Fiscal Year 2008 Bonus Clause Samples
Fiscal Year 2008 Bonus. Executive shall be paid a bonus for the Company’s fiscal year ending February 29, 2008 as determined pursuant to Section 4.2 of the Employment Agreement and the Company’s Executive Variable Compensation Plan (“EVC Plan”) as if Executive had remained employed as an executive of the Company through the end of the Company’s 2008 fiscal year and the subsequent date of payment. Such bonus shall be paid to Executive at the time specified in Section 4.2 of the Employment Agreement, but in no event later than May 15, 2008. This bonus shall be composed of two portions, the first of which shall be paid under the terms of the Company’s EVC Plan under which Executive’s resignation shall be treated as a retirement and the second of which shall be that amount necessary to provide a total cash incentive bonus set forth in this Section 3(a) and shall not be paid under the EVC Plan.
Fiscal Year 2008 Bonus. For fiscal year 2008 (“FY2008”), Executive shall be eligible to earn a bonus based on achievement of quantitative goals described below and qualitative goals established by the Board. The quantitative portion of this bonus (“Target Bonus”) shall equal up to seventy-five percent (75%) of Executive’s Base Salary and shall be based on the Company’s Earnings Before Taxes, Interest, Depreciation and Amortization for FY2008, as calculated and reported by the Company in accordance with its accounting policies currently in effect (“EBITDA”): <$12M None $12M-$13.99M 25% of Quantitative Component $14M-$15.99M 50% of Quantitative Component $16M-$16.99M 75% of Quantitative Component >$17M 100% of Quantitative Component Executive shall be eligible for additional bonus compensation, equivalent to up to twenty-five percent (25%) of his Base Salary, based on achievement of qualitative objectives established by the Board in its discretion. In no event shall Executive’s aggregate bonus compensation for FY2008 exceed 100% of Executive’s Base Salary. Executive’s FY2008 bonus will be paid in cash, provided that the Board may elect to pay up to thirty percent (30%) of Executive’s FY2008 bonus in fully vested and unrestricted WSTF stock (priced at the fair market value of the stock as of the date of the stock bonus). Executive’s FY2008 bonus will be paid on or prior to March 15, 2009.