Additional Cash Bonus. Within ten (10) days of the Effective Date, to the extent that the Executive’s prior employer does not pay him all or any portion of his accrued and earned annual bonus in respect of calendar year 2018, the Company shall pay the Executive an additional cash bonus equal to $1,281,993.57 less any amount paid by the Executive’s prior employer.
Additional Cash Bonus. During the Term, Employee shall additionally be eligible to receive an annual additional cash bonus (the “Additional Cash Bonus”), subject to the Company’s performance and key performance indicators, as determined by the Company in its sole discretion with Employee’s annual target for such Additional Cash Bonus to be $1 million. The Employee’s Additional Cash Bonus shall not exceed $1,250,000 per year.
Additional Cash Bonus. Holdings shall pay Executive a cash bonus (“Exercise Bonus”) equivalent to the number of vested Holdings’ stock options actually exercised by Executive multiplied by the difference of (i) the strike price of the Executive Stock Option Grant Agreement identified in 3(a) below, minus (ii) $0.72 cents. The Exercise Bonus shall include such funds so the net effect, after taxes equals the difference between $0.72 cents and the option strike price at the time of exercise. The Exercise Bonus shall be paid to the Executive within thirty (30) of the exercise of the stock options and through normal Holdings’ payroll process and shall be reduced by applicable taxes and withholdings.
Additional Cash Bonus. In addition to the Annual Bonus provided for in Section 2.2 above, Executive will be eligible for an additional cash bonus not to exceed 50% of the net free cash flow (defined as revenues of Kinergy Marketing, LLC, less Executive’s salary and Annual Bonus, less capital expenditures and all expenses incurred specific to Kinergy Marketing, LLC), subject to a maximum of $300,000 in any given year; provided, however, that such percentage will be reduced by ten percentage points each year, commencing in 2005, such that 2009 will be the final year of such bonus as 10% of net free cash flow.
Additional Cash Bonus. The Executive shall receive, as an incentive under the Heritage Insurance Holdings, Inc. Omnibus Incentive Plan, a cash bonus of $100,000.00 for each point that the consolidated combined ratio of the Company and its subsidiaries is below 91 during the preceding calendar year. The cash bonus shall not exceed $500,000. In calculating the combined ratio, net investment income and other income shall be deducted from operating expenses. The incentive bonus shall be paid in quarterly installments on the last day of each calendar quarter, provided the Executive is employed by the Company at the time of such payment.
Additional Cash Bonus. The Executive shall receive, as an incentive under the Heritage Insurance Holdings, Inc. Omnibus Incentive Plan, a cash bonus, based on annual Gross Written Premium ("GWP") growth and combined ratio ("CR") as set forth below. The reference financials will be the consolidated financials of NBIC Holdings. The CR shall be defined as gross premiums adjusted for loss, loss adjustment, reinsurance costs and recoveries, acquisition and operational costs. These figures may be adjusted for items as agreed by both parties in writing ("CR Adjustment Schedule") to reflect changes outside the scope or control of the Executive. The Additional Cash Bonus shall be paid by March 31st of each calendar year for results in the calendar year immediately preceding that date, provided the Executive is employed by the Company at the time of such payment. If year-end GWP is 10% or more in excess of prior year GWP, and exceeds Annual Baseline GWP, the bonus will be calculated as follows: (Actual GWP - Baseline GWP) x (100% - Actual CR) x 25% Annual Baseline GWP: 2018: $353,649,970 2019: $379,258,863 2020: $404,226,128 2021 and beyond: to be determined in good faith by Executive, CEO and Board of Directors If the yearend CR is greater than 95%, no bonus will be earned in that performance year. The GWP calculation shall exclude all GWP associated with acquisitions of other insurance companies and the purchase of books of business from other insurers. The maximum annual payment under this specific bonus plan is capped at $500,000. By way of example, if GWP at yearend 2018 is $376 million, representing 15% growth over the prior year, and the CR is 93%, the bonus payment would be $391,125, calculated as follows: ($376,000 - $353,649,970) X (100% - 93%) X 25% = $391,125
Additional Cash Bonus. You shall be entitled to receive an additional cash bonus for completion of the City Center Project in the amount of $1,500,000 payable within ten (10) calendar days following the Effective Date.
Additional Cash Bonus. The Company shall pay the Executive the following amounts on the following dates: on the Effective Date, $150,000; on January 31, 2001, $150,000; and on January 31, 2002, $150,000.
Additional Cash Bonus. Effective January 1, 2018, Section 4.03 of the Employment Agreement is hereby deleted in its entirety and Employee expressly waives and releases any and all claims, rights, liabilities or demands that Employee has or had or might claim to have, whether known or unknown, against the Company arising from or relating to the Additional Cash Bonus as described in the existing Section 4.03 of the Employment Agreement.
