Common use of Performance Bonus Compensation Clause in Contracts

Performance Bonus Compensation. Not later than ninety (90) days after the end of each fiscal year of the Company, so long as the Company has net operating income before income taxes and extraordinary items ("Pre-Tax Income") of $500,000 or more for such immediately preceding fiscal year, as reported on the Company's audited annual financial statements, the Company shall pay to Employee, as incentive compensation, an amount equal to three percent (3%) per year of the Company's Pre-Tax Income for the first $10,000,000, two percent (2%) per year of the next $30,000,000 and one percent per year of the next $100,000,000 or more, yearly of such incentive compensation. The Company agrees to furnish to Employee copy of such financial statements not later than ninety (90) days after the end of each fiscal year of the Company during the term hereof.

Performance Bonus Compensation. Not later than ninety (90) days after the end of each fiscal year of the Company, so long as the Company has net operating income before income taxes and extraordinary items ("Pre-Tax Income") of $500,000 or more for such immediately preceding fiscal year, as reported on the Company's audited annual financial statements, the Company shall pay to Employee, as incentive compensation, an amount equal to three percent (3%) per year of the Company's Pre-Tax Income for such immediately preceding fiscal year, but in no event an amount greater then $300,000.00 for the first Company's fiscal year ending December 31, 1998 and $10,000,000, two percent (2%) 300,000.00 per year of the next $30,000,000 and one percent per year of the next $100,000,000 or more, yearly thereafter of such incentive compensation. The Company agrees to furnish to Employee copy of such financial statements not later than ninety (90) days after the end of each fiscal year of the Company during the term hereof.

Performance Bonus Compensation. Not later than ninety (90) days after the end of each fiscal year of the Company, so long as the Company has net operating income before income taxes and extraordinary items ("Pre-Tax Income") of $500,000 or more for such immediately preceding fiscal year, as reported on the Company's audited annual financial statements, the Company shall pay to Employee, as incentive compensation, an amount equal to three percent (3%) per year of the Company's Pre-Tax Income for the first $10,000,000, two percent (2%) per year of the next $30,000,000 and one percent per year of the next $100,000,000 or more, yearly of such incentive compensation. The Company agrees to furnish to Employee copy of such financial statements not later than ninety (90) days after the end of each fiscal year of the Company during the term hereof.