Common use of Performance Bonuses Clause in Contracts

Performance Bonuses. In addition to the Base Salary, the Employee shall have the right to receive from the Employer, and the Employer shall be obligated to pay to the Employee, a performance bonus (the "Performance Bonus") for each fiscal year during the term of this Agreement, equal to the aggregate amount determined by the bonus formulas delineated herein below. Any amount of a Performance Bonus required to be paid to the Employee for a fiscal year during the term of this Agreement shall be paid by the Employer in the first pay period of the Employer immediately following the finalization of the accounting audit for financial accounting purposes of the Employer for the preceding fiscal year but in all events by March 31 of the year immediately following the end of the fiscal year for which such Performance Bonus is attributable. The formulas to determine a Performance Bonus for any fiscal year during the term of this Agreement shall be as follows: (i) For each fiscal year of the Employer, .15% of the pre-tax net income, before any performance or other periodic bonuses for any of the employees of the Employer and any of its consolidated subsidiaries, of the Employer on a consolidated basis for financial accounting basis based upon applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis. This bonus shall be calculated by the independent certified public accountant regularly employed by the Employer (the "CPA") applying such generally accepted accounting principles and generally accepted auditing standards on a consistent basis. Plus (ii) For each fiscal year of the Employer, one point five percent (1.5%) of the excess of (a) the consolidated after tax net income of the Employer and its consolidated subsidiaries for a fiscal year, computed by the CPA applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis over (b) the Wall Street Estimate (as hereinafter defined) for such fiscal year. For purposes of this subsection (ii)(b), Wall Street Estimate for a fiscal year shall mean the simple arithmetical average of the consolidated earnings per share estimates for a fiscal year of the Employer and its consolidated subsidiaries in the possession of First Call on the Determination Date (as hereinafter defined), translated by the CPA into the equivalent consolidated after tax net income of the Employer and its consolidated subsidiaries for such fiscal year. For purposes of this subsection (ii)(b), the Determination Date shall mean the date the IPO is consummated and thereafter shall be the first day of the fiscal year for which such computation applies.

Performance Bonuses. In addition to the Base Salary, the Employee shall have the right to receive from the Employer, and the Employer shall be obligated to pay to the Employee, a performance bonus (the "Performance Bonus") for each fiscal year during the term of this Agreement, equal to the aggregate amount determined by the bonus formulas delineated herein below. Any amount of a Performance Bonus required to be paid to the Employee for a fiscal year during the term of this Agreement shall be paid by the Employer in the first pay period of the Employer immediately following the finalization of the accounting audit for financial accounting purposes of the Employer for the preceding fiscal year but in all events by March 31 of the year immediately following the end of the fiscal year for which such Performance Bonus is attributable. The formulas to determine a Performance Bonus for any fiscal year during the term of this Agreement shall be as follows: (i) For each fiscal year of the Employer, .15.5% of the pre-tax net income, before any performance or other periodic bonuses for any of the employees of the Employer and any of its consolidated subsidiaries, of the Employer on a consolidated basis for financial accounting basis based upon applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis. This bonus shall be calculated by the independent certified public accountant regularly employed by the Employer (the "CPA") applying such generally accepted accounting principles and generally accepted auditing standards on a consistent basis. Plus (ii) For each fiscal year of the Employer, one point five percent (1.55%) of the excess of (a) the consolidated after tax net income of the Employer and its consolidated subsidiaries for a fiscal year, computed by the CPA applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis over (b) the Wall Street Estimate (as hereinafter defined) for such fiscal year. For purposes of this subsection (ii)(b), Wall Street Estimate for a fiscal year shall mean the simple arithmetical average of the consolidated earnings per share estimates for a fiscal year of the Employer and its consolidated subsidiaries in the possession of First Call on the Determination Date (as hereinafter defined), translated by the CPA into the equivalent consolidated after tax net income of the Employer and its consolidated subsidiaries for such fiscal year. For purposes of this subsection (ii)(b), the Determination Date shall mean the date the IPO is consummated and thereafter shall be the first day of the fiscal year for which such computation applies.fiscal

Performance Bonuses. In addition to the Base Salary, the Employee shall have the right to receive from the Employer, and the Employer shall be obligated to pay to the Employee, a performance bonus (the "Performance Bonus") for each fiscal year during the term of this Agreement, equal to the aggregate amount determined by the bonus formulas delineated herein below. Any amount of a Performance Bonus required to be paid to the Employee for a fiscal year during the term of this Agreement shall be paid by the Employer in the first pay period of the Employer immediately following the finalization of the accounting audit for financial accounting purposes of the Employer for the preceding fiscal year but in all events by March 31 of the year immediately following the end of the fiscal year for which such Performance Bonus is attributable. The formulas to determine a Performance Bonus for any fiscal year during the term of this Agreement shall be as follows: (i) For each fiscal year of the Employer, .15.2% of the pre-tax net income, before any performance or other periodic bonuses for any of the employees of the Employer and any of its consolidated subsidiaries, of the Employer on a consolidated basis for financial accounting basis based upon applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis. This bonus shall be calculated by the independent certified public accountant regularly employed by the Employer (the "CPA") applying such generally accepted accounting principles and generally accepted auditing standards on a consistent basis. Plus (ii) For each fiscal year of the Employer, one point five two percent (1.52%) of the excess of (a) the consolidated after tax net income of the Employer and its consolidated subsidiaries for a fiscal year, computed by the CPA applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis over (b) the Wall Street Estimate (as hereinafter defined) for such fiscal year. For purposes of this subsection (ii)(b), Wall Street Estimate for a fiscal year shall mean the simple arithmetical average of the consolidated earnings per share estimates for a fiscal year of the Employer and its consolidated subsidiaries in the possession of First Call on the Determination Date (as hereinafter defined), translated by the CPA into the equivalent consolidated after tax net income of the Employer and its consolidated subsidiaries for such fiscal year. For purposes of this subsection (ii)(b), the Determination Date shall mean the date the IPO is consummated and thereafter shall be the first day of the fiscal year for which such computation applies.

Performance Bonuses. In addition to the Base Salary, the Employee shall have the right to receive from the Employer, and the Employer shall be obligated to pay to the Employee, a performance bonus (the "Performance Bonus") for each fiscal year during the term of this Agreement, equal to the aggregate amount determined by the bonus formulas delineated herein below. Any amount of a Performance Bonus required to be paid to the Employee for a fiscal year during the term of this Agreement shall be paid by the Employer in the first pay period of the Employer immediately following the finalization of the accounting audit for financial accounting purposes of the Employer for the preceding fiscal year but in all events by March 31 of the year immediately following the end of the fiscal year for which such Performance Bonus is attributable. The formulas to determine a Performance Bonus for any fiscal year during the term of this Agreement shall be as follows: (i) For each fiscal year of the Employer, .15.2% of the pre-tax net income, before any performance or other periodic bonuses for any of the employees of the Employer and any of its consolidated subsidiaries, of the Employer on a consolidated basis for financial accounting basis based upon applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis. This bonus shall be calculated by the independent certified public accountant regularly employed by the Employer (the "CPA") applying such generally accepted accounting principles and generally accepted auditing standards on a consistent basis. Plus (ii) For each fiscal year of the Employer, one point five two percent (1.52%) of the excess of (a) the consolidated after tax net income of the Employer and its consolidated subsidiaries for a fiscal year, computed by the CPA applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis over (b) the Wall Street Estimate (as hereinafter defined) for such fiscal year. For purposes of this subsection (ii)(b), Wall Street Estimate for a fiscal year shall mean the simple arithmetical average of the consolidated earnings per share estimates for a fiscal year of the Employer and its consolidated subsidiaries in the possession of First Call on the Determination Date (as hereinafter defined), translated by the CPA into the equivalent consolidated after tax net income of the Employer and its consolidated subsidiaries for such fiscal year. For purposes of this subsection (ii)(b), the Determination Date shall mean the date the IPO is consummated and thereafter shall be the first day of the fiscal year for which such computation applies.fiscal

Performance Bonuses. In addition to the Base Salary, the Employee shall have the right to receive from the Employer, and the Employer shall be obligated to pay to the Employee, a performance bonus (the "Performance Bonus") for each fiscal year during the term of this Agreement, equal to the aggregate amount determined by the bonus formulas delineated herein below. Any amount of a Performance Bonus required to be paid to the Employee for a fiscal year during the term of this Agreement shall be paid by the Employer in the first pay period of the Employer immediately following the finalization of the accounting audit for financial accounting purposes of the Employer for the preceding fiscal year but in all events by March 31 of the year immediately following the end of the fiscal year for which such Performance Bonus is attributable. The formulas to determine a Performance Bonus for any fiscal year during the term of this Agreement shall be as follows: (i) For each fiscal year of the Employer, .15.5% of the pre-tax net income, before any performance or other periodic bonuses for any of the employees of the Employer and any of its consolidated subsidiaries, of the Employer on a consolidated basis for financial accounting basis based upon applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis. This bonus shall be calculated by the independent certified public accountant regularly employed by the Employer (the "CPA") applying such generally accepted accounting principles and generally accepted auditing standards on a consistent basis. Plus (ii) For each fiscal year of the Employer, one point five percent (1.55%) of the excess of (a) the consolidated after tax net income of the Employer and its consolidated subsidiaries for a fiscal year, computed by the CPA applying generally accepted accounting principles and generally accepted auditing standards on a consistent basis over (b) the Wall Street Estimate (as hereinafter defined) for such fiscal year. For purposes of this subsection (ii)(b), Wall Street Estimate for a fiscal year shall mean the simple arithmetical average of the consolidated earnings per share estimates for a fiscal year of the Employer and its consolidated subsidiaries in the possession of First Call on the Determination Date (as hereinafter defined), translated by the CPA into the equivalent consolidated after tax net income of the Employer and its consolidated subsidiaries for such fiscal year. For purposes of this subsection (ii)(b), the Determination Date shall mean the date the IPO is consummated and thereafter shall be the first day of the fiscal year for which such computation applies.