonus relates. The metrics upon which any performance-based bonus and bonus program are based (which may include qualitative and/or quantitative Company and/or individual performance metrics) and corresponding bonus levels shall be reviewed and may be modified and set annually by the Company in its sole discretion and subject to and commensurate with the Board’s approval of the annual operations budget for the Company. In all instances, to earn and be entitled to payment of any bonus, Executive must be employed in good standing by the Company on the day such bonus is paid. Annual bonuses (if any) will be payable in a single lump-sum in cash between January 1 and March 15 of the year following the fiscal year to which such bonus relates. At whatever time paid, any bonus paid to Executive will be paid, less any required taxes and withholding in accordance with applicable regulations.