Common use of Performance Based Bonus Clause in Contracts

Performance Based Bonus. (i) Executive shall be eligible to receive a performance bonus (“Performance Bonus”) for achieving key marketing objectives during the third and fourth quarters of 2005. The Executive’s Performance Bonus target for each quarter shall be $20,000 and objectives established on or before the start of each quarter. The CEO, in his sole and reasonable discretion, shall determine, whether a Performance Bonus is payable and, if so, the amount of such Bonus. (ii) Executive shall participate in the Company’s Annual Incentive Plan (“Bonus”) for Executive and other senior executive officers. The Executive’s Bonus target for 2005 shall be 50% of Executive's Base Salary, prorated if less than a full year, depending on individual and Company performance metrics. Performance metrics for and target amount of the Bonus for 2006 and each subsequent calendar year shall be established on or before March 31 of the year to which the Bonus relates. The CEO, in consultation with the Board and in their sole and reasonable discretion, shall determine, on or before March 31 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company.

Appears in 1 contract

Sources: Employment Agreement (Internap Network Services Corp)

Performance Based Bonus. (i) Executive shall be eligible While the Company has not decided to receive implement a performance bonus (“Performance Bonus”) for achieving key marketing objectives during the third and fourth quarters of 2005. The Executive’s Performance Bonus target for each quarter shall be $20,000 and objectives established on or before the start of each quarter. The CEO, in his sole and reasonable discretion, shall determine, whether a Performance Bonus is payable and, if so, the amount of such Bonus. (ii) Executive shall participate in the Company’s Annual Incentive Plan plan (“Bonus”) for Executive and other senior executive officers. The officers at this time, should it do so in the future its present intention is that Executive’s Bonus target for 2005 shall would be from 35% to up to 50% of Executive's ’s Base Salary, prorated if less than a full year. Performance metrics for the Bonus, depending on individual if any, for 2003 shall be established by the CEO in consultation with the Board and Company performance metricsin their sole and reasonable discretion as soon as practicable after a determination has been made to implement a Bonus plan for Executive and other senior executive officers. Performance metrics for and target amount of the Bonus for 2006 2004 and each subsequent calendar year shall be established on or before March 31 February 28 of the year to which the Bonus relates. The CEO, in consultation with the Board and in their sole and reasonable discretion, shall determine, on or before March 31 February 28 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's ’s first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company.

Appears in 1 contract

Sources: Employment Agreement (Internap Network Services Corp)

Performance Based Bonus. The Executive shall not participate in the Company's Annual Incentive Plan (i"Bonus") for executives in calendar year 2005. However, Executive shall be eligible to receive a performance bonus (“Performance Bonus”) Bonus for achieving key marketing objectives during the third 2006 and fourth quarters of 2005. The Executive’s Performance Bonus target for each quarter shall be $20,000 and objectives established on or before the start of each quarter. The CEO, in his sole and reasonable discretion, shall determine, whether a Performance Bonus is payable and, if so, the amount of such Bonus. (ii) Executive shall participate in the Company’s Annual Incentive Plan (“Bonus”) for Executive and other senior executive officers. The Executive’s Bonus target for 2005 shall be 50% of Executive's Base Salary, prorated if less than a full year, depending on individual and Company performance metricssubsequent calendar years. Performance metrics for and target amount of the Bonus for 2006 and each subsequent calendar year shall be established on or before March 31 of the year to which the Bonus relates. The CEO, in consultation with the Board and in their sole and reasonable discretion, shall determine, on or before March 31 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s 's common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company. Notwithstanding, Executive's Bonus payment for calendar year 2006 shall be no less than $150,000, subject to the terms of the Company's 2006 Annual Incentive Plan for executives.

Appears in 1 contract

Sources: Employment Agreement (Internap Network Services Corp)

Performance Based Bonus. (i) Executive shall be eligible While the Company has not decided to receive implement a performance bonus (“Performance Bonus”) for achieving key marketing objectives during the third and fourth quarters of 2005. The Executive’s Performance Bonus target for each quarter shall be $20,000 and objectives established on or before the start of each quarter. The CEO, in his sole and reasonable discretion, shall determine, whether a Performance Bonus is payable and, if so, the amount of such Bonus. (ii) Executive shall participate in the Company’s Annual Incentive Plan plan (“Bonus”) for Executive and other senior executive officers. The officers at this time, should it do so in the future its present intention is that Executive’s Bonus target for 2005 shall would be 50from __% to up to __% of Executive's Base Salary, prorated if less than a full year. Performance metrics for the Bonus, depending on individual if any, for 2003 shall be established by the CEO in consultation with the Board and Company performance metricsin their sole and reasonable discretion as soon as practicable after a determination has been made to implement a Bonus plan for Executive and other senior executive officers. Performance metrics for and target amount of the Bonus for 2006 2004 and each subsequent calendar year shall be established on or before March 31 February 28 of the year to which the Bonus relates. The CEO, in consultation with the Board and in their sole and reasonable discretion, shall determine, on or before March 31 February 28 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company.

Appears in 1 contract

Sources: Employment Agreement (Internap Network Services Corp)

Performance Based Bonus. While the Company has not decided to implement a bonus plan (i) Executive shall be eligible to receive a performance bonus (“Performance "Bonus”) for achieving key marketing objectives during the third and fourth quarters of 2005. The Executive’s Performance Bonus target for each quarter shall be $20,000 and objectives established on or before the start of each quarter. The CEO, in his sole and reasonable discretion, shall determine, whether a Performance Bonus is payable and, if so, the amount of such Bonus. (ii) Executive shall participate in the Company’s Annual Incentive Plan (“Bonus”") for Executive and other senior executive officers. The officers at this time, should it do so in the future its present intention is that Executive’s 's Bonus target for 2005 shall would be from 35% to up to 50% of Executive's Base Salary, prorated if less than a full year. Performance metrics for the Bonus, depending on individual if any, for 2004 shall be established by the CEO in consultation with the Board and Company performance metricsin their sole and reasonable discretion as soon as practicable after a determination has been made to implement a Bonus plan for Executive and other senior executive officers. Performance metrics for and target amount of the Bonus for 2006 2005 and each subsequent calendar year shall be established on or before March 31 February 28 of the year to which the Bonus relates. The CEO, in consultation with the Board and in their sole and reasonable discretion, shall determine, on or before March 31 February 28 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s 's common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company.

Appears in 1 contract

Sources: Employment Agreement (Internap Network Services Corp)

Performance Based Bonus. (i) Executive shall be eligible While the Company has not decided to receive implement a performance bonus (“Performance Bonus”) for achieving key marketing objectives during the third and fourth quarters of 2005. The Executive’s Performance Bonus target for each quarter shall be $20,000 and objectives established on or before the start of each quarter. The CEO, in his sole and reasonable discretion, shall determine, whether a Performance Bonus is payable and, if so, the amount of such Bonus. (ii) Executive shall participate in the Company’s Annual Incentive Plan plan (“Bonus”) for Executive and other senior executive officers. The officers at this time, should it do so in the future its present intention is that Executive’s Bonus target for 2005 shall would be from 35% to up to 50% of Executive's Base Salary, prorated if less than a full year. Performance metrics for the Bonus, depending on individual if any, for 2004 shall be established by the CEO in consultation with the Board and Company performance metricsin their sole and reasonable discretion as soon as practicable after a determination has been made to implement a Bonus plan for Executive and other senior executive officers. Performance metrics for and target amount of the Bonus for 2006 2005 and each subsequent calendar year shall be established on or before March 31 February 28 of the year to which the Bonus relates. The CEO, in consultation with the Board and in their sole and reasonable discretion, shall determine, on or before March 31 February 28 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company.

Appears in 1 contract

Sources: Employment Agreement (Internap Network Services Corp)

Performance Based Bonus. (i) Executive shall be eligible to receive a performance bonus (“Performance Bonus”) for achieving key marketing objectives during the third and fourth quarters of 2005. The Executive’s Performance Bonus target for each quarter shall be $20,000 and objectives established on or before the start of each quarter. The CEO, in his sole and reasonable discretion, shall determine, whether a Performance Bonus is payable and, if so, the amount of such Bonus. (ii) Executive shall participate in the Company’s Annual Incentive Plan (“Bonus”) for Executive and other senior executive officers. The Executive’s Bonus maximum target for 2005 shall be 5045% of Executive's Base Salary, prorated if less than a full year, depending on individual and Company performance metrics. Performance metrics for and target amount of the Bonus for 2006 and each subsequent calendar year shall be established on or before March 31 of the year to which the Bonus relates. The CEO, in consultation with the Board and in their sole and reasonable discretion, shall determine, on or before March 31 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company.

Appears in 1 contract

Sources: Employment Agreement (Internap Network Services Corp)

Performance Based Bonus. (i) Executive shall be eligible While the Company has not decided to receive implement a performance bonus (“Performance Bonus”) for achieving key marketing objectives during the third and fourth quarters of 2005. The Executive’s Performance Bonus target for each quarter shall be $20,000 and objectives established on or before the start of each quarter. The CEO, in his sole and reasonable discretion, shall determine, whether a Performance Bonus is payable and, if so, the amount of such Bonus. (ii) Executive shall participate in the Company’s Annual Incentive Plan plan (“Bonus”) for Executive and other senior executive officers. The officers at this time, should it do so in the future its present intention is that Executive’s Bonus target for 2005 shall would be from 35% to up to 50% of Executive's Base Salary, prorated if less than a full year. Performance metrics for the Bonus, depending on individual if any, for 2004 shall be established by the CFO in consultation with the Board and Company performance metricsin their sole and reasonable discretion as soon as practicable after a determination has been made to implement a Bonus plan for Executive and other senior executive officers. Performance metrics for and target amount of the Bonus for 2006 2005 and each subsequent calendar year shall be established on or before March 31 February 28 of the year to which the Bonus relates. The CEOCFO, in consultation with the Board and in their sole and reasonable discretion, shall determine, on or before March 31 February 28 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company.

Appears in 1 contract

Sources: Employment Agreement (Internap Network Services Corp)

Performance Based Bonus. (i) Executive shall be eligible While the Company has not decided to receive implement a performance bonus (“Performance Bonus”) for achieving key marketing objectives during the third and fourth quarters of 2005. The Executive’s Performance Bonus target for each quarter shall be $20,000 and objectives established on or before the start of each quarter. The CEO, in his sole and reasonable discretion, shall determine, whether a Performance Bonus is payable and, if so, the amount of such Bonus. (ii) Executive shall participate in the Company’s Annual Incentive Plan plan (“Bonus”) for Executive and other senior executive officers. The officers at this time, should it do so in the future its present intention is that Executive’s Bonus target for 2005 shall would be from 50% to up to 150% of Executive's ’s Base Salary, prorated if less than a full year. Performance metrics for the Bonus, depending on individual if any, for 2004 shall be established by the Board and Company performance metricsin their sole and reasonable discretion as soon as practicable after a determination has been made to implement a Bonus plan for Executive and other senior executive officers. Performance metrics for and target amount amounts of the Bonus for 2006 2005 and each subsequent calendar year shall be established on or before March 31 February 28 of the year to which the Bonus relates. The CEO, Board in consultation with the Board and in their its sole and reasonable discretion, discretion shall determine, on or before March 31 February 28 of the year in which the Bonus would be payable, whether a Bonus is payable and, if so, the amount of such Bonus. Unless otherwise determined by the Board, all Bonus payments shall be made on the Company's ’s first regular payroll date following such determination and shall be subject to standard payroll tax withholdings and deductions. To be eligible for a Bonus, Executive must be continuously employed by the Company through the date on which the Bonus is paid. Executive recognizes and agrees that: (a) the Company may in its sole discretion and with reasonable notice to Executive determine that any Bonus, if payable, may be paid in whole or in part in the Company’s common stock or other equity securities, including restricted stock and stock options; and (b) the Company may in its sole discretion suspend or discontinue any bonus program at any time without any liability on the part of the Company.

Appears in 1 contract

Sources: Employment Agreement (Internap Network Services Corp)