ACCRUED AMOUNT BONUSES. The parties acknowledge and agree that all calculations of bonuses by the Company are based on targets, goals and objectives established by the Board of Directors for each fiscal year, and that any bonus plans, as well as the Executive’s rights to receive bonus payments, are conditioned on an assessment by the Board of Directors (or a committee thereof) of the satisfaction of performance targets for the applicable fiscal year for which the bonus is to be paid. The parties acknowledge that calculations of applicable bonuses have historically been made within 90 days following the conclusion of a fiscal year for which the bonus may be due or accrued, and payment of the applicable bonus has been historically made within 10 business days following the Board of Directors’ determination. Accordingly, the parties recognize and agree that the right to receive any payment to which the Executive may be entitled under the terms of any applicable bonus arrangement or benefit, including any bonus-related portion of the Accrued Amount can only be established after the review and calculations of the applicable fiscal year bonus entitlements are made by the Board of Directors (including any committee thereof). Once such calculations are made by the Board of Directors (including any committee thereof), the Executive’s right to receive any applicable bonus-related portion of the Accrued Amount shall be accrued and paid as promptly as practicable following a determination of the bonus by the Board of Directors (or any committee thereof) in the event the Executive is entitled to be paid such bonus under the preceding provisions of Section 8(a)-(d) above. Notwithstanding the foregoing, if the Executive is terminated by the Company without Cause, or by the Executive for Good Reason, the Board of Directors (including any committee thereof) shall use its best efforts to meet as promptly as practicable within 30 days following any notice of such termination by the Company without Cause, or by the Executive for Good Reason, in order to make a good faith determination of such bonus amount, and pay such amount (if earned) within 30 days of such determination by the Board of Directors (including any committee thereof).
ACCRUED AMOUNT BONUSES. The parties acknowledge and agree that all calculations of bonuses by the Company are based on targets, goals and objectives established by the Board of Directors for each fiscal year, and that any bonus plans, as well as the Executive’s rights to receive bonus payments, are conditioned on an assessment by the Board of Directors (or a committee thereof) of the satisfaction of performance targets for the applicable fiscal year for which the bonus is to be paid. The parties acknowledge that calculations of applicable bonuses have historically been made within 90 days following the conclusion of a fiscal year for which the bonus may be due or accrued, and payment of the applicable bonus has been historically made within 10 business days following the Board of Directors’ determination. Accordingly, the parties recognize and agree that the right to receive any payment to which the Executive may be entitled under the terms of any applicable bonus arrangement or benefit, including any bonus-related portion of the Accrued Amount can only be established after the review and calculations of the applicable fiscal year bonus entitlements are made by the Board of Directors (including any committee thereof). Once such calculations are made by the Board of Directors (including any committee thereof), the Executive’s right to receive any applicable
