Management Bonus Plan Clause Samples

Management Bonus Plan. Beginning on the Effective date, Executive will be eligible to participate in the Company’s annual management bonus plan for executive’s at the Chief Financial Officer level of the Company, under which, he will be eligible to receive a bonus based on a percentage of his annual base salary or based on targets established at the beginning of the year. The award and payment of the executive bonus will be governed by the terms of the Company’s management bonus plan as approved by The Committee, who shall have the sole discretion to change or eliminate the Executive’s bonus plan, to determine whether Executive is entitled to any such bonus and to determine the amount of any such bonus. If Executive’s employment terminates for any reason prior to the end of the calendar year, Executive’s entitlement to any portion of the executive bonus will be determined pursuant to the management bonus plan, subject to the approval of The Committee.

Management Bonus Plan. Commencing with calendar year 2003, the Employee shall be eligible to participate in a Management Bonus Plan to be developed and administered by the Compensation Committee of the Board pursuant to which, for each calendar year, participants may earn, based on individual performance, up to a percentage of the participant’s salary established at the beginning of the year, payable from a bonus fund measured by the extent to which the Company’s performance during the year exceeds budget, such bonus to be payable in cash and/or shares of the Company’s stock, all as determined by the Compensation Committee and Chief Executive Officer.

Management Bonus Plan. Upon consummation of the Merger, Parent shall contribute to the Company the sum of $3,000,000, to be used for bonus payments to members of the Company’s management as the Company’s board of directors may determine in its sole judgment. Parent shall also contribute to the Company up to $200,000 with respect to 2007, $600,000 with respect to 2008 and $1,200,000 with respect to 2009, in proportion to the ratio of Milestone Shares to Target Shares for each of such years (but not in excess of 100% of Target Shares in any year), which shall be used for bonus payments to members of the Company’s management as the Company’s board of directors may determine in its sole judgment. Notwithstanding the foregoing, no bonus payment shall be made to any Person who (a) has a right to receive payment from the Company or Parent as a result of a “change of control” provision in such Person’s change of control agreement or other agreement with the Company unless such Person waives all present and future rights under such provision and (b) at Parent’s or the Company’s request, with respect to directors and officers at the level of vice president or above, does not agree to remain in the employ of the Company for at least one (1) year after the Closing, all pursuant to an agreement reasonably satisfactory to Parent’s board of directors as constituted prior to the Closing.

Management Bonus Plan. (a) On July 9, 2012 the Management Bonus Plan was duly adopted by both the Board of the Company and the holders of the percentage of Membership Interests required to adopt the Management Bonus Plan pursuant to the terms of the Company’s Fifth Amended and Restated Operating Agreement. In accordance with the terms of the Management Bonus Plan, on February 13, 2013, the Board of the Company adopted a resolution identifying the list of Participants (as defined in Exhibit 3.2(m)) eligible to receive a Bonus Payment (as defined in Exhibit 3.2(m)) under the Management Bonus Plan. The terms of the Management Bonus Plan, as approved by the Board of the Company and the holders of the Membership Interests as described in this paragraph, are set out in detail on Exhibit 3.2(m) hereto. (b) The Sellers hereby (i) agree to pay or cause to be paid any Bonus Payment that becomes due and payable in accordance with the terms of the Management Bonus Plan (subject to the satisfaction of the conditions set forth therein), and (ii) acknowledge and agree that any and all Liabilities arising out of or relating to the Management Bonus Plan are the sole responsibility of the Sellers. (c) The Parties hereby acknowledge and agree that (i) the Management Bonus Plan shall be administered solely by the Sellers’ Representative and (ii) none of the Parent, the Surviving Company or any of their respective Affiliates shall have any (x) responsibility to fund any Bonus Payment under the Plan or (y) Liability with respect to Parent’s compliance with Section 4.5. (d) With respect to any dispute regarding any Bonus Payment under the Management Bonus Plan, the Sellers’ Representative agrees not to object to the subrogation to Parent of the applicable Participant’s claims in connection with such dispute (to the extent subrogation rights are legally available with respect to such dispute, and Parent perfects such subrogation rights in accordance with applicable Law); provided, however, that nothing contained herein shall be (or shall be deemed) a waiver of or limitation of any other rights, remedies or defenses available to the Sellers’ Representative, at law, in equity or under contract, with respect to any such dispute.

Management Bonus Plan. Upon acceptance of employment, Mango will be entitled to participate in the Company's Management Bonus Plan. Mango will be entitled to receive twelve percent (12%) of the distribution from the Management Bonus Plan.

Management Bonus Plan. Employee shall no longer be entitled to receive any bonuses under the terms of Employer's Management Bonus Plan, a copy of which is attached hereto as Exhibit A."

Management Bonus Plan. The Employee shall be eligible to receive a bonus based on the Company's achievement of certain revenue milestones for fiscal years 2005, 2006 and 2007, as set forth in further detail in the management bonus plan attached hereto as EXHIBIT A. The Employee and the Company acknowledge and agree that the bonus plan attached hereto supersedes and replaces that certain letter from the Company to the Employee dated as of December 30, 2004, which letter shall cease to have any further force or effect.

Management Bonus Plan. If Borrower establishes a management bonus plan for its fiscal years 1997, 1998, or 1999 Borrower's compensation committee and management will provide Lender with a written explanation of any differences between (a) the income projections used to establish fiscal 1997, 1998, and 1999 bonus levels in the plan and (b) the income projections used by Vrolyk and Company in its evaluation of the value of Borrower's common stock.

Management Bonus Plan. Commencing with calendar year 2003, the Employee shall be eligible to participate in a Management Bonus Plan to be developed and administered by the Compensation Committee of the Board pursuant to which, for each calendar year, participants may earn, based on Company and individual performance, up to a predetermined amount of a bonus fund measured by the extent to which the Company’s performance achieves objective financial performance criteria, all as determined by the Compensation Committee, such bonus to be payable in cash and/or shares of the Company’s stock, all as determined by the Compensation Committee. In recognition of Employee’s services as a consultant, the Employee’s bonus for 2003 shall be calculated as if the Employee had commenced service effective January 1, 2003, and shall not be prorated.