Covenant Compliance Bonus. The Executive shall be paid a compliance bonus (the "Covenant Compliance Bonus"), equal to ten percent (10%) of the Executive's annual base salary, if (i) the Company is in compliance with the covenants contained in Section 8 of the New Credit Agreement, except for the covenants contained in Sections 8.25 and 8.26 of the New Credit Agreement captioned "Minimum EBITDA" and "Interest Coverage Ratio", respectively, and (ii) the Company has maintained EBITDA and an interest coverage ratio as set forth on Schedule 3(b) annexed hereto, (collectively, the "Covenants"). An amount equal to two and one-half percent (2 1/2%) of the Covenant Compliance Bonus shall be paid to the Executive for each fiscal quarter during which the Company maintained compliance with the Covenants. Each quarterly payment shall be made to the Executive within ten (10) days of the delivery by the Company's Chief Financial Officer to the banks which are a party to the New Credit Agreement (collectively, the "Banks") of the compliance certificate required under the New Credit Agreement."
Appears in 4 contracts
Samples: Employment Agreement (Vision Twenty One Inc), Employment Agreement (Vision Twenty One Inc), Employment Agreement (Vision Twenty One Inc)
