Obligation to Pay Incentive Bonus Sample Clauses

Obligation to Pay Incentive Bonus. Employee shall be eligible to receive as additional compensation, 30 days after the day the Board of Directors approves interim financial statements for the last-ended Fiscal Year, 1% of the issued and outstanding shares of the Company if the gross revenues exceeds $10,000,000 for the year ending October 1, 2003, a 20% increase over the previous years gross revenue in the year ending October 1, 2004 and a 10% increase for each year after that. (the "Incentive Bonus").
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Obligation to Pay Incentive Bonus. Employee shall be eligible to receive as additional compensation, 30 days after the day the Board of Directors approves interim financial statements for the last-ended Fiscal Quarter, a payment equal to two and one- half percent (2.5%) of the Company's pre-tax net income for the last-ended Fiscal Quarter for each Fiscal Quarter during the term beginning after December- 31, 1997 (the "Incentive Bonus"). It is the intention of the parties that Employee's right to receive Incentive Bonus payments shall be offset by ail equal percentage of pre-tax net losses, if any, realized from time to time. In the event of a pre-tax net loss for a Fiscal Quarter, there shall be set up ail offset amount equal to two and one-half percent (2.5%) of such net loss, which amount shall be deducted from, or offset against the entirely of, the next Incentive Bonus payment to which Employee becomes eligible. Likewise, if there are consecutive loss Fiscal Quarters, the offset amounts shall accumulate and Employee shall not be entitled to receive a further Incentive Bonus payment until the entire accumulated loss amounts have been offset against amounts carried in subsequent profitable Fiscal Quarters. It is also the intention of the parties that Employee shall receive the benefit of, or suffer the detriment resulting from, any adjustment to the pre-tax net profit or loss as reported in the final audited financial statements for each Fiscal Quarter subject to the provisions of this Section 6. Any additions to, or subtraction from, any Incentive Bonus payment made on the basis of interim financial statements shall be taken into account and used to adjust, as appropriate, the next Incentive Bonus payment which Employee shall become entitled to receive. Notwithstanding any such adjustment or subsequent net loss Fiscal Quarter, in no event shall Employee be obligated to return to the Company any amount which lie shall have received in good faith pursuant to the terms of this Subsection 6.1, it being expressly understood and agreed that all such amounts may only be used to offset future I incentive Bonus payment obligations arising hereunder.
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Obligation to Pay Incentive Bonus. Employee shall be eligible to receive as additional compensation, 1% of the issued and outstanding shares of the Company if the gross revenues exceeds $2,500,000 for the year ending December 31, 2010, a 20% increase over the previous years gross revenue in the year ending December 31, 2011, 2012 and a 10% increase for each year after that. (the “Incentive Bonus”).
Sample 1

Related to Obligation to Pay Incentive Bonus

  • Incentive Bonus During the Term, Employee shall be eligible to receive an incentive bonus up to the amount, based upon the criteria, and payable in such amount, at such times as are specified in Exhibit A attached hereto. The manner of payment, and form of consideration, if any, shall be determined by the Compensation Committee of the Board, in its sole and absolute discretion, and such determination shall be binding and final. To the extent that such bonus is to be determined in light of financial performance during a specified fiscal period and this Agreement commences on a date after the start of such fiscal period, any bonus payable in respect of such fiscal period's results may be prorated. In addition, if the period of Employee's employment hereunder expires before the end of a fiscal period, and if Employee is eligible to receive a bonus at such time (such eligibility being subject to the restrictions set forth in Section 6 below), any bonus payable in respect of such fiscal period's results may be prorated.

  • Cash Incentive Bonus The pro rata share of any Cash Incentive Bonus that would have been paid to the Executive had the Executive not been terminated Without Cause based on the extent to which performance standards are met on the last day of the year in which the Executive is terminated Without Cause.

  • Annual Incentive Bonus The Company shall, in addition to Executive’s Base Salary, pay Executive an Annual Incentive Bonus, which shall be payable within 120 days of the end of each fiscal year in accordance with the formula set forth on Exhibit A, attached hereto and made a part hereof.

  • Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.

  • Annual Bonus Compensation Executive shall be eligible to receive a bonus each Contract Year (“Annual Bonus”) as the Compensation Committee of the Board of Directors shall determine. Executive’s Annual Bonus shall be determined in accordance with the Company’s executive compensation policies as in effect from time to time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company’s achieving its performance goals for the year.

  • Performance Bonus The Executive shall be eligible to receive an annual performance bonus, payable within sixty (60) days after the end of the fiscal year of the Employer, in an amount not to exceed twenty-five percent (25%) of the Executive's Base Salary for the applicable year. The amount, if any, shall be determined by the Board, or the appropriate committee thereof, and shall generally be based on a combination of organization-wide and individual performance criteria.

  • Bonus and Incentive Compensation Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

  • Incentive Bonuses After the Company attains profitability, the Employee shall be eligible to be considered for an annual incentive bonus. Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the Board or its Compensation Committee. The determinations of the Board or its Compensation Committee with respect to such bonus shall be final and binding. Except as expressly provided in this Agreement, the Employee shall not be entitled to an incentive bonus if he is not employed by the Company on the date when such bonus is payable.

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 11.3.2 An employer may opt to pay the early retirement incentive in three equal annual payments over a thirty-six (36) month period. 11.3.3 Eligible bargaining unit members may opt for a partial early retirement with a pro- rated incentive.

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