Each employee Participants Target Bonus may be comprised of a mix of corporate objectives and/or individual performance objectives and each Consultant Participants Target Bonus will be comprised of other individual metrics.. For all Participants, the specific objectives and the percentages of each relative to total Target Bonus will be determined by the CEO and approved by the Compensation Committee. To the extent applicable, any individual performance objectives for the CEO shall be determined by the Compensation Committee.
At the end of each Plan Year, the Board and/or Compensation Committee will determine (in its sole discretion) what percentage of the corporate goals, if applicable, have been achieved, other financial considerations as applicable, and whether and to what extent any bonus shall be awarded hereunder. The CEO shall determine (in the CEOs sole discretion) whether and to what extent the individual performance component of A Participants goals have been met during the Plan Year. Similarly, if applicable, the Compensation Committee (in its sole discretion) shall determine whether and to what extent the CEO individual performance objectives were achieved during the Plan Year is.
The Board, or as delegated to the Compensation Committee, retains the discretion to adjust awards based upon any other factors determined by the Board to be relevant.
As set forth in Section 3, Participants must be employed or engaged as a consultant on the date bonuses are deemed earned to earn a bonus for that Plan Year. Accordingly, any Participant whose employment or consulting relationship, as applicable, terminates (for any reason) during the Plan Year and prior to the date such bonuses are paid out (Payout Date) will not be eligible for, and will not earn, a bonus for that Plan Year (including any partial or prorated bonus). A bonus that may be awarded to a Participant, under all applicable terms and conditions hereof, shall not be deemed earned until such Payout Date.
To the extent eligible payouts hereunder are determined as a percentage of salary for an employee Participant, the following shall apply: while the base salary for each employee Participant is fixed at the beginning of the Plan Year, if a Participant changes qualifying positions during the fiscal year or an employee or designated consultant enters a qualifying position during the Plan Year, then the Plan award paid is subject to pro-ration, as determined by the Compensation Committee, based on the time in each qualifying position(s) and (where applicable) pro-rated employee base salary paid in that position(s) during the Plan Year. In no event, however, shall the maximum amount paid to any Participant for any fiscal year under this Plan exceed 150% of the Target Bonus, which is the maximum amount permitted by the Plan.
5. PAYMENT OF AWARDS
Any bonuses that are awarded will be paid no later than March 15th of the year following the Plan Year for which bonuses have been awarded. All bonuses shall be subject to standard deductions and withholdings.
Executive Annual Incentive Plan : terms and conditions