Common use of Target Annual Bonus Clause in Contracts

Target Annual Bonus. Employee shall be eligible to receive additional compensation in the form of an annual cash bonus (the “Target Annual Bonus”) based on the Company’s achievement of certain performance targets and subject in all respects to the specific terms and conditions set forth on Exhibit A hereto. All determinations relating to the performance targets applicable to the Target Annual Bonus for each year shall be made in the discretion of the Board or such person or committee to which such authority has been granted by the Board, with input from Employee, and the extent to which such targets have been achieved for each year shall be made in the reasonable discretion of the Board. The performance targets for calendar year 2023 are set forth on Exhibit A and for such year may not be amended without the written consent of Employee. Exhibit A shall be amended for each year subsequent to 2023 based on the determination of the Board or committee as provided above. The amount of the Target Annual Bonus that will be earned if all performance targets are achieved for each year (the “Target Annual Bonus Percentage”) shall be set forth on Exhibit A, which may not be less than five percent (5%) of EBITDA for the applicable year, and once established for any year such Target Annual Bonus Percentage may not be decreased without the written consent of Employee. Subject to Section 4(e)(i)(C), each Target Annual Bonus, if any, shall be awarded in, and is conditioned upon Employee’s employment on the first day of the fiscal year immediately following the fiscal year in which the applicable performance targets were achieved, and shall be paid on the earlier of (i) the date that is thirty (30) days after the Company receives from its auditors the final audited financial statements of the Company for the fiscal year in which the applicable performance targets were achieved, and (ii) March 31 of the fiscal year following the fiscal year in which the applicable performance targets were achieved. Employee is not guaranteed any minimum Target Annual Bonus. This Agreement shall not affect Employee’s rights to any bonus or incentive compensation for calendar year 2020.

Target Annual Bonus. Employee shall Subject to the last sentence of this Section 5(a)(ii), the Executive will be eligible to receive additional compensation in the form of an be paid a target annual cash bonus (the “Target Annual Bonus”) based on in respect of such fiscal year of the Company during which the Executive has been employed as Chief Executive Officer of the Company’s achievement of certain performance targets and subject in all respects to the specific terms and conditions set forth on Exhibit A hereto. All determinations relating to the performance targets applicable to the Target The target Annual Bonus for each year shall be made in the discretion an amount equal to 75% of the Board or Executive’s Base Salary in respect of such person or committee to which such authority has been granted by the Board, with input from Employee, and the extent to which such targets have been achieved for each year shall be made in the reasonable discretion of the Board. The performance targets for calendar year 2023 are set forth on Exhibit A and for such year may not be amended without the written consent of Employee. Exhibit A shall be amended for each year subsequent to 2023 based on the determination of the Board or committee as provided above. The amount of the Target Annual Bonus that will be earned if all performance targets are achieved for each year (the “Target Annual Bonus Percentage”) shall be set forth on Exhibit A, which may not be less than five percent (5%) of EBITDA for the applicable fiscal year, and once established for any year such Target Annual Bonus Percentage may not be decreased without the written consent of Employee. Subject to Section 4(e)(i)(C), each Target Annual Bonus, if any, shall be awarded in, and is conditioned upon Employee’s employment on the first day of the fiscal year immediately following the fiscal year in which the applicable performance targets were achieved, and shall be paid on to the earlier of Executive only if (iA) the date that is thirty Company has achieved the targets (30the “Bonus Targets”) days after to be set forth in an executive bonus plan (the “Bonus Plan”) to be implemented on or prior to March 31, 2012 by the Board, in consultation and agreement with the Executive, and (B) (1) the Executive has been employed by the Company receives from its auditors the final audited financial statements as Chief Executive Officer for at least three fiscal quarters of the fiscal year to which the Annual Bonus corresponds and (2) his employment with the Company has been terminated prior to the end of the full fiscal year to which the Annual Bonus corresponds for any reason other than (x) for Cause or (y) upon his voluntary resignation (other than for Good Reason, as defined herein); provided that if the Executive’s employment with the Company has been terminated at any time after completing three fiscal quarters of service prior to the end of the full fiscal year to which the Annual Bonus corresponds for any reason other than (x) for Cause or (y) upon his voluntary resignation (other than for Good Reason), and the Bonus Targets for the fiscal year in which the applicable performance targets were his employment has been so terminated have been achieved, and (ii) March 31 the amount of the Annual Bonus to which Executive shall be entitled shall be reduced, pro rata, based on the number of months and days that the Executive has been employed by the Company as Chief Executive Officer during such fiscal year following compared to the entire fiscal year in which the applicable performance targets were achieved. Employee is not guaranteed any minimum Target Annual Bonus. This Agreement related Bonus Targets have been met; and provided further that the Executive shall not affect Employee’s rights be entitled to any bonus portion of the Annual Bonus with respect to any fiscal year during which he has been terminated for Cause, regardless of whether the Bonus Targets have been met. The Annual Bonus (or incentive compensation for calendar any portion thereof, determined in accordance with the foregoing provisions) shall be paid on a date that is 60 days following the end of the applicable fiscal year 2020during the Term (or on the next business day following such 60-day period) (the “Bonus Payment Date”).

Target Annual Bonus. Employee During the Employment Term, the Executive shall be eligible to receive additional compensation in the form of an annual non-deferred, cash incentive payment under the Company’s annual bonus plan as may be in effect from time to time (the “Target Annual Bonus”) based on the Company’s achievement a target bonus opportunity of certain performance targets and subject in all respects to the specific terms and conditions set forth on Exhibit A hereto. All determinations relating to the performance targets applicable to the Target Annual Bonus for each year shall be made in the discretion 75% of the Board or such person or committee to which such authority has been granted by the Board, with input from Employee, and the extent to which such targets have been achieved for each year shall be made in the reasonable discretion of the Board. The performance targets for calendar year 2023 are set forth on Exhibit A and for such year may not be amended without the written consent of Employee. Exhibit A shall be amended for each year subsequent to 2023 based on the determination of the Board or committee as provided above. The amount of the Target Annual Bonus that will be earned if all performance targets are achieved for each year Executive’s Base Salary (the “Target Bonus”), with a maximum bonus opportunity of 150% of the Executive’s Base Salary, in each case upon the attainment of one or more pre-established EBITDA-based performance goals for the Kellwood Business (as defined below) reasonably established in good faith by the Board or any committee thereof at the start of each fiscal year. The attainment of such goals will be based upon the Company’s audited financial results for such year prepared consistent with past practice and subject to adjustment for non-recurring and/or one-time items, such as earn-out payments, severance, business discontinuation costs, and the like (collectively, the “Adjustments”). Any earned Annual Bonus Percentage”) shall be set forth on Exhibit A, which may not be less than five percent paid within thirty (5%30) days following the completion of EBITDA the audited financial statements for the applicable year, and once established for any year such Target Annual Bonus Percentage may not be decreased without the written consent of Employee. Subject to Section 4(e)(i)(C), each Target Annual Bonus, if any, shall be awarded in, and is conditioned upon Employee’s employment on the first day in no event later than March 15 of the fiscal calendar year immediately following the fiscal calendar year in which or with which the applicable performance targets were achievedperiod ended, and shall be paid on provided, subject to Section 8 hereof, that the earlier of (i) Executive remains continuously employed through the date that such bonus is thirty paid. The Executive’s Target Bonus and maximum bonus opportunity shall be subject to annual review by the Board (30or a committee thereof) days after and may be upwardly adjusted from time to time by the Company receives from its auditors Board. Notwithstanding the final audited financial statements of foregoing, unless the Executive resigns without Good Reason or is terminated by the Company for Cause before the end of the Company’s fiscal year in which ending January 31, 2013, the applicable performance targets were achieved, and (ii) March 31 of the annual bonus for such fiscal year following shall be prorated for the fiscal year partial performance period beginning on the Effective Date, but in which no event shall be less than $500,000 (the applicable performance targets were achieved. Employee is not guaranteed any minimum Target Annual “Guaranteed Bonus. This Agreement shall not affect Employee’s rights to any bonus or incentive compensation for calendar year 2020”).

Target Annual Bonus. Employee shall be eligible to receive additional compensation in the form of an annual cash bonus (the “Target Annual Bonus”) based on the Company’s achievement of certain performance targets and subject in all respects to the specific terms and conditions set forth on Exhibit A hereto. All determinations relating to the performance targets applicable to the Target Annual Bonus for each year shall be made in the discretion of the Board or such person or committee to which such authority has been granted by the Board, with input from Employee, and the extent to which such targets have been achieved for each year shall be made in the reasonable discretion of the Board. The performance targets for calendar year 2023 2021 are set forth on Exhibit A and for such year may not be amended without the written consent of Employee. Exhibit A shall be amended for each year subsequent to 2023 2021 based on the determination of the Board or committee as provided above. The amount of the Target Annual Bonus that will be earned if all performance targets are achieved for each year (the “Target Annual Bonus Percentage”) shall be set forth on Exhibit A, which may not be less than five percent (5%) of EBITDA for the applicable year, and once established for any year such Target Annual Bonus Percentage may not be decreased without the written consent of Employee. Subject to Section 4(e)(i)(C), each Target Annual Bonus, if any, shall be awarded in, and is conditioned upon Employee’s employment on the first day of the fiscal year immediately following the fiscal year in which the applicable performance targets were achieved, and shall be paid on the earlier of (i) the date that is thirty (30) days after the Company receives from its auditors the final audited financial statements of the Company for the fiscal year in which the applicable performance targets were achieved, and (ii) March 31 of the fiscal year following the fiscal year in which the applicable performance targets were achieved. Employee is not guaranteed any minimum Target Annual Bonus. This Agreement shall not affect Employee’s rights to any bonus or incentive compensation for calendar year 2020.