Operating Bonus. The Company will pay to Employee annually an operating bonus in an amount not less than the amount Employee is entitled to under the Company's incentive/bonus plan. For the Company's fiscal year ending in 2002, the Employee shall be entitled to receive a bonus equal to 50% of his base salary earned during such fiscal year (the "Target Bonus"), subject to the achievement of certain financial objectives under such plan. Thereafter, the Company will pay the Employee a bonus equal to the amount to which he is entitled under the incentive/bonus plan of the Company in effect from time to time. If the fiscal year of the Company is changed, or if the Employee's employment is terminated without Cause (as defined in Section IV.B. hereof) or by the Employee for Good Reason (as defined in Section IV.C. hereof), the Employee will receive, in addition to all other compensation to which he is entitled, an operating bonus pro-rated to the amount to which he would otherwise be entitled hereunder based on the number of months in the short year, or such other equitable method as may be mutually agreed upon by Employee and the Company.
Operating Bonus. Where an employee is engaged in the operation of a vertical mulcher or broad acre mulcher a flat allowance of $5.00 per hour will be paid for each hour so worked.
Operating Bonus. In addition to the amounts identified above, the Company shall pay to the Management Company an operating bonus (the "Operating Bonus") for each fiscal year that begins during the Term (as defined in Section 5 below) beginning with the fiscal year which commences on November 1, 1996, on the terms and conditions set forth in this Section 4(d). The Operating Bonus for each fiscal year shall be paid within 15 days after Group receives its fiscal year-end audited financial statements for that fiscal year. For the current fiscal year and for each full fiscal year that ends during the Term, the Operating Bonus shall be an amount equal to the product of (i) 2.5% multiplied by (ii) the excess of (x) Consolidated EBITDA (as defined below) for such fiscal year, over (y) $25 million. For any fiscal year that begins during and ends after the Term, the Operating Bonus shall be an amount equal to the product of (1) an amount equal to the product of (i) 2.5% multiplied by (ii) the excess of (x) Consolidated EBITDA for such fiscal year, over (y) $25 million, multiplied by (2) a fraction, the numerator of which is the number of days from the beginning of the fiscal year through the end of the Term, and the denominator of which is 365. "Consolidated EBITDA" shall have the meaning assigned thereto in those certain Securities Purchase Agreements dated the date hereof by and between Group and each of John Xxxcxxx Xxxual Life Insurance Company and CIBC WG Argosy Merchant Fund 2, L.L.C. (The "Securities Purchase Agreements"). Notwithstanding anything to the contrary, the Operating Bonus to be paid for any fiscal year shall not exceed $400,000.
Operating Bonus. The Management Company shall be eligible to receive an annual operating bonus, payable at the sole discretion of the Board of Directors of the Company.
