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. Fiscal Year Ending Xxxxx 00, Xxxxxx Xxxxx 0000 7.5% 2020 12.5% 2021 20.0%
Milestone Bonus. The Executive shall be eligible to earn a bonus (the “Milestone Bonus”) based on the Company’s achievement of certain milestones as set forth in Exhibit A, so long as the Executive is employed by the Company on the date the milestone was achieved.
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: Consumer Milestones
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:
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. 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 $150,000 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. Fiscal Year Ending March 31, Target Yield 2021 12.5% 2022 20.0% 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 $150,000. 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 $150,000. 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 $180,000, representing 120% multiplied by $150,000.
Milestone Bonus. The Contractor shall be eligible to receive up to 50% of an amount equal to twelve (12) times the Monthly Fee (“Annual Bonus”) based upon completion of performance criteria milestones (“PCM”s) to be approved by the Compensation Committee of the Board of the Company and disclosed to the Contractor on an annual basis. The Annual Bonus is not earned until the appropriate PCM is achieved, and then awarded and paid by the Company (or such other Company account as designated for internal accounting purposes) after completion of the fiscal 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 one month thereafter.
Milestone Bonus. Provided that you are still employed as the Chief Financial Officer of the Company upon the achievement of the following milestone, you will be entitled to a single lump- sum cash bonus of $100,000 to be paid by the Company within twenty-one (21) business days of the Company’s receipt of $5M in sales proceeds in any country within any calendar year.
Milestone Bonus. As further compensation for his services hereunder, the Company shall pay Executive an annual bonus (the "Bonus") of up to $60,000, upon the achievement of certain milestones. Any Bonus due to Executive will be paid to the Executive on the anniversary of the Effective Date.
Milestone Bonus. Executive shall be entitled to receive up to 2,500,000 shares (“Shares”) upon achieving the following milestones (which achievement shall be determined by the Board): (i) Milestone 1 - Successfully conduct Initial Public Offering in 2019: 500,000 shares; (ii) Milestone 2 - Produce 1,200 ESSs in 2019: 500,000 shares; (iii) Milestone 3 - Produce 2,000 plus ESSs in 2019: 500,000 shares; and (iv) Milestone 4 - Produce 4,000 ESSs in 2020: 1,000,000 shares. Executive agrees that, without the prior written consent of the Company, he will not, during the period commencing on the date hereof and ending 12 months after the date of the closing of the Company’s U.S. initial public offering (the “Lock-Up Period”), (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, the Shares; (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Shares; (3) make any demand for or exercise any right with respect to the registration of any Shares; or (4) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Shares.
