Bonus for any Fiscal Year. The Executive shall receive bonus ------------------------- compensation based on the relationship between the Company's actual earnings before interest, taxes, depreciation and amortization and non-cash compensation expense ("EBITDA") for each fiscal year starting with the fiscal year ending December 31, 1999 (determined based on the Company's audited financial statements for such fiscal year) and the EBITDA set for such year in the Company "Adjusted Business Plan" (as defined below) as follows: Actual EBITDA Bonus as a Percentage (as a Percentage of Plan of Base Salary --------------- ---------------- Less than 80% No bonus 100% 50% of Base Salary 120% or More 100% of Base Salary If actual EBITDA as a percentage of the Company's Adjusted Business Plan falls between 80% and 120%, the amount of bonus shall be pro rated on a straight-line basis. In no case shall bonus payable under this Section 3(b) exceed 100% of Base Salary unless agreed to by the Board of Directors in its absolute discretion. Nothing herein shall be construed to prohibit or restrict the Company from paying additional compensation to Executive if the Board of Directors so determines in its absolute discretion. The "Adjusted Business Plan" shall be the Company's business plan for the fiscal year in question as approved by the Board of Directors with the consent of Executive, appropriately adjusted for acquisitions or dispositions during the year as determined by the Board of Directors in good faith. If the Board and the Executive do not adopt a mutually satisfactory business plan prior to the beginning of any fiscal year, the business plan for purposes of this Section 3(b) shall be the last business plan submitted by the Company to its lenders, subject to adjustment as provided above for acquisitions and dispositions occurring after the date thereof. Any bonus payable under this Section 3(b) shall be paid not later than 60 days after the applicable fiscal year end.
Appears in 1 contract
Samples: Employment Agreement (Advanstar Inc)
Bonus for any Fiscal Year. The Executive shall receive bonus ------------------------- compensation based on the relationship between the Company's actual earnings before interest, taxes, depreciation and amortization and non-cash compensation expense ("EBITDA") for each fiscal year starting with the fiscal year ending December 31, 1999 2000 (determined based on the Company's audited financial statements for such fiscal year) and the EBITDA set for such year in the Company "Adjusted Business Plan" (as defined below) as follows: Actual EBITDA Bonus as a Percentage (as a Percentage of Plan of Base Salary --------------- ---------------- ----------------------- ------------------------ Less than 80% No bonus 100% 50% of Base Salary 120% or More 100% of Base Salary If actual EBITDA as a percentage of the Company's Adjusted Business Plan falls between 80% and 120%, the amount of bonus shall be pro rated on a straight-line basis. In no case shall bonus payable under this Section 3(b) exceed 100% of Base Salary unless agreed to by the Board of Directors in its absolute discretion. Nothing herein shall be construed to prohibit or restrict the Company from paying additional compensation to Executive if the Board of Directors so determines in its absolute discretion. The "Adjusted Business Plan" shall be the Company's business plan for the fiscal year in question as approved by the Board of Directors with the consent of Executivethe Chief Executive Officer of the Company, appropriately adjusted for acquisitions or dispositions during the year as determined by the Board of Directors in good faith. If the Board and the Chief Executive Officer do not adopt a mutually satisfactory business plan prior to the beginning of any fiscal year, the business plan for purposes of this Section 3(b) for any year shall be based upon the last business plan submitted by "target" EBITDA for such year in the Company Management Equity Program attached as an exhibit to its lendersthe Merger Agreement (as defined below), subject to adjustment as provided above in such program for acquisitions and dispositions occurring after the date thereof. Any bonus payable under this Section 3(b) shall be paid not later than 60 days after the applicable fiscal year end.
Appears in 1 contract
Samples: Employment Agreement (Advanstar Inc)
Bonus for any Fiscal Year. The Executive shall receive bonus ------------------------- compensation based on the relationship between the Company's actual earnings before interest, taxes, depreciation and amortization and non-cash compensation expense ("EBITDA") for each fiscal year starting with the fiscal year ending December 31, 1999 2000 (determined based on the Company's audited financial statements for such fiscal year) and the EBITDA set for such year in the Company "Adjusted Business Plan" (as defined below) as follows: Actual EBITDA Bonus as a Percentage (as a Percentage of Plan of Base Salary --------------- ---------------- -------------------- -------------------- Less than 80% No bonus 100% 50% of Base Salary 120% or More 100% of Base Salary If actual EBITDA as a percentage of the Company's Adjusted Business Plan falls between 80% and 120%, the amount of bonus shall be pro rated on a straight-line basis. In no case shall bonus payable under this Section 3(b) exceed 100% of Base Salary unless agreed to by the Board of Directors in its absolute discretion. Nothing herein shall be construed to prohibit or restrict the Company from paying additional compensation to Executive if the Board of Directors so determines in its absolute discretion. The "Adjusted Business Plan" shall be the Company's business plan for the fiscal year in question as approved by the Board of Directors with the consent of Executive, appropriately adjusted for acquisitions or dispositions during the year as determined by the Board of Directors in good faith. If the Board and the Executive do not adopt a mutually satisfactory business plan prior to the beginning of any fiscal year, the business plan for purposes of this Section 3(b) for any year shall be based upon the last business plan submitted by "target" EBITDA for such year in the Company Management Equity Program attached as an exhibit to its lendersthe Merger Agreement (as defined below), subject to adjustment as provided above in such program for acquisitions and dispositions occurring after the date thereof. Any bonus payable under this Section 3(b) shall be paid not later than 60 days after the applicable fiscal year end.
Appears in 1 contract
Samples: Employment Agreement (Advanstar Inc)
Bonus for any Fiscal Year. The Executive shall receive bonus ------------------------- compensation based on the relationship between the Company's actual earnings before interest, taxes, depreciation and amortization and non-cash compensation expense ("EBITDA") for each fiscal year starting with the fiscal year ending December 31, 1999 (determined based on the Company's audited financial statements for such fiscal year) and the EBITDA set for such year in the Company "Adjusted Business Plan" (as defined below) as follows: Actual EBITDA Bonus as a Percentage (as a Percentage of Plan of Base Salary --------------- ---------------- ------------------- ------------------- Less than 80% No bonus 100% 50% of Base Salary 120% or More 100% of Base Salary If actual EBITDA as a percentage of the Company's Adjusted Business Plan falls between 80% and 120%, the amount of bonus shall be pro rated on a straight-line basis. In no case shall bonus payable under this Section 3(b) exceed 100% of Base Salary unless agreed to by the Board of Directors in its absolute discretion. Nothing herein shall be construed to prohibit or restrict the Company from paying additional compensation to Executive if the Board of Directors so determines in its absolute discretion. The "Adjusted Business Plan" shall be the Company's business plan for the fiscal year in question as approved by the Board of Directors with the consent of Executive, appropriately adjusted for acquisitions or dispositions during the year as determined by the Board of Directors in good faith. If the Board and the Executive do not adopt a mutually satisfactory business plan prior to the beginning of any fiscal year, the business plan for purposes of this Section 3(b) shall be the last business plan submitted by the Company to its lenders, subject to adjustment as provided above for acquisitions and dispositions occurring after the date thereof. Any bonus payable under this Section 3(b) shall be paid not later than 60 days after the applicable fiscal year end.
Appears in 1 contract
Samples: Employment Agreement (Advanstar Inc)
Bonus for any Fiscal Year. The Executive shall receive bonus ------------------------- compensation based on the relationship between the Company's actual earnings before interest, taxes, depreciation and amortization and non-cash compensation expense ("EBITDA") for each fiscal year starting with the fiscal year ending December 31, 1999 (determined based on the Company's audited financial statements for such fiscal year) and the EBITDA set for such year in the Company "Adjusted Business Plan" (as defined below) as follows: Actual EBITDA Bonus as a Percentage (as a Percentage of Plan of Base Salary --------------- ---------------- ------------------- Less than 80% No bonus 100% 50% of Base Salary 120% or More 100% of Base Salary If actual EBITDA as a percentage of the Company's Adjusted Business Plan falls between 80% and 120%, the amount of bonus shall be pro rated on a straight-line basis. In no case shall bonus payable under this Section 3(b) exceed 100% of Base Salary unless agreed to by the Board of Directors in its absolute discretion. Nothing herein shall be construed to prohibit or restrict the Company from paying additional compensation to Executive if the Board of Directors so determines in its absolute discretion. The "Adjusted Business Plan" shall be the Company's business plan for the fiscal year in question as approved by the Board of Directors with the consent of Executivethe Chief Executive Officer of the Company, appropriately adjusted for acquisitions or dispositions during the year as determined by the Board of Directors in good faith. If the Board and the Chief Executive Officer do not adopt a mutually satisfactory business plan prior to the beginning of any fiscal year, the business plan for purposes of this Section 3(b) shall be the last business plan submitted by the Company to its lenders, subject to adjustment as provided above for acquisitions and dispositions occurring after the date thereof. Any bonus payable under this Section 3(b) shall be paid not later than 60 days after the applicable fiscal year end.
Appears in 1 contract
Samples: Employment Agreement (Advanstar Inc)