Common use of Executive Management Bonus Program Clause in Contracts

Executive Management Bonus Program. The Employee shall be entitled to a performance-based bonus at the level determined by the Compensation Committee of the Board with input from the Supervisor, provided that such bonus shall not be in an amount of less than TWO HUNDRED FIFTY THOUSAND U.S. DOLLARS (US$250,000) per annum, of which not less than ONE HUNDRED TWENTY FIVE THOUSAND U.S. DOLLARS (US$125,000) shall be in respect of the Employee’s duties to Parent and not less than ONE HUNDRED TWENTY FIVE THOUSAND U.S. DOLLARS (US$125,000) shall be in respect of the Employee’s duties to Genie E&P. Bonuses shall be paid at the same time as bonuses are paid to other executive officers of Parent.