Common use of Management Bonus Program Clause in Contracts

Management Bonus Program. Holdings Employees shall cease participation in the Continental Management Bonus Program effective as of December 31, 2001. Holdings established the Holdings Management Bonus Program effective as of January 1, 2002, for the benefit of certain executives and other employees of Holdings subject to such terms and conditions specified by Holdings. The Holdings Management Bonus Program provides for the payment of bonuses solely in the event that the target operating income for Holdings for the year ended December 31, 2002, is at least 90% of the budget approved for Holdings for such year by the "Committee" (as such term is defined in such Holdings Plan) and, if such minimum condition is satisfied, the bonus payable will be based on a sliding scale of between 90% and 110% of the targeted percentages of annual base salary described below. With respect to the year ended December 31, 2002, the following are the targeted percentages of annual base salary under the Holdings Management Bonus Program for the following officers of ExpressJet Airlines: (a) Chief Executive Officer, 60%; (b) Chief Operating Officer and Chief Financial Officer, 45% each; (c) Vice Presidents, 40% each; (d) senior director level employees, 25 % each; and (e) director level employees, 20% each.

Management Bonus Program. Holdings Employees shall cease participation in the Continental Management Bonus Program effective as of December 31, 2001. Holdings established the Holdings Management Bonus Program effective as of January 1, 2002, for the benefit of certain executives and other employees of Holdings subject to such terms and conditions specified by Holdings. The Holdings Management Bonus Program provides for the payment of bonuses solely in the event that the target operating income for Holdings for the year ended December 31, 2002, is at least 90% of the budget approved for Holdings for such year by the "Committee" (as such term is defined in such Holdings Plan) and, if such minimum condition is satisfied, the bonus payable will be based on a sliding scale of between 90% and 110% of the targeted percentages of annual base salary described below. With respect to the year ended December 31, 2002, the following are the targeted percentages of annual base salary under the Holdings Management Bonus Program for the following officers of ExpressJet Airlines: (a) Chief Executive Officer, 60%; (b) Chief Operating Officer and Chief Financial Officer, 45% each; (c) Vice Presidents, 40% each; (d) senior director level employees, 25 25% each; and (e) director level employees, 20% each.