Fiscal Year 1998. During FY98, any employee who has not advanced to the step on the Uniform Wage Scale that would otherwise have been warranted by his/her completed years of service as of January 1, 1998 (minus a two year lag because of the lack of credit toward merit increases during FY96 and FY97) will be placed on that step effective the first full pay period beginning on or after January 1, 1998.
Fiscal Year 1998. Not more than 15 days after the 1998 Pretax Income Statement becomes the Final Statement, (i) if the Company and Swiss Sub shall have achieved the Second Earnout Goal each Company Shareholder shall be entitled to receive its Pro Rata Portion of the Second Earnout Payment, (ii) if the Company and Swiss Sub shall have not achieved the Second Earnout Goal, but the Pretax Income as reflected on the Final Statement is equal to or greater than $2,243,000, each Company Shareholder shall be entitled to receive its Pro Rata Portion of the Second Adjusted Payment, and (iii) if the Pretax Income for the 1998 Fiscal Year shall have exceeded $4,626,000 each Company Shareholder shall be entitled to receive its Pro Rata Portion of the Increased Earnout Payment for the 1998 Fiscal Year.
Fiscal Year 1998. The Borrower will deliver or cause to be delivered to the Lender, as soon as available, and in any event within ninety (90) days from the date hereof, the Borrower's audited financial statements for the year ended December 31, 1998, together with the unqualified opinion of its independent certified public accountants.
Fiscal Year 1998. As additional consideration for the Acquired Assets, VSI will cause its corporate parent, VSIC, to grant (the "1998 Share Grant") to GRS 45,000 shares of VSIC Stock, if, and only if, (i) Net Operating Income attributable to the Modified Acquired Assets for fiscal year 1998 equals or exceeds 60% of the amount set forth on Annex 2 as the projected Net Operating Income for fiscal year 1998 (the "Required 1998 Net Operating Income") and (ii) Net Operating Income is not less than 10% of Total Adjusted Gross Revenue as set forth on Annex 2 as the projected Total Adjusted Gross Revenue for fiscal year 1998. If actual Net Operating Income attributable to the Modified Acquired Assets for fiscal year 1998 is less than the Required 1998 Net Operating Income (the "1998 Shortfall"), GRS shall not be entitled to any 1998 Share Grant for results attributable to fiscal year 1998 and shall not recover any 1997 Shortfall, if any. If the 1998 Share Grant is not made for fiscal year 1998 because the Required 1998 Net Operating Income has not been attained, then the shares of VSIC Stock underlying the 1998 Share Grant shall be rolled over and granted to GRS if actual Net Operating Income for fiscal year 1999 or 2000 exceeds the amount set forth on Annex 2 or set forth in Subsection (d) hereof for fiscal year 2000 as Net Operating Income for such fiscal year (the "Subsequent Fiscal Year Excess") by an amount equal to the remaining 1997 Shortfall, if any, and such 1998 Shortfall. If a Subsequent Fiscal Year Excess exists for any subsequent fiscal year but such Subsequent Fiscal Year Excess is less than the remaining 1997 Shortfall, if any, and the 1998 Shortfall, then such Subsequent Fiscal Year Excess shall (x) be applied first to the 1997 Shortfall and then to the 1998 Shortfall and (y) GRS shall receive a percentage of shares from the 1997 Share Grant, if applicable, and the 1998 Share Grant, equal to the percentage the Subsequent Fiscal Year Excess is of the 1997 Shortfall, if any, and the 1998 Shortfall. If any part of the 1998 Shortfall has not been recouped by a Subsequent Fiscal Year Excess by the end of fiscal year 2000 then any shares of the 1998 Share Grant not earned by GRS due to such 1998 Shortfall shall be forfeited.
Fiscal Year 1998. Not more than 10 days after the 1998 Pretax Income Statement becomes the Final Statement, (i) Parent shall, if Sub shall have achieved the Second Earnout Goal distribute to the Company the Earnout Payment for the 1998 Fiscal Year, (ii) Parent shall, if the Sub shall have not achieved the Second Earnout Goal, but the Net Pretax Income as reflected on the Final Statement is equal to or greater than $1,122,667, distribute to the Company the Adjusted Payment for the 1998 Fiscal Year, and (iii) Parent shall, if Sub shall have exceeded the Second Earnout Goal by more than ten percent (10%) distribute to the Company the Increased Earnout Payment for the 1998 Fiscal Year.
Fiscal Year 1998. Not more than 15 days after the 1998 Pretax Income Statement becomes the Final Statement, (i) if the Company shall have achieved the Second Earnout Goal each Company Shareholder shall be entitled to receive its Pro Rata Portion of the Second Earnout Payment, (ii) if the Company shall have not achieved the Second Earnout Goal, but the Pretax Income as reflected on the Final Statement is equal to or greater than $2,243,000, each Company Shareholder shall be entitled to receive its Pro Rata Portion of the Second Adjusted Payment, and (iii) if the Company's Pretax Income for the 1998 Fiscal Year shall have exceeded $4,626,000 each Company Shareholder shall be entitled to receive its Pro Rata Portion of the Increased Earnout Payment for the 1998 Fiscal Year.
