EBITDA Bonus. At 100% of EBITDA target (i.e., 10% growth), your EBITDA bonus will equal 100% of 75% of 65% of base salary.
EBITDA Bonus. Commencing with fiscal year 2010 and for each fiscal year during the Term thereafter during which Executive is performing services to the Company, Executive shall be eligible to earn a cash bonus, referred to herein as the EBITDA Bonus.
EBITDA Bonus. For purposes of clarity, the EBITDA Bonus for a fiscal year shall be deemed earned by Executive if he was employed with the Company on December 31 of such fiscal year. If the Date of Termination occurs on or after December 31 of a fiscal year, the Accrued Obligations shall include the EBITDA Bonus, if any, for such fiscal year even if the EBITDA Bonus has not yet been calculated as of the Date of Termination. The Company shall pay Executive the EBITDA Bonus, if any, as provided in Exhibit A.
EBITDA Bonus a. The Executive shall receive a bonus of 25% of his base salary if the 2015 EBITDA is at least the EBITDA Target.
b. If the 2015 EBITDA is less than the EBITDA Target, the Executive shall receive a bonus equal to 25% of his base salary multiplied by a fraction, the numerator of which shall equal the 2015 EBITDA and the denominator of which shall equal the EBITDA Target.
EBITDA Bonus. Employee shall be entitled to receive an annual bonus on the Company attainment of an EBITDA target (the “E Target”) if such E Target is attained in the following amounts:
(i) If the Company attains at least 100% of the E Target, Employee shall receive 10.0% of his Base Salary
(ii) If the Company attains at least 115% of the E Target, Employee shall receive an additional 10% of his Base Salary
(iii) If the Company attains at least 125% of the E Target, Employee shall receive an additional 10% of his Base Salary For each fiscal year of the Term, the Company shall designate the upcoming year’s E Target after it is approved by the Company’s Board, on or before February 15 of the applicable fiscal year, or as soon thereafter as approved by the Board, and it shall notify Employee in writing of such E Target for the fiscal year to which the E Target applies. For each portion of a fiscal year that Employee is employed by Company, Employee shall be entitled to a pro-rata portion of the E Bonus, if and when earned. Any bonus payable to Employee hereunder shall be paid within thirty (30) days following the end of the audit for the applicable fiscal year.
EBITDA Bonus. The business model of Holdings LLC is attached hereto as Exhibit A (as in effect from time to time, the "Muzak Model"); provided, that the Muzak Model may be subject to adjustment from time to time if approved in writing by Holdings LLC, the Company, Executive and ABRY Broadcast Partners III, L.P. ("ABRY"), provided further, that if Actual EBITDA for fiscal year 2003 is less than Targeted EBITDA for fiscal year 2003, the Company will modify the Muzak Model to adjust the Targeted EBITDA for the following fiscal years accordingly. Commencing with fiscal year 2004 and in addition to the Base Salary and Annual Bonus (if any), if Holdings LLC's EBITDA (on a consolidated basis) for a fiscal year as set forth in the audited financial statements for such fiscal year (the "Actual EBITDA") exceeds Holdings LLC's EBITDA (on a consolidated basis) target set forth in the Muzak Model for such fiscal year (the "Targeted EBITDA") by at least two and one-half percent (2.5%), Executive shall be entitled to receive a bonus (as in effect from time to time, the "EBITDA Bonus") following the end of such fiscal year during the Employment Period as follows:
(i) if Actual EBITDA exceeds Targeted EBITDA for such fiscal year by two and one-half percent (2.5%), Executive shall receive an EBITDA Bonus in an amount equal to $25,000;
(ii) if Actual EBITDA exceeds Targeted EBITDA for such fiscal year by more than two and one-half percent (2.5%) but less than or equal to five percent (5%), Executive shall receive an EBITDA Bonus in an amount equal to $50,000; or
(iii) if Actual EBITDA exceeds Targeted EBITDA for such fiscal year by more than five percent (5%), Executive shall receive an EBITDA Bonus in an amount equal to $100,000. The EBITDA Bonus, if awarded, for a fiscal year shall be paid in a single payment within thirty (30) days after the audited financial statements for such fiscal year have been delivered and reviewed by the Board. For any fiscal year which Executive is not employed by the Company at the end of such fiscal year, Executive shall not be entitled to receive any EBITDA Bonus; provided, that if (i) the Company terminates the Executive's employment without Company's Good Reason (except if termination is a result of death or disability) or the Executive terminates his employment for Executive's Good Reason and (ii) Actual EBITDA as of the effective date of Executive's termination exceeds Targeted EBITDA as of such effective date of Executive's termination by at least two...
EBITDA Bonus. Employee shall be entitled to receive an annual bonus (“EBITDA Bonus”) on Parent’s attainment of an EBITDA target (the “E Target”), in the following amounts:
(1) If Parent exceeds the E Target by at least five percent (5%) but less than fifteen percent (15%), Employee shall receive an EBITDA Bonus equal to One Hundred Thousand Dollars ($100,000).
(2) If Parent exceeds the E Target by at least fifteen percent (15%), Employee shall receive an EBITDA Bonus equal to Two Hundred Thousand Dollars ($200,000). Within sixty (60) days after the beginning of each fiscal year of Parent, the Compensation Committee of Parent (“CCLG”) shall set such fiscal year’s E Target. The Company shall notify Employee in writing of such E Target for the fiscal year in which the E Target applies promptly after the E Target is set by the CCLG. Notwithstanding the foregoing, the E Target shall not be greater than the E Target for Sxxxx Xxxxx (or his successor). Parent’s fiscal year commences April 1 of each year. Parent shall establish a reserve amount for uncollectible receivables equal to two percent (2%) (the “E Reserve”). The E Target shall include the E Reserve. For each portion of a fiscal year that Employee is employed by the Company, Employee shall be entitled to a pro-rata portion of the EBITDA Bonus. Any bonus payable to Employee hereunder shall be paid within thirty (30) days following the end of the audit for the applicable fiscal year (or, if earlier, when EBITDA bonuses are paid to other senior executives of Parent and its subsidiaries), but Mr. Jxxxxx Xxxxx September 10, 2007 Page 5 of 20 in no event later than the last calendar day of the Fiscal year following the Fiscal year in which the EBITDA Bonus is earned.
EBITDA Bonus. For purposes of clarity, the EBITDA Bonus for a fiscal year shall be deemed earned by Executive if he was employed with the Company on December 31 of such fiscal year. If the Date of Termination occurs on or after December 31 of a fiscal year, the Accrued Obligations shall include the EBITDA Bonus, if any, for such fiscal year even if the EBITDA Bonus has not yet been calculated as of the Date of Termination. In addition, Executive shall be entitled to receive, and the Accrued Obligations shall include, a pro rated portion of EBITDA Bonus for the fiscal year in which the Date of Termination occurs, determined as follows: (a) the amount of EBITDA Bonus will pro rated based on the number of complete calendar months in the fiscal year prior the Date of Termination divided by twelve (12); and (b) the Company’s Adjusted EBITDA will be calculated on the actual aggregate Adjusted EBITDA for all full calendar months in the fiscal year prior to the Date of Termination and the “Target Adjusted EBITDA” deemed to be the targeted Adjusted EBITDA in the Company’s business and operating plan for the fiscal year for such calendar months. The Company shall pay Executive the EBITDA Bonus, if any, as provided in Exhibit A.”
EBITDA Bonus. Commencing with fiscal year 2014 and for each fiscal year during the Term thereafter during which Executive is performing services to the Company, Executive shall be eligible to earn a cash bonus, referred to herein as the EBITDA Bonus. The EBITDA Bonus, if any, shall be payable in cash on or about April 15 of the year immediately following the fiscal year for which such EBITDA Bonus is calculated. The EBITDA Bonus shall be an amount determined by reference to Executive’s achievement of performance objectives established by the Board for each fiscal year. The performance objectives for fiscal year 2014 are set forth in this Exhibit A.
EBITDA Bonus. In addition to the FOC Bonus payable in connection with the WV-1 satellite reaching FOC set forth in 1), an EBITDA Bonus (“EBITDA Bonus”) will be payable if the Company reaches certain EBITDA targets in 2007. The target EBITDA bonus (“Target EBITDA Bonus”) for each Participant classification is set forth below and is based on a 2007 Company EBITDA target of $54.25 million (“Target EBITDA”).1 1 “The original EBITDA target of $55.2 million is reduced by $950,000 to reflect the change in accounting for certain overhead costs associated with WV1 activities that resulted in a reclassification of those costs from Capital Expenditures to Operating Expense.” The actual amount of a Participant’s Bonus based on EBITDA, if any, will be calculated as described below. EBITDA (in millions) Less than $48.73 $ 48.73 $ 54.25 $ 76.33 EBITDA Bonus 0 % 50 % 100 % Maximum bonus (as a percentage of of 200% the Target EBITDA Bonus) Calculation. If the Company achieves between 90% and 100% of Target EBITDA, every 1% increase in EBITDA achievement will increase the EBITDA Bonus payable by 5%. For example, if the Company achieves 93% of Target EBITDA, the EBITDA Bonus payable would be 65% of the Target EBITDA Bonus. If the Company achieves between 100% and 140% of the Target EBITDA, every 1% increase in achievement will increase the EBITDA Bonus payable by 2.5%. For example, if the Company achieves 115% of the Target EBITDA, the EBITDA Bonus payable would be 137.5% of the Target EBITDA Bonus. The maximum total EBITDA Bonus payable under this Plan is 200% of the Target EBITDA Bonus (Cash and Stock Options), payable upon achievement of 140% of the EBITDA Target (i.e., $125,000 in cash and an EBITDA Bonus stock option with a Black-Scholes value of $62,500 in the event of a base salary of $250,000).
