Common use of Incentive Bonus Program Clause in Contracts

Incentive Bonus Program. The Executive shall be eligible to receive an annual incentive bonus (each an “Annual Incentive Bonus”) for each completed calendar year of employment during the Term in accordance with any bonus policy adopted by the Board (or an authorized committee thereof), as may be amended or modified from time to time. The bonus policy will provide that the Executive shall be entitled to earn an Annual Incentive Bonus for such completed calendar year of employment based on performance criteria determined in the sole discretion of the Board. The Annual Incentive Bonus for a completed calendar year of employment shall be paid within forty-five (45) days following the end of the completed calendar year. Other than as set forth in Section 9, the Executive must be employed by, or be providing services to, the Company or an affiliate of the Company on the date an Annual Incentive Bonus is to be paid to be eligible to receive the Annual Incentive Bonus for such completed calendar year of employment. Payment of the Annual Incentive Bonus may be made in the form of cash, stock bonus (issued pursuant to the EIP), or a combination thereof, as determined in the sole discretion of the Board (or an authorized committee thereof). As a condition to the Company’s obligations with respect to any stock bonus (including, without limitation, any obligation to deliver any shares of Common Stock with respect to any stock bonus), the Executive shall make arrangements satisfactory to the Company to pay to the Company any federal, state, local, or foreign taxes of any kind required to be withheld with respect to the delivery of shares of Common Stock with respect to such stock bonus. The award of any Annual Incentive Bonus shall be determined by the Board in its sole discretion.

Incentive Bonus Program. The Executive shall be eligible to receive an annual incentive bonus (each an “Annual Incentive Bonus”) for each completed calendar year of employment during the Term in accordance with any a bonus policy adopted by the Board (or an authorized committee thereof), as may be amended or modified from time to time. The bonus policy will provide that the Executive shall be entitled to earn an Annual Incentive Bonus for such completed calendar year of employment based on performance criteria determined in the sole discretion of the Board. The Annual Incentive Bonus for a completed calendar year of employment shall be paid within forty-five (45) days following the end of the completed calendar year. Other than as set forth in Section 9, the Executive must be employed by, or be providing services to, the Company or an affiliate of the Company on the date an Annual Incentive Bonus is to be paid to be eligible to receive the Annual Incentive Bonus for such completed calendar year of employment. Payment of the Annual Incentive Bonus may be made in the form of cash, stock bonus (issued pursuant to the EIP), or a combination thereof, as determined in the sole discretion of the Board (or an authorized committee thereof). As a condition to the Company’s obligations with respect to any stock bonus (including, without limitation, any obligation to deliver any shares of Common Stock with respect to any stock bonus), the Executive shall make arrangements satisfactory to the Company to pay to the Company any federal, state, local, or foreign taxes of any kind required to be withheld with respect to the delivery of shares of Common Stock with respect to such stock bonus. The award In lieu of any the Annual Incentive Bonus for each completed year of employment during the Initial Term, which the Executive acknowledges that the Executive will not be eligible to receive, the Company has adopted a special incentive bonus program under which the Executive will be eligible to receive an incentive bonus on each December 31 and June 30 during the Initial Term (the “Special Incentive Bonus”). For each of the five (5) Special Incentive Bonuses payable during the Initial Term, the Executive shall be determined by eligible to receive a bonus of 1,000,000 shares of the Company’s Common Stock, provided the Board has determined, in its sole discretion, that the Executive’s performance has been average or better for such Special Incentive Bonus period. The Special Incentive Bonus for each period shall be paid within forty-five (45) days following December 31 or June 30, as applicable. Other than as set forth in Section 9, the Executive must be employed by, or providing services to, the Company or an affiliate of the Company on the date the Special Incentive Bonus is to be paid to be eligible to receive the Special Incentive Bonus for such period. As a condition to the Company’s obligations with respect to each Special Incentive Bonus (including, without limitation, any obligation to deliver any shares of Common Stock with respect to any Special Incentive Bonus), the Executive shall make arrangements satisfactory to the Company to pay to the Company any federal, state, local, or foreign taxes of any kind required to be withheld with respect to the delivery of shares of Common Stock with respect to such Special Incentive Bonus.

Incentive Bonus Program. The Executive shall be eligible to receive an annual incentive bonus (each an “Annual Incentive Bonus”) for each completed calendar year of employment during the Term in accordance with any a bonus policy adopted by the Board (or an authorized committee thereof), as may be amended or modified from time to time. The bonus policy will provide that the Executive shall be entitled to earn an Annual Incentive Bonus for such completed calendar year of employment based on performance criteria determined in the sole discretion of the Board. The Annual Incentive Bonus for a completed calendar year of employment shall be paid within forty-five (45) days following the end of the completed calendar year. Other than as set forth in Section 9, the Executive must be employed by, or be providing services to, the Company or an affiliate of the Company on the date an Annual Incentive Bonus is to be paid to be eligible to receive the Annual Incentive Bonus for such completed calendar year of employment. Payment of the Annual Incentive Bonus may be made in the form of cash, stock bonus (issued pursuant to the EIP), or a combination thereof, as determined in the sole discretion of the Board (or an authorized committee thereof). As a condition to the Company’s obligations with respect to any stock bonus (including, without limitation, any obligation to deliver any shares of Common Stock with respect to any stock bonus), the Executive shall make arrangements satisfactory to the Company to pay to the Company any federal, state, local, or foreign taxes of any kind required to be withheld with respect to the delivery of shares of Common Stock with respect to such stock bonus. The award of any Annual Incentive Bonus shall be determined by the Board in its sole discretion.