Formula Bonus. During the Term hereof, the Executive shall participate in the Company’s Senior Executive Annual Incentive Plan, as it may be amended from time to time pursuant to the terms thereof (the “Plan,” a current copy of which is attached hereto as Exhibit A) and will be eligible for a bonus award thereunder (the “Bonus”). For purposes of the Plan, the Executive shall be eligible for a Tier I Bonus (as defined in the Plan) and the Executive’s Tier I Specified Percentage (as defined in the Plan) shall be 100% of Base Salary.
Formula Bonus. Subject to Section 5 hereof, the Executive shall be paid an annual bonus in each fiscal year that he/she is an employee (the "Bonus"). The Executive shall have a Bonus target of 100% of Base Salary (the "Target") which shall be based upon the Company's achievement of annual targets as recommended by the CEO and approved by the Board. No Bonus shall be paid unless 90% of the Target is exceeded in the applicable fiscal year. The Executive shall receive one-tenth of one percent (0.1%) of his/her Base Salary for every one hundredth of one percent (0.01%) (rounded to the nearest hundredth) in excess of 90% of the Target that is achieved in the applicable fiscal year. By way of example only, if 100% of the Target is achieved, Executive is entitled to a Bonus under this Section 4.2(a) equal to 100% of Executive's Base Salary.
Formula Bonus. For each Bonus Period that begins on or after November 1, 2000 during the Term of Employment, the Executive shall be paid an annual formula bonus (the "Formula Bonus") during the Term of Employment equal to the greater of (i) the Minimum Annual Bonus, or (ii) the bonus determined pursuant to a formula (the "Formula") established by the Board at the beginning of each Bonus Period that commences during the Term of Employment. The Minimum Annual Bonus shall be $150,000 and, subject to the Board's approval, may be payable on each July 31, October 31, January 31, and April 30. To establish the Formula, within the first three (3) months of each Bonus Period for which a Formula Bonus may be payable pursuant to this Section 3.2 the Board shall (x) assign the Executive a percentage of his Base Salary that may be earned as a bonus (the "Target Award Percentage"), which shall not be less than 100%, and (y) assign reasonable financial performance targets for the Company by which to measure the Executive's performance. At the end of each such Bonus Period, the Board will determine a percentage that reflects the Company's actual financial performance in relation to the financial performance targets set for the Company ("Percent of Target Award Earned"). The Executive's bonus pursuant to the Formula will be determined as follows: (TARGET AWARD PERCENTAGE) X (BASE SALARY) X (PERCENT OF TARGET AWARD EARNED). The amount of the bonus payable to Executive shall be determined as promptly as practicable after the determination of the Company's financial performance for the Bonus Period.
Formula Bonus. Employee shall be entitled to receive a formula bonus with respect to each fiscal year of the Term in an amount equal to the lesser of (A) Fifty Thousand Dollars ($50,000), pro-rated for any partial fiscal year, or (B) the maximum amount that the Company could pay to Employee during the applicable fiscal year without causing the Company to have negative, or increased negative, earnings before interest, taxes, depreciation and amortization in such fiscal year. The foregoing bonuses, if any, are intended to reward contribution to the Company's performance through the end of the applicable fiscal year, and consequently shall be paid only if Employee is employed and in good standing on the last day of the applicable fiscal year. Notwithstanding the foregoing, the foregoing shall not affect Employee's right to receive bonuses otherwise payable with respect to the period beginning January 1, 2006 and ending August 15, 2006, so long as Employee is employed and in good standing on August 15, 2006.
Formula Bonus. Employee shall be entitled to receive a formula bonus (as more fully described on Schedule 5(b)) with respect to each fiscal year of the Term in an amount equal to the maximum amount that the Company could pay to Employee during the applicable fiscal year without causing the Company to either (A) have negative, or increased negative, earnings before interest, taxes, depreciation and amortization in such fiscal year, or (B) violate any financial covenants made in favor of the Company's lenders.
Formula Bonus. Subject to Section 5 hereof, the Company ------------- shall pay the Executive a bonus in each fiscal year that he is an employee (the "Bonus") within 75 days of the end of the fiscal year in which such Bonus is earned. The amount of the Bonus shall be determined by the Board based on the Company's achievement of pre-established annual targets (each annual target being referred to as "Target"), which shall be based upon the Company's EBITDA. The term "EBITDA" shall mean earnings before interest, taxes, depreciation, amortization, Leadership Team bonuses, and loss or gain on sale or disposal of assets outside of the ordinary course of business (including sales of stores), all as reflected on the Company's financial statements as regularly and consistently prepared. No Bonus shall be paid unless 90% of Target is exceeded in the applicable fiscal year. The Executive shall receive a bonus of seventy five one thousandths of one percent (0. 075%) of his Base Salary for every one- hundredth of one percent (0.01%) (rounded to the nearest hundredth) in excess of 90% of Target that is achieved in the applicable fiscal year. By way of example only, if 100% of Target is achieved, Executive would receive a Bonus under this Section 4.2(a) equal to 75% of Executive's Base Salary.
Formula Bonus. The Company shall pay the Employee a cash bonus for the Company's fiscal year ending July 31, 1998 ("FY 98"), if the Employee is employed on July 31, 1998, equal to the largest amount for which she qualifies under the provisions of the attached SCHEDULE B.
Formula Bonus. The Company shall pay the Employee a cash bonus for the Company's fiscal year ending July 31, 1998 ("FY 98"), if the Employee is employed on July 31, 1998, equal to the largest amount for which he qualifies under the provisions of the attached SCHEDULE B. "EBIT" as used in this Agreement, and in any Schedules to this Agreement, means the Company's Earnings Before Interest and Taxes as determined in accordance with generally accepted accounting principles by the Company's independent accountants; provided that in determining EBIT the bonuses that would otherwise have been payable to the Employee and to Kathxxxx Xxxxxxx xxx Kevix Xxxxxx xxxer the bonus program set forth on SCHEDULE C, which is no longer in effect, shall be included as a compensation expense in determining FY 98 EBIT and not the bonuses payable under Sections 3.2.1 and 3.2.2.
Formula Bonus. In addition to the compensation specified in Section 3.01 above, the Employers shall pay to the Employee on a quarterly basis an amount equal to 7.5% of the amount (the "7.5% Amount") by which (i) the Company's Return on Equity (as hereinafter defined) exceeds (ii) the Threshold Yield (as hereinafter defined) for such fiscal quarter multiplied by the Average Net Worth (as hereinafter defined) for such quarter. The 7.5% Amount shall be paid to the Employee in arrears within [60] days following the end of such fiscal quarter ending March 30, June 30 and September 30 of each year and within [90] days following the fiscal quarter ending December 31 of each fiscal year. Except as set forth below, the 7.5% Amount shall be based on the Company's internal financial statements. For the purposes of this Section 3.02, the term "Company's Return on Equity" shall mean (i) the Company's Net Income (as hereinafter defined) multiplied by four and then (ii) divided by the Average Net Worth. The term "Net Income" means the Company's net income as determined in accordance with generally accepted accounting principles for such fiscal quarter prior to the deduction of the 7.5% Amount, the deduction for dividends paid and any net operating loss deductions arising from losses in prior periods. The term "Average Net Worth" means arithmetic average of the sum of the gross proceeds from any offering of the Company's equity securities by the Company before any underwriting discounts and commission and other expenses and costs relating to such equity offering, plus the Company's retained earnings without taking into account any losses incurred in prior periods computed by taking the daily average of such values during such period. The term "Threshold Yield" means (i) the Ten-Year U.S. Treasury Rate (as hereinafter defined) for the period in
Formula Bonus. Provided that the Corporation has attained an after-tax fifteen percent (15%) return on average equity, calculated in accordance with Generally Accepted Accounting Principals (“GAAP”), for any fiscal year during the Term (prorated for any partial year), based upon the Corporation’s audited financial statements, then, Executive shall receive, a formula bonus equal to five percent (5%) of the Corporation’s pre-tax income for that year. This formula bonus shall be paid immediately after receipt by the Corporation of its audited financial statements.
