Bonus for Subsequent Fiscal Years Sample Clauses

Bonus for Subsequent Fiscal Years. In addition to Executive's --------------------------------- base compensation, Executive will receive bonus compensation based on the relationship between the Company's actual earnings before interest, taxes, depreciation and amortization ("EBITDA") for each fiscal year starting with the fiscal year ending December 31, 1997 (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 Base Salary) ------------------------------- of Plan --------------- Less than 80% No bonus 100% 50% of Base Salary 120% 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(c) exceed 100% of Base Salary unless agreed to by the Board of Directors 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 the 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(c) shall be the business plan submitted to Chemical Bank and dated May, 1996, subject to adjustment as provided above for acquisitions and dispositions occurring after May 31, 1996. Any bonus payable under this Section 3(c) shall be paid not later than 60 days after the applicable fiscal year end.
Sample 1
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Related to Bonus for Subsequent Fiscal Years

  • Events Subsequent to Most Recent Fiscal Year End Since the Most Recent Fiscal Year End, there has not been any material adverse change in the business, financial condition, operations, results of operations, or future prospects of the Company. Without limiting the generality of the foregoing, since that date:

  • End of Fiscal Years; Fiscal Quarters The Borrower will cause (i) each of its fiscal years to end on December 31 of each year and (ii) its fiscal quarters to end on March 31, June 30, September 30 and December 31, respectively, of each year.

  • Fiscal Year; Fiscal Quarter The Borrower shall not change its fiscal year or any of its fiscal quarters, without the Administrative Agent’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed.

  • Annual Accounting Period The annual accounting period of the Company shall be its taxable year. The Company’s taxable year shall be selected by the Member, subject to the requirements and limitations of the Code.

  • Change of Fiscal Year Seller shall not, at any time, directly or indirectly, except upon ninety (90) days’ prior written notice to Purchaser, change the date on which its fiscal year begins from its current fiscal year beginning date.

  • End of Fiscal Years The Parent and the Borrower will maintain their fiscal year ends as in effect on the Effective Date.

  • Fiscal Year End Change, or permit any Subsidiary of any Borrower to change, its fiscal year end.

  • Change in Fiscal Year Such Obligor will not, and will not permit any of its Subsidiaries to, change the last day of its fiscal year from that in effect on the date hereof, except to change the fiscal year of a Subsidiary acquired in connection with an Acquisition to conform its fiscal year to that of Borrower.

  • Fiscal Year The fiscal year of the Partnership shall be the calendar year.

  • Fiscal Year; Accounting In the case of the Borrower, cause its fiscal year to end on December 31.

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