Performance-Based Compensation Bonus. Employee will be eligible for consideration to receive performance-based compensation {"Bonus") from time to time, after consideration of Employee's contributions, and the Company's standing. The Board shall determine, in its sole and absolute discretion, the amount, if any. Bonus to be paid. The Board will consider the appropriateness of awarding Bonus compensation to Employee at least annually and will solicit Employee's input to the decision. There is no minimum guaranteed bonus, and the maximum potential Bonus Employee will be eligible to earn on an annual basis is one-half of Employee's annual salary, or Sixty-two Thousand. Five Hundred Dollars ($62,500). payable at the Employee's election in either cash, a common stock award under the Company's 2006 Stock Incentive Plan (the "Stock Plan") or a combination of both. In the event that Company consummates a transaction involving a change of ownership of the company, the Board, in its sole and absolute discretion, will consider whether to provide Employee with additional bonus compensation that is not subject to the maximum potential Bonus stated above. Any earned bonus will be paid in accordance with normal company policy and procedure.
Performance-Based Compensation Bonus. Employee will be eligible to receive individualized performance-based compensation (Bonus) pursuant to criteria for such performance objectives (“Goals”) as established from time to time by the CEO and the Company’s Board of Directors (the “Board”). Although there is no guaranteed bonus amount, Employee will be eligible to receive an annual total Bonus of up to 25% of Base Salary and such Bonus is contingent upon his achievement of the Goals. Employee’s efforts toward achievement of the Goals shall be evaluated on at least an annual basis. If a Bonus is earned, it will typically be paid during the second pay period in February for the prior calendar year and the amount and payment of any such Bonus will be determined by Company in its sole and absolute discretion and any such payment shall be subject to applicable withholding.
Performance-Based Compensation Bonus. For each calendar year, Employee will be eligible to receive individualized performance based compensation (the “Bonus”) determined based on his achievement of specified individual and Company performance objectives, with the criteria of such performance objectives to be defined by the CEO together with the Company’s Board of Directors (the “Board”) in consultation with Employee. Employee’s performance will be reviewed on an on-going basis by the CEO over the course of his employment. Although there is no minimum guaranteed bonus, Employee will be eligible to receive an annual target Bonus of 35% of Base Salary, with any such Bonus contingent upon his achievement of the established performance criteria (“Goals”). Employee’s efforts toward achievement of the Goals shall be evaluated on an annual basis. If a Bonus is earned, it will be paid during the second pay period in February for the prior calendar year, and the amount and payment of any such Bonus will be determined by the Company in its sole and absolute discretion and any such payment shall be subject to applicable withholding. For the period beginning on the Effective Date and ending on December 31, 2011, the Bonus, if earned, will be pro-rated. In order to receive any annual Bonus under this Section 4.2, except as otherwise provided in Section 8 of this Agreement, Employee must be employed by the Company on the date when the Bonus is payable.
Performance-Based Compensation Bonus. Employee will be eligible to receive individualized performance-based compensation, the criteria of such performance objectives to be defined by Employee and the CEO, subject to the approval by the Compensation Committee of the Company’s Board of Directors (the “Board”). Employee’s performance will be reviewed on an on-going basis by the CEO over the course of the first year. Although there is no minimum guaranteed bonus, Employee can expect to receive an annual total bonus equal to 50% of Base Salary upon achievement of these mutually agreed upon performance criteria which shall be evaluated as to achievement on a quarterly basis, e.g., revenue forecasts. Achievement substantially beyond these mutually agreed upon goals may result in a total annual bonus payment in excess of 50% of Base Salary, up to a maximum annual total of 100% of Base Salary. Any earned bonus will be paid within thirty days following the close of each calendar quarter, the amount and payment of which shall be determined by Company in its sole and absolute discretion and any such payment shall be subject to applicable withholding.
Performance-Based Compensation Bonus. Employee will be eligible to receive performance-based compensation (“Bonus”), the criteria of such performance objectives (the “Goals”) to be defined by Employee and the Compensation Committee of the Board within the first month following Employee’s commencement of employment. Employee’s performance will be reviewed on an on-going basis by the Board. Although there is no minimum guaranteed bonus, Employee will be eligible to earn an aggregate annual Bonus of up to One Hundred Twenty Five Thousand Dollars ($125,000.), payable at the Employee’s election in either cash, a common stock award under the Company’s 2006 Stock Incentive Plan (the “Stock Plan”) or a combination of both, in connection with the achievement of the Goals. The Board shall determine, in its sole and absolute discretion, whether the relevant Goals for a period have been achieved and the amount and payment of a Bonus in connection therewith. Any earned bonus will be paid on the 45th day following the end of the most recently completed fiscal quarter (or, if such quarter is the last quarter of the fiscal year, on the 74th day following the end of such quarter), subject to applicable withholding.
Performance-Based Compensation Bonus. Employee will be eligible to receive individualized performance-based compensation (Bonus) and the criteria of such performance objectives to be defined by Employee and the CEO as well as the Company’s Board of Directors (the “Board”). Employee’s performance will be reviewed on an on-going basis by the President/CEO over the course of his employment. Although there is no minimum guaranteed bonus, Employee can receive an annual total Bonus equal to 35% of Base Salary and such Bonus is contingent upon his achievement of the agreed upon performance criteria (“Goals”). Employee’s efforts toward achievement of the Goals shall be evaluated on an annual basis. If a Bonus is earned, it will be paid during the second pay period in February for the prior calendar year and the amount and payment of any such Bonus will be determined by Company in its sole and absolute discretion and any such payment shall be subject to applicable withholding. For the period beginning on the Effective Date and ending on December 31, 2008, the Bonus, if earned, will be pro-rated.
