Initial Performance Bonus Sample Clauses
Initial Performance Bonus. Executive shall be entitled to an initial performance bonus (the “Initial Performance Bonus”) of One Million Five Hundred Thousand Dollars ($1,500,000) if the Company (i) achieves positive retained earnings equal to or greater than Five Million Dollars ($5,000,000) not later than the fiscal quarter ending December 31, 2012 (the “Target Retained Earnings”), and (ii) the Company’s positive retained earnings are equal to or greater than the Target Retained Earnings at the end of the two fiscal quarters immediately following the quarter in which the Company initially achieved the Target Retained Earnings (the “Initial Performance Bonus Trigger”). In the event the Company achieves the Initial Performance Bonus Trigger, the Initial Performance Bonus shall be paid by the Company to Executive as follows (i) Seven Hundred and Fifty Thousand Dollars ($750,000) between January 1 and January 31 of the year immediately following the date on which the Company achieved the Initial Performance Bonus Trigger, and (ii) Seven Hundred and Fifty Thousand Dollars ($750,000) between January 1 and January 31 of the second year following the date on which the Company achieved the Initial Performance Bonus Trigger.
Initial Performance Bonus. Executive shall be eligible to receive a lump sum cash initial performance bonus of up to $2,000,000 (the “Initial Performance Bonus”), with the actual amount of the Initial Performance Bonus to be determined by the Board (in good faith) based upon the Board’s determination of Executive’s achievement, prior to or as of December 31, 2013, of the performance objectives that follow: (i) recommendation by Executive to the Board of the location of Company’s principal executive office following the completion of the Business Combination of Company and OfficeMax Incorporated (such headquarters being the “Post-Business Combination Headquarters”), (ii) progress on the selection of Company’s post-Business Combination senior executive team; and (iii) progress on development of a Company budget for calendar year 2014. The Board shall make its good faith determination of the achievement of the foregoing objectives on or before March 15, 2014, and shall cause such Initial Performance Bonus, if any, to be paid to Executive not later than March 15, 2014. Executive must be employed by Company on March 15, 2014 in order to be eligible for the Initial Performance Bonus.
Initial Performance Bonus. Executive will be paid an initial performance bonus (the “Initial Performance Bonus”) in the gross amount of Fifty Thousand Dollars ($50,000), less necessary withholdings and authorized deductions, in consideration for special responsibilities and efforts required of Executive during the first ninety days of his employment, payable by the Company on the Company’s first regularly scheduled payday subsequent to the ninety (90) day period commencing on the Effective Date.
Initial Performance Bonus. Executive shall earn, and the Company shall pay to Executive, a one-time cash bonus of $50,000, if the Company achieves annualized EBITDA of $6.7 million during any “Quarter” (defined as the periods covering January 1 through March 31, April 1 through June 30, July 1 through September 30 and October 1 through December 31) on or prior to December 31, 2007 (the “Initial Bonus”). Such payment shall be made by the Company to Executive within thirty (30) days following the end of the applicable Quarter; provided, however, that the Initial Bonus shall be subject to repayment by Executive (within 30 days, if already paid by the Company) should the Company’s third-party auditors subsequently determine that the Company’s annualized EBITDA did not equal or exceed $6.7 million for any Quarter ending on or prior to December 31, 2007.
Initial Performance Bonus. Executive shall earn a bonus of fifty percent (50%) of his Base Salary (the “Initial Bonus”) after his first six months of employment, provided Executive remains an active employee through such time. Except as otherwise provided in Section 5, Executive will not earn any Initial Bonus if Executive’s employment terminates for any reason before the Initial Bonus is earned by him. The Initial Bonus, if earned, shall be paid within one month after the end of the six month anniversary of the Commencement Date.
Initial Performance Bonus. The Executive shall be entitled to a guaranteed bonus equal to $100,000, which represents a six month performance bonus, to be paid no later than December 31, 2015 provided the Executive remains employed until such payment date. At least $80,000 of such bonus shall be paid in cash and the remainder shall be payable in cash or fully vested shares of common stock in the discretion of the Company.