Definition of Performance-Based Cash Bonus


Performance-Based Cash Bonus shall mean a bonus that may be achieved by the satisfaction of operating objectives specified by the Board and the Chief Executive Officer of the Company (to the extent the same shall be delegated by the Board) from time-to-time in their sole discretion. The Performance-Based Cash Bonus may consist of multiple components, including components based upon the performance (1) of the Company as a whole, (2) of the Executive and employees under the direction of the Executive, and/or (3) of a subset of the Company which may include the Executive (and employees under the direction of the Executive) and employees who are not under the direction of the Executive but which components are not Company-wide objectives. The Performance-Based Cash Bonus currently is an annual program and the maximum amount payable thereunder does not exceed twenty-five percent (25%) of the Executives Base Salary and consists solely of objectives determined on an annual basis, either of which may change from time to time.

Examples of Performance-Based Cash Bonus in a sentence

Payment of the amount to which a Participant shall be entitled upon the settlement of a Performance-Based Cash Bonus shall be made in cash.
If in connection with or following a Change in Control the Company shall amend or change the Performance-Based Plan and the Executive is entitled to benefits under Section 4(C) hereof, the amount of the Performance-Based Cash Bonus to be paid thereunder shall equal the greater of the amount determined under the Performance-Based Plan as the same existed prior to the Change in Control and the amount determined thereunder as the Performance-Based Plan is amended or changed.