Performance Incentive Compensation. Executive shall be entitled to compensation based on a performance bonus for achieving major milestones of growth, manufacturing, revenue and performance of the company. These goals shall be determined by the board of directors as part of the agreed upon strategic plan and budget goals and could include such items as: 1) raising adequate capital levels on terms acceptable to the board and in the best interest of shareholders; 2) achieving technology milestones that allow completion of ESL technology for 3rd party testing and certification, and manufacturing bulbs for sale; and 3) achieving revenue targets for the company into defined distribution channels in the U.S. and internationally. Executives’ performance incentive compensation shall be decided and awarded no later than December 31 of 2010, or within one month after termination of agreement by either party.
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Performance Incentive Compensation. Executive shall be entitled to compensation based on a performance bonus for achieving major milestones of growth, manufacturing, revenue and performance of the company. These goals shall be determined by the board of directors as part of the agreed upon strategic plan and budget goals and could include such items as: 1) raising adequate capital levels on terms acceptable to the board and in the best interest of shareholders; 2) achieving technology milestones that allow completion of ESL technology for 3rd party testing and certification, and manufacturing bulbs for sale; and 3) achieving revenue targets for the company into defined distribution channels in the U.S. and internationally. Executives’ performance incentive compensation shall be decided and awarded no later than December 31 October 4 of 20102011, or within one month after termination of agreement by either party.
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