Merit Bonus. Commencing with the fiscal year ending January 31, 2002, the Board may, but is not obligated to, award a bonus to Executive following the end of each fiscal year based upon the Company's operating results for and Executive's performance during such fiscal year and such other performance targets and criteria as the Board and Executive may establish and adjust for such fiscal year (the "Merit Bonus"). The target level of such Merit Bonus shall be fifty percent (50%) of Executive's Base Salary, but the amount of any such Merit Bonus may range from zero percent (0%) to one hundred percent (100%) of Executive's Base Salary as determined by the Board based on such criteria. In addition, the Board may take into account any unusual or non-recurring items of the Company during such fiscal year deemed appropriate by the Board in determining any Merit Bonus. The Company shall pay to Executive any such Merit Bonus on or before April 1 following the end of the fiscal year for which such Merit Bonus was based, and any such Merit Bonus shall be subject to customary withholdings for taxes.
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Sources: Employment Agreement (Stage Stores Inc), Employment Agreement (Stage Stores Inc)