Common use of Obligation to Pay Incentive Bonus Clause in Contracts

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").