Each Bonus Year during the Term, the Compensation Committee will review the structure of the targets provided by it for the preceding Bonus Year and establish the targets for the Bonus Year as it deems appropriate.
The Bonus shall become payable on March 15 of the year following the end of the applicable Bonus Year, provided that the Board or Compensation Committee finally determines (x) that the Company has achieved the applicable performance objectives and (y) the amount of the bonus that shall be paid to each executive entitled to receive a bonus for the applicable Bonus Year.
The Company shall establish a performance-based bonus plan (the Plan) to be applicable for each fiscal year of the Company (a Fiscal Year) ending during the Employment Period pursuant to which Executive will be eligible to receive an annual bonus (the Bonus) with respect to each Fiscal Year of the Company ending during the Employment Period (each, a Bonus Year).
Subject to Section 4, Executive will be entitled to receive the Bonus only upon the Companys achievement of the specified performance objectives and if Executive is employed on the last day of the applicable Bonus Year.
Employee will be eligible to earn an annual performance based bonus for that portion of each full calendar year during which Employee is employed by the Company (a Bonus Year), the terms and conditions of which as well as Employees entitlement thereto shall be determined annually in the sole discretion of the Companys Board of Directors or an authorized committee thereof (the Performance Bonus).