Annual Bonus Payment. Upon completion of each fiscal year and as determined by the Board of Directors of the Company, Employee shall be eligible to receive a bonus ("Bonus") in accordance with any bonus plan then in effect for executives of the Company of equivalent position and title, provided Employee is employed by the Company at the end of such fiscal year. Notwithstanding anything herein to the contrary, Employee's bonus for any fiscal year ending after a Change in Control shall not be less than 30% of his base salary then in effect.
Annual Bonus Payment. For each calendar year during the Term, the Executive shall be eligible for a performance-based bonus, measured against the criteria the Parent Board shall agree upon and set forth from time to time. To the extent the performance criteria are satisfied, such bonus will be considered earned as of December 31 of the calendar year to which the bonus is attributable, and will be paid by the Bank in a lump sum no later than February 15th of the calendar year that immediately follows the calendar year to which the bonus is attributable. No other compensation provided for in this Agreement shall be deemed a substitute for the Executive’s right to participate in such performance-based bonuses.
Annual Bonus Payment. Section 5 of the Employment Agreement is hereby amended by deleting the text of the paragraph and adding the following: "Within forty five (45) days following each fiscal year of the Company covered by the Term hereof, and in addition to his Base Compensation, the Company shall pay Executive an annual bonus in an amount equal to one-half of his Base Compensation (a bonus in the amount of $212,500) in the event his performance warrants same and/or the Company's business plan goals have been met."
Annual Bonus Payment. The Officer will receive his 1998 bonus from the Polaroid Incentive Plan for Executives if a bonus is paid to active employees, at the rate paid to other similarly situated executives. This payment would be made at the time the bonus is paid for active employees.
Annual Bonus Payment. The Company shall pay Executive an annual bonus during the term of this Agreement. The first such bonus shall be paid on or before March 15, 2000 (relating to the year 1999), and on or before the March 15, 2001 (relating to the year 2000). If the Agreement expires in 2001 and is not renewed by mutual agreement of the parties, a prorated bonus shall be paid to Executive for any portion of the year 2001 falling within the term of this Agreement. Such prorated bonus shall be payable within thirty days following the expiration date of this Agreement. The foregoing annual bonus shall be an amount equal to 30% of the Executive's Base Salary for the applicable year (the "Guaranteed Bonus"). In the event the Company's Board of Directors continues the Company's annual incentive plan (or adopts a new plan), and the pay out under such plan would be greater than the Guaranteed Bonus, Executive shall in lieu of the Guaranteed Bonus be eligible to receive the pay out determined in accordance with such plan. Executive's Guaranteed Bonus shall be paid in accordance with the Company's standard payroll practices.
Annual Bonus Payment. Upon the Effective Date of this Agreement, the Company shall pay Employee a lump sum amount of $100,350, which constitutes full payment of Employee's 2007 annual bonus under the Company's Annual Bonus Plan.
Annual Bonus Payment. Upon completion of each fiscal year and as determined by the Compensation Committee of the Board of Directors of the Company, the Executive shall be eligible to receive a bonus ("Annual Bonus") in accordance with any bonus plan then in effect for executives of the Company of equivalent position and title, provided the Executive is employed by the Company at the time said Annual Bonus, if any, is paid in the normal course (typically 2nd Quarter). Notwithstanding the above, it is agreed that Executive is guaranteed a first year (2003) bonus equal to 20% of Executive's Base Salary paid during 2003 ("Guaranteed Bonus"). Said Guaranteed Bonus shall be due and payable in the 2nd Quarter of 2004.
Annual Bonus Payment. For the period that Employee is employed by Employer hereunder, Employer shall pay or cause to be paid to Employee as incentive compensation a potential cash bonus payable within seventy-five (75) clays after each year ending December 31. Such potential cash bonus shall be determined in accordance with the following description and shall not exceed a total amount of One Hundred Eighty Seven Thousand Five Hundred Dollars ($187,500.00) per year. Notwithstanding anything contained herein, no such Bonus shall be earned or payable unless and until Employee has been employed for the entire year in which the Bonus is to he calculated and the requirements below have been met Bonus calculation start: date January 1, 2007. If Employer's consolidated earnings before interest expense, taxes, depreciation and amortization ("EBITDA"), based on independent audit results, equals or exceeds the targeted EBITDA amount for the year, as stipulated below, then a bonus of 5% of the EBITDA amount shall be paid. If less than the ER11DA threshold but a minimum of 80% of the EBITDA amount is earned, then the 3% potential bonus shall be multiplied by the actual percentage of the targeted EBITDA achieved. Also, the potential bonus amounts for Employee shall not be considered when calculating the Company's annual BRITDA. The targeted EBITDA amount for purposes of this Agreement shall be: Year ending December 31, 2007 $__________
Annual Bonus Payment. Employee is eligible to receive an Annual Bonus Payment based on Company performance in the five categories set forth in the chart below. Employee’s Annual Bonus Payment will be calculated based on a sliding scale from the minimum Company Performance Goal and corresponding bonus amount to the maximum Company Performance Goal and corresponding bonus amount for each of the five categories. If the Company does not meet or exceed the minimum Company Performance Goal in a category, then Employee will not receive an annual bonus for that category. If the Company exceeds the maximum Company Performance Goal in a category, Employee will receive the maximum annual bonus amount for that category and not more than the maximum annual bonus amount. The Annual Bonus Payment will be paid in U.S. dollars on an annual basis as provided for in Section 4. By way of example only, and without any guarantees, assurances or other representations as to the actual financial performance of the Company or the actual Annual Bonus Payment that Employee may be paid for any calendar year, Exhibit “A” demonstrates calculations of the Annual Bonus Payment for a hypothetical calendar year. 2
Annual Bonus Payment. Within 45 days following each fiscal year of the Company covered by the Term hereof, and in addition to his Base Compensation, Executive shall be paid an annual bonus equal to five percent (5%) of the total income after taxes earned by the Company for such calendar year (without reduction for the amount of the Bonus). For the purposes of this Employment Agreement "income after taxes" shall mean net income after taxes as computed in accordance with generally accepted accounting principles consistently applied (without reduction for the amount of the bonus). Executive shall cease to receive such bonus after the completion of an initial public offering. However, Company will prorate the bonus amount due through the date of the initial public offering and pay Executive such amount so determined. For example, if an initial public offering is completed on February 28, 1998, the Company's total income before taxes for the calendar year through such date shall be determined and the Company shall pay 5% of such amount to Executive upon completion of the initial public offering.
