Common use of Management Bonus Clause in Contracts

Management Bonus. In addition to the Base Salary, Employee shall be entitled to participate in the current Management Bonus Plan in effect from time as determined by the Board of Directors of Employer and the Compensation Committee as appointed by the Board. The Bonus payable to Employee, if any, shall be paid out of a Management Bonus Fund equal to 10% of the profits before taxes of Employer based upon the audited financial statements of Employer. The Compensation Committee shall make recommendations to the Board of Directors for the payment to Employee of such sums out of the Management Bonus Fund as the Board shall, in its sole discretion, determine or approve, and such sums will be payable to Employee, in cash, for each fiscal year during the term of this Agreement, including fiscal years 1997, 1998, 1999, 2000 and 2001; as well as any fiscal years falling within any extension of this Agreement. In order to determine the amount of the Management Bonus Fund, a calculation will be made from the audited fiscal year and financial statements within 45 days of the availability of such audited statements. If, upon such calculation, it is determined that sufficient funds exist for the payment of bonus amounts under the Management Bonus Plan, the Board of Directors shall determine such amounts as shall be paid to all participants under the Management Bonus Plan, and such amounts shall be paid within 60 days of the availability the audited fiscal year and financial statements.