Target Bonuses. In addition to Base Salary, during the Term the Executive shall be eligible to receive an annual cash incentive bonus based upon a percentage of Base Salary and attainment of goals established in writing by the Board or its Compensation Committee at the beginning of each year (the “Target Bonus”) for each completed calendar year (subject to Section 5.4 hereof) of the Company. Such bonus shall be paid within 2-1/2 months following the end of the calendar year to which it relates.
Target Bonuses. Employee is eligible to receive an annual discretionary bonus targeted at 100% of his Base Salary (the “Target Bonus”). Such Target Bonus, if any, shall be based on the Employee’s and/or the Company’s achievement of certain goals and objectives to be established by the Board or the Compensation Committee in consultation with the Employee during the first quarter of each calendar year or otherwise as practical and paid upon completion of the Employer’s annual audit for the applicable fiscal year.
Target Bonuses. The Executive shall be eligible to receive an annual incentive bonus with a target amount equal to his Base Compensation. Such bonus (if any) shall be awarded based on objective or subjective criteria reasonably established in advance by agreement between the Executive and the Compensation Committee of the Board. The reasonable determinations of the Board with respect to such bonus shall be final and binding, subject to Section 10(g).
Target Bonuses. Employee will be entitled to a guaranteed cash bonus for 2007 of $400,000, provided that Employee commences employment no later than May 15, 2007. In the event Employee commences employment subsequent to May 15, 2007, such 2007 bonus shall be pro-rated so that Employee is paid one-twelfth (1/12) of said amount for each full month of service completed during calendar year 2007. Said bonus shall be paid upon completion of the Employer’s annual audit, but in no event later than April 1, 2008. Beginning with calendar year 2008, the Employee is also eligible to receive an annual discretionary target bonus of no less than 66.67% of that year’s Base Salary (the “Target Bonus”). In the third year of the Term the Target Bonus shall be no less than 75% of that year’s Base Salary. In the fourth year of the Term the Target Bonus shall be no less than 100% of that year’s Base Salary. Such Target Bonus, if any, shall be based on the Employee’s achievement of certain goals and objectives to be determined by the Board in consultation with the Employee in the first quarter of each calendar year or otherwise as practical and paid upon completion of the Employer’s annual audit for the year of the Target Bonus.
