Milestone Bonus Sample Clauses

Milestone Bonus. Upon the achievement of any of the milestones described in this paragraph, the Company shall pay to Executive a bonus ("Milestone Bonus") equal to 10% of Executive's Base Salary at the time the milestone is achieved. Executive shall be entitled to a Milestone Bonus upon the achievement of any one or more of the following: (1) MD Diafilter hemodiafiltration device or a related or similar device is deemed ready to enter a clinical trial by the FDA in the U.S. or an analogous body outside the U.S., in a region where there exists significant market opportunity for the sale of such device; (2) the completion of the clinical trial, of the device described in Section 3(b)(1) above in the region described in Section 3(b)(1) above; (3) the first regulatory approval, of the device described in Section 3(b)(1) above in the region described in Section 3(b)(1) above; (4) a second hemodiafiltration device is deemed ready to enter a clinical trial by the FDA in the U.S. or an analogous body outside the U.S., in a region where there exists significant market opportunity for the sale of such device; (5) the completion of the clinical trial of the device described in Section 3(b)(4) above in the region described in Section 3(b)(4) above; (6) the first regulatory approval of the device described in Section 3(b)(4) above in the region described in Section 3(b)(4) above. The milestones described in this paragraph may be amended by written agreement of the parties. After the Anniversary Date, as defined in Section 3(d) ("Base Salary Increase"), at least two realistic milestones shall be added by the Compensation Committee of the Board, after consultation with Executive, each year and Executive shall be paid for the achievement of each such milestone an amount to be determined by the Compensation Committee of the Board, provided that the total potential payment for milestones (if achieved) each year equals at least 20% of Executive's Base Salary as of the date the milestones are set by the Compensation Committee of the Board.

Milestone Bonus. Executive shall be entitled to a bonus payment (each such payment, a “Milestone Bonus”) based on the Company’s achievement of the Milestones set forth in the tables below; provided, however, that Executive must be employed on the date of payment of the applicable Milestone Bonus in order to earn and be paid the Milestone Bonus. Determinations with regards to whether a Milestone has been achieved shall be in the sole discretion of the Company. The Milestone Bonus will be paid within thirty (30) days of the Company’s achievement of the applicable Milestone. The amount of the Milestone Bonus shall be determined as set forth opposite the applicable milestone achieved in the tables below:

Milestone Bonus. Beginning with the fiscal year ending March 31, 2019 and ending with the fiscal year ending March 31, 2022, the milestone bonus (the “Milestone Bonus”) earned with respect to a given fiscal year, provided that the Employee is employed by the Company on the last day of such fiscal year, is based on the Pre-Tax Yield (as defined below) actually achieved by the Company for such fiscal year (the “Actual Yield”) compared to the relevant target Pre-Tax Yield for such fiscal year set forth below (the “Target Yield”). For these purposes, “Pre-Tax Yield” is defined as operating income before income taxes divided by interest and fee income on finance receivables, adjusted in the sole discretion of the Committee, including without limitation for the following items: 1) changes resulting from a Financial Accounting Standards Board (“FASB”) Accounting Pronouncement, 2) dividends, 3) gain on sale and 4) provision for credit losses if less than charge-offs.

Milestone Bonus. The Executive shall be eligible to receive a bonus equal in value to up to 35% of the Base Salary in the first calendar year ending during the Term, 40% of the Base Salary in the second calendar year ending during the Term and 50% of the Base Salary in the third calendar year ending during the Term (in each case the “Annual Bonus”) based upon completion of performance criteria milestones (“PCM”s) to be approved by the Compensation Committee of the Board of LBC and disclosed to the Executive on an annual basis. The Annual Bonus is not earned until the appropriate PCM is achieved, and then awarded and paid by LBC (or such other Company account as designated for internal accounting purposes) after completion of the applicable calendar year and assessment of performance, which will conclude within sixty (60) business days following the calendar year end, with the earned Annual Bonus paid within the two following pay cycles (and in no event later than March 15 immediately following the end of the applicable calendar year).

Milestone Bonus. Beginning with the fiscal year ending March 31, 2021 and ending with the fiscal year ending March 31, 2022, the milestone bonus (the “Milestone Bonus”) earned with respect to a given fiscal year, provided that the Employee is employed by the Company on the last day of such fiscal year, is based on the Pre-Tax Yield (as defined below) actually achieved by the Company for such fiscal year (the “Actual Yield”) compared to the relevant target Pre-Tax Yield for such fiscal year set forth below (the “Target Yield”), with a target payout of $75,000 at 100% of goal. For these purposes, “Pre-Tax Yield” is defined as operating income before income taxes divided by interest and fee income on finance receivables, adjusted in the sole discretion of the Committee, including without limitation for the following items: 1) changes resulting from a Financial Accounting Standards Board (“FASB”) Accounting Pronouncement, 2) dividends, 3) gain on sale and 4) provision for credit losses if less than charge-offs. The percentage obtained for a fiscal year by dividing (x) the Actual Yield for such fiscal year by (y) the Target Yield for such fiscal year shall be defined as the “Performance Percentage.” At a Performance Percentage of 100%, the Milestone Bonus equals $75,000. If the Performance Percentage is less than 80%, no Milestone Bonus is earned with respect to such fiscal year. If the Performance Percentage is 80% or higher, the Milestone Bonus with respect to such fiscal year shall be equal to the amount obtained by multiplying the Performance Percentage by $75,000. By way of example, if the Actual Yield for the fiscal year ending March 31, 2021 is 15.0%, the Milestone Bonus with respect to such fiscal year will be $90,000, representing 120% multiplied by $75,000.

Milestone Bonus. In addition, the Executive shall receive a lump sum cash payment equal to $500,000, payable within 30 days following a Commercial Launch (the “Milestone Bonus”), subject to his continued employment through the date of such Commercial Launch (other than as set forth in Section 4(b)). For purposes of this Agreement, “Commercial Launch” means the first powered flight of Spaceship Unity that (i) attains an altitude of at least 50 miles with four fare-paying passengers on board and (ii) safely returns to base with all major systems functioning nominally throughout the flight.

Milestone Bonus. In addition, the Executive shall receive a lump sum cash payment equal to $500,000, payable on the first anniversary of a Commercial Launch, subject to his continued employment through such first anniversary date. For purposes of this Agreement, “Commercial Launch” means the first powered flight of Spaceship Unity that (i) attains an altitude of at least 50 miles with four fare-paying passengers on board and (ii) safely returns to base with all major systems functioning nominally throughout the flight.

Milestone Bonus. Executive shall be eligible for a bonus of up to ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Dollars (US$100,000) per year, to be paid based upon achievement of goals and milestones, the terms and achievement of which shall be determined at the discretion of the Board of Directors.

Milestone Bonus. Executive shall be paid a bonus of Five Million Dollars ($5,000,000.00) (the “Milestone Bonus”) if (i) Executive remains employed by the Company for the entire Term of this Agreement; (ii) the Company obtains a target EBITDA of Six Hundred Million Dollars ($600,000,000) in the aggregate over the course of the fiscal years ending in 2023, 2024, 2025 and 2026 (“Target EBITDA”); and (iii) Executive timely signs and does not revoke a separation agreement with a general release in favor of the Company, its officers, directors, employees and agents, in a form satisfactory to the Company; provided, however, that if a new significant COVID outbreak or similar pandemic event or events cause a significant disruption of the Company’s business, the Executive and the Company shall meet and reasonably and in good ▇▇▇▇▇ ▇▇▇▇▇▇ on the impact to the Company’s business caused by such event or events and any appropriate adjustments that should be made to Target EBITDA. If the Company does not obtain the Target EBITDA, Executive will not be entitled to a pro-rata portion of the Milestone Bonus. The Milestone Bonus, if earned, shall be payable no later than February 28, 2027. For the avoidance of doubt, the Milestone Bonus is to be paid in addition to the Annual Bonus and/or any Bonus in Sections 3(c), (d) or (e), if applicable.