Common use of Executive Bonus Clause in Contracts

Executive Bonus. The Executive shall be eligible to receive quarterly and annual bonuses as determined by the Board or the Compensation Committee in its discretion (“Executive Bonus”). The Executive’s target Executive Bonus for fiscal year 2023 shall be up to sixty percent (60%) of the Executive’s Base Salary. The Executive Bonus for fiscal year 2023 shall be paid out in five (5) installments. The first two (2) installments have already been paid to Executive. The third, fourth, and fifth installments shall be paid to Executive as soon as reasonably practicable following the end of the Company’s third fiscal quarter, fourth fiscal quarter and fiscal year 2023, respectively, and in any event within seventy-four (74) days following such end of such quarter or fiscal year, as applicable. The Executive’s target Executive Bonus for future fiscal years shall be in such percentage as determined from time to time by the Board or Compensation Committee in its discretion, but in no case less than sixty percent (60%) unless agreed upon by the Executive in writing. The actual amount of the Executive’s Executive Bonus, if any, shall be determined in the sole discretion of the Board or the Compensation Committee, subject to the terms of the applicable Executive Bonus Plan that may be in effect from time to time. Except as otherwise provided herein or in any applicable Executive Bonus Plan, to earn any Executive Bonus in a given measurement period, the Executive must be employed by the Company in good standing on the day such Executive Bonus is paid. Subject to the foregoing, Executive Bonus shall be paid in cash to the Executive immediately after filing the Form 10-Q for the quarter or Form 10-K for the year to which such Executive Bonus relates. The Executive’s eligibility and entitlement to a 2024 bonus will be determined by terms and conditions of the Company’s Executive Bonus Plan, effective January 1, 2024.

Executive Bonus. The Executive shall be eligible to receive quarterly and annual bonuses as determined by the Board or the Compensation Committee in its discretion (“Executive Bonus”). The Executive’s target Executive Bonus for fiscal year 2023 shall be up to sixty seventy-five percent (6075%) of the Executive’s Base Salary. The Executive Bonus for fiscal year 2023 shall be paid out in five (5) installments. The first two (2) installments have already been paid to Executive. The third, fourth, and fifth installments shall be paid to Executive as soon as reasonably practicable following the end of the Company’s third fiscal quarter, fourth fiscal quarter and fiscal year 2023, respectively, and in any event within seventy-four (74) days following such end of such quarter or fiscal year, as applicable. The Executive’s target Executive Bonus for future fiscal years shall be in such percentage as determined from time to time by the Board or Compensation Committee in its discretion, but in no case less than sixty seventy-five percent (6075%) unless agreed upon by the Executive in writing. The actual amount of the Executive’s Executive Bonus, if any, shall be determined in the sole discretion of the Board or the Compensation Committee, subject to the terms of the applicable Executive Bonus Plan that may be in effect from time to time. Except as otherwise provided herein or in any applicable Executive Bonus Plan, to earn any Executive Bonus in a given measurement period, the Executive must be employed by the Company in good standing on the day such Executive Bonus is paid. Subject to the foregoing, Executive Bonus shall be paid in cash to the Executive immediately after filing the Form 10-Q for the quarter or Form 10-K for the year to which such Executive Bonus relates. The Executive’s eligibility and entitlement to a 2024 bonus will be determined by terms and conditions of the Company’s Executive Bonus Plan, effective January 1, 2024.