Bonuses on Sales of Properties. GSD will reimburse 100% (without mark-up) of any bonuses paid by Gyrodyne to its employees and directors and related payroll taxes on account of any sales of the Properties.

Bonuses. At the sole discretion of the Board of Directors of the Company (the “Board”) or the compensation committee of the Board (the “Compensation Committee”), Executive shall be eligible to receive an annual compensation of an aggregate 200,000 unrestricted shares of the Company’s Common Stock (the “Shares”) in total. Executive shall receive 30,000 Shares upon execution of this Agreement, 20,000 Shares upon filing of a proxy statement in connection with a potential acquisition, 100,000 Shares upon closing of the potential acquisition and 50,000 Shares upon closing of the potential disposition of the Company’s certain non-performing assets.

Bonuses. Any bonuses that Employee shall be entitled to, if any, shall be listed on Exhibit A. Unless stated explicated otherwise, all bonuses shall only be as approved by the Board of Directors of the Company in their sole and absolute discretion.

Bonuses. During the term of your employment with the Company, you will be considered for an annual incentive bonus with respect to each fiscal year of your employment with the Company, the amount, terms and conditions of such bonus (if any) to be determined at the discretion of the Board of Directors (the “Board”) of Spero Therapeutics, LLC (“Spero LLC”). Your target annual incentive bonus shall be up to 20% of your base salary, prorated in accordance with time spent working, with any bonus payable in respect of 2015 prorated from the Start Date, and payment of such incentive bonus shall be contingent upon you being employed by the Company as of the payment date of such incentive bonus.

Bonuses. (a) Employee will be eligible to earn an annual performance-based bonus based on a formula approved by the Company’s Board of Directors or its Compensation Committee and incorporated herein by this reference for the full or pro rata portion of any fiscal year after 2015 during which Employee is employed by the Company (a “Bonus Year”), the terms and conditions of which, as well as Employee’s entitlement thereto, shall be determined annually in the sole discretion of the Company’s Board of Directors or its Compensation Committee (the “Performance Bonus”). The amount of the Performance Bonus will vary based on the pro rata portion or full portion of the applicable Bonus Year during which Employee is employed by the Company and the achievement of individual or Company performance criteria in the formula established by the Company’s Board of Directors or Compensation Committee. The formula will be set to target a Performance Bonus equal to 125% of Base Salary as of the earlier of the date the Target Bonus terms are approved by the Board and March 25 of such year (the “Target Bonus”) if the performance criteria in the formula are met, and the actual bonus awarded based on the performance criteria may be more or less than the Target Bonus, but not more than 200% of the Target Bonus. Any Performance Bonus due with respect to a Bonus Year will be paid on or before March 15 of the following calendar year.

Properties. (a) Except as would not have a Material Adverse Effect, each Loan Party and each Restricted Subsidiary have good record, valid and marketable title in fee simple to, or valid leasehold interests in (to the extent such ownership or leasing concepts are applicable to such property in the jurisdiction in which it resides), all Material Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except for Permitted Liens and defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The property of each Loan Party and each of its Restricted Subsidiaries, taken as a whole, # is in good operating order, condition and repair (ordinary wear and tear excepted) and # constitutes all the property which is necessary for the business and operations of the Loan Parties as presently conducted except to the extent that any failure would not reasonably be expected to result in a Material Adverse Effect.

Properties. The Company has valid land use rights for all real property that is material to its business and good, clear and marketable title to all the tangible properties and tangible Assets reflected in the latest balance sheet as being owned by the Company or acquired after the date thereof which are, individually or in the aggregate, material to the Company’s business (except properties sold or otherwise disposed of since the date thereof in the ordinary course of business), free and clear of all Material Liens, encumbrances, claims, security interest, options and restrictions of any nature whatsoever. Any real property and facilities held under lease by the Company are held by them under valid, subsisting and enforceable leases of which the Company is in compliance, except as could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

Properties. The members of the Company Group, as applicable, have good and marketable title to all the properties and assets set forth on [Schedule 4.18(A)] of the Disclosure Letter, in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, claims and other defects, except as # are described in the Public Filings, # do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by such member of the Company Group, or # set forth on [Schedule 4.18(A)] of the Disclosure Letter. The members of the Company Group, as applicable, have good and marketable leasehold title to all the properties and assets set forth on [Schedule 4.18(B)] of the Disclosure Letter. The real property, improvements, equipment and personal property held under lease by the Company Group are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company Group. There is no pending or, to the knowledge of the Company Group, threatened condemnation, expropriation, eminent domain or rezoning proceeding affecting all or any portion of any of the properties owned or leased by the Company Group. There are no outstanding options or other contractual rights to purchase, lease, use, or rights of first offer or first refusal to purchase, any property owned by the Company Group or any portion thereof or interests therein or contracts relating to the right to receive any portion of the income or profits from the sale, operation or development thereof. No member of the Company Group have received written notice that the operation of any property owned or leased by the Company as presently conducted is in material violation of any material contract (beyond applicable notice and cure periods) or any applicable building code, zoning ordinance, or other law.

Determination of Bonuses. After audited GAAP financial statements become available for the 2023 performance period, the Committee shall determine the extent to which the first 3 measurable performance factors have been achieved and take into consideration the President’s assessment of achievement towards goals and objectives of each participant and determine the bonus percentage for each Participant for 2023. The Committee shall certify such determination in writing. The Company’s independent auditors will also review the calculation of the bonus percentage for compliance with the details of this Program as part of the Company’s audited financial statements. For a Participant who is President, the CEO may make bonus payment adjustment recommendations up to 50% lower or higher than the calculated award. For Participants who are Executive Vice President and below, the President may make bonus payment adjustment recommendations up to 50% lower or higher than the calculated award. Such adjustments by the CEO or President shall be based on non-attainment or attainment of individual objectives or any other criteria they individually deem appropriate. The sum of all awards after adjustments of the CEO and President’s recommendations, if any, shall not exceed the sum of the calculated awards prior to such adjustment recommendations. Notwithstanding any contrary provision of the Program, the Committee, in its sole discretion, may increase, reduce, or eliminate the bonus payable to any Participant below that which otherwise would be payable under the Program formula.

Determination of Bonuses. Following the completion of each Performance Period, the Committee shall calculate the earned amount based upon each Participant’s Individual Target Award (such earned amount that the Committee determines to pay to a Participant for a Performance Period, a “Bonus”) based on the level of attainment of the Performance Goals or any other criteria as determined by the Committee in its sole discretion. The Committee has the sole discretion to determine whether all, any portion of or an amount greater than a Participant’s Individual Target Award shall be paid, and the specific amount, if any, to be paid to each Participant, subject in all cases to the terms, conditions and limits of this Plan. The Committee may, at any time, establish (and, once established, rescind, waive or amend) additional conditions and terms of payment of Individual Target Awards (including, but not limited to, the achievement of other financial, strategic or individual goals, which may be objective or subjective) as it may deem desirable in carrying out the purposes of this Plan.