Payment of Annual Bonuses. The first portion of the fixed annual bonus is paid out in the wage for May , the second in the wage for November. The annual variable bonus is paid out in the pay term closest to approval of the annual financial statement by the Board of Directors, no later however than in the March wage paid in the following year. A change in pay terms is a matter of mutual agreement reached between the Employer and LUC; hence, the matter needn´t be tackled through amendments to CA. Employees terminating their job relationship with the Employer in the course of the calendar year, are eligible to a pro-rata portion of abovementioned bonuses. The Employer undertakes to compensate - to the extent of Employer´s liability - the loss of bonus, if applicable, should it occur in connection with incapacity for work due to an occupational accident or occupational disease.
Payment of Annual Bonuses. The Company agrees that it will not pay any bonuses prior to the Closing Date, including the annual bonuses set forth in Section 5.22 of the Company Disclosure Schedule, to its employees, officers and/or directors from and after the date hereof unless (a) it has complied with Section 5.2 of the Original Merger Agreement from and after the date thereof through the date hereof and with Section 5.2 of this Agreement during the Interim Period and (b) as of the Closing Date, after giving effect to the payment of such annual bonuses, the Company will have Net Cash of no less than either (i) if the Closing Date occurs on or prior to July 31, 2013, $16,000,000 (the “July Amount”) or (ii) if the Closing Date occurs after July 31, 2013, the greater of either (A) the July Amount less $150,000 for each calendar month thereafter, pro rated for partial calendar months based on the actual Closing Date and assuming each month has thirty (30) days and (B) $15,700,000 (the amount in clauses (i) or (ii), as applicable, the “Minimum Net Cash Amount”). The Company further agrees that in no event will it pay aggregate bonuses to its employees, officers and/or directors pursuant to this Section 5.22 or otherwise, in excess of $350,000.
