SIGNING BONUS AND ANNUAL BONUS. The Company shall provide the Executive with an initial bonus for entering into this Agreement (the “Signing Bonus”) of $50,000 due and payable within 90 days of the Commencement Date, with the additional opportunity to earn beginning with January 1, 2013, an annual bonus (“Annual Bonus”) for each fiscal year of the Company, occurring in whole or in part during the Term, notwithstanding the position held by the Executive during the Term. For the Company’s first full fiscal year ending immediately after the Commencement Date, the Executive is entitled to an Annual Bonus of at least thirty five percent (35%) of the Executive’s Base Salary for such fiscal year (the “Target”) without prorating for the Commencement Date. Subject to the Executive’s right to receive the minimum required Annual Bonus for 2012 payable on January 1, 2013, the Board or a committee thereof will establish the criteria for the Executive achieving the Annual Bonus for 2012 within 90 days of the execution of this Agreement and for subsequent years during the Term, or within 90 days of the Board adopting any operating plan for such respective year whichever occurs first. For the Company’s fiscal year ending in 2012, the Executive shall be entitled to participate in a bonus plan where the target is at least thirty five percent (35%) of the Executive’s Base Salary for such year. The Target Annual Bonus for each year shall be at least thirty five percent (35%) of the Executive’s Base Salary for the respective year as to which such bonus relates. The Annual Bonus targets may be based on criteria including, among other things, revenue or EBITDA targets, acquisition, merger, business combination or growth targets, or such other criteria as the board of directors may establish from time to time (the “Performance Goals”). All Annual Bonus Targets and Annual Bonus criteria shall be established utilizing Performance Goals set by the Board or a committee thereof in its sole discretion subject to consulting with the Executive. The Executive shall participate in all other short term and long term bonus or incentive plans or arrangements in which other senior executives of the Company are eligible to participate from time to time in addition to the Executive bonus plans for fiscal 2012 through 2017, which are covered by this Section 3.2. Any Annual Bonus shall be paid as promptly as practicable following the end of the fiscal year, but not later than February 15th immediately following the end of such f...
SIGNING BONUS AND ANNUAL BONUS. Within thirty (30) days of the Effective Date, Employee will receive a lump sum signing bonus of $50,000.00 less applicable withholdings. Moreover, during Employee’s Employment Period, Employee will also be eligible to participate in the Company’s annual executive bonus program (the “Executive Bonus Program”), to the extent that it exists. The opportunity to earn a bonus and the amount of any bonus compensation under the Executive Bonus Program will be determined in accordance with criteria established by the Board or the Compensation Committee, which will comply with the requirements of Section 409A of the Internal Revenue Code, unless the payment of the bonus is exempt as not constituting a deferral of income. Employee acknowledges that any bonus compensation under the Executive Bonus Program will be discretionary, with the sole discretion resting with the Board or the Compensation Committee. Further, unless otherwise determined by the Board or the Compensation Committee, Employee must remain employed by the Company at the time the bonus is paid in order to be eligible to receive the bonus. The Employee’s bonus for the calendar year 2013 will be $52,000.00 but shall be contingent upon the Company achieving the Board’s Executive Bonus goal. Employee will also be eligible to participate in the “Double Base Salary” bonus plan as outlined by the Compensation Committee. After calendar year 2013, any bonus will be based on the Executive Bonus Program. Determination as to whether the Employee has achieved the Board’s designated bonus goal shall rest solely with the Board, and such determination shall be final.
SIGNING BONUS AND ANNUAL BONUS. Within ten (10) business days after the Effective Date, the Company shall pay or cause to be paid to the Executive a signing bonus in the amount of $150,000, provided that if the Executive’s employment is terminated by the Company for Cause or by the Executive without Good Reason prior to the first anniversary of the Effective Date, then within thirty (30) calendar days after such termination, the Executive shall return to the Company a portion of the signing bonus equal to $150,000 multiplied by a fraction, the numerator of which is the number of calendar days remaining prior to the first anniversary of the Effective Date and the denominator of which is three hundred and sixty-five (365), provided, further, that with respect to such portion of the signing bonus, the Executive shall return to the Company only an amount net of any taxes on such portion that were paid by the Executive and with respect to which he is not entitled to a refund or credit. In addition, the Board or the Compensation Committee thereof, in the sole discretion of the Board, shall set the target(s) and cash bonus amount(s) for each fiscal year. It is the understanding and intention of the Company and the Executive that, subject to the Company’s and the Executive’s performance during each fiscal year and the approval of the Board or the Compensation Committee thereof, the Executive will generally receive an annual bonus in a target range of approximately 30% to 100% of the Executive’s Base Salary.
SIGNING BONUS AND ANNUAL BONUS. The Company shall pay to the Executive within thirty (30) days of the Effective Date the sum of Seventy Thousand Dollars ($70,000) (the "Signing Bonus"). In addition to the Base Salary and the Signing Bonus, the Executive shall be eligible for each fiscal year of the Company during the Retention Period an annual bonus, with the target amount, vesting and payment thereof to be based on reasonable and customary criteria consistent with the Company's practices for all executives holding the same office as the highest office held by the Executive during the Retention Period (the "Annual Bonus"). If the Executive is employed for less than a full fiscal year in either the first or final fiscal year of the Retention Period, the Executive shall be eligible to receive an amount with respect to such fiscal year at least equal to the amount of the Annual Bonus multiplied by a fraction, the numerator of which is the number of days in such fiscal year occurring during the Retention Period and the denominator of which is 365. The Company agrees that in the event the Executive is employed by the Company through the last day of fiscal 1998, the Executive's Annual Bonus for 1998 shall be at least equal to the accelerated vesting of not less than fifty percent (50%) of the restricted shares granted to the Executive under the Company's 1998-2000 Restricted Stock Election Plan and which are allocable to 1998. In the event the Executive has elected to receive his or her Annual Bonus for such year in the form of restricted shares of the Common Stock of the Company, upon termination of the Executive's employment for any reason the Executive shall be deemed to have revoked such election as to any then unvested shares of such restricted stock and the Executive's pro-rated Annual Bonus for such year shall be determined based upon the amount of the cash Annual Bonus the Executive would have received absent such election. Each amount payable in respect of the Executive's Annual Bonus shall be paid not later than 90 days after the fiscal year next following the fiscal year for which the Annual Bonus (or pro-rated portion) is earned or awarded. Neither the Annual Bonus nor any bonus amount paid in excess thereof after the Effective Date shall serve to limit or reduce any other obligation of the Company hereunder.
