Profit Bonus. For each quarterly period that Officer is employed by Monarch Mortgage pursuant to the terms and conditions of the Agreement, Officer will receive a percentage of the quarterly pre-tax profit of Monarch Mortgage (the “Profit Bonus”) to distribute to Officers, including himself, as appropriate. For purposes of this section, the total Profit Bonus pool shall equal twenty-five (25%) percent of the quarterly net book income before taxes of Monarch Mortgage based on its historical accounting practices and internal financial reports consistently and reasonably computed and “Monarch Mortgage” shall mean the assets, business and activities of the residential mortgage lending division of Monarch Mortgage, together with the functionally related assets of Monarch Mortgage regardless of the specific entity that legally owns or conducts such assets, business or activities; provided, however, that Monarch Mortgage shall not include any nonresidential or non-retail mortgage lending activities that Monarch Mortgage, acting in good faith and upon prior notice to Officer, determines cannot be efficiently conducted through Monarch Mortgage. The Profit Bonus shall be payable with respect to Monarch Mortgage’s pre-tax profit during the fiscal quarters ending March 31, June 30, September 30 and December 31. Any Profit Bonus to which Officer is entitled shall be paid by the day that is 45 days following the end of the quarter for which the Profit Bonus was earned. In the event that, during any quarterly period, Monarch Mortgage suffers a pre-tax loss, then the amount of such pre-tax loss shall be carried forward into one or more subsequent quarterly periods such that (i) the pre-tax losses shall be credited against (i.e. subtracted from) subsequent quarterly pre-tax profits for purposes of determining whether a Profit Bonus is payable for any subsequent quarters and the amount of such Profit Bonus and (ii) no Profit Bonus shall be payable to Officer during any calendar year if, as of the end of any given quarter during the year, Monarch Mortgage has suffered a net pre-tax loss on a year to date basis. Officer, subject to the approval of the Monarch Bank’s CEO, shall determine on a quarterly basis (i) which Officers, including himself, of Monarch Mortgage will be entitled to the Profit Bonus; and (ii) what portion, if any, of the pre-tax profit pool each eligible Officer will receive. It is the intent of the parties that Officer shall not in any quarter award more than half of th...
Profit Bonus. Executive shall be eligible to receive an annual bonus, which shall be determined by the Company’s Board of Directors in its sole discretion. At a minimum, such bonus shall be equal to twenty percent (20%) of Executive’s Salary.
Profit Bonus. Executive shall be eligible to receive a profit bonus in an amount equal to no less than 20% of Salary, to reflect the Executive's individual contribution to the Company's profits for the fiscal year, as determined in the sole discretion of the Board of Directors. The Profit Bonus, if any, shall be paid on the date following the date that the Company's completed consolidated financial statements for the 2007 calendar year are issued, but in no event later than June 30, 2008.
Profit Bonus. The “Profit Target” is 100% of budgeted profit of IVP for the calendar year. The “Profit Bonus Target” is 15% of Employee’s Base Salary as of December 31. The amount of the “Profit Bonus” is determined as follows: Actual Profit Compared to Profit Target Profit Bonus 110% or greater 125% of Profit Bonus Target 100-109% 100% of Profit Bonus Target 95-99% 95% of Profit Bonus Target 90-94% 90% of Profit Bonus Target Below 90% No Profit Bonus
Profit Bonus. Employee shall be paid a bonus (the "Profit Bonus"), if any, for each Employment Year (or portion thereof) commencing with the first Employment Year, in an amount equal to a percentage as set forth below of the "Earnings Before Income Taxes" calculated prior to Employee's and Donaxx Xxxxxxx'x xxxfit bonus ("EBIT"), as reflected on Employer's annual consolidated financial statements, as certified by the independent public accountants retained by Employer at such time (the "Accountants") and as filed with the Securities and Exchange Commission (the "SEC") on the Employer's Form 10-K with respect to such Employment Year. Such percentage utilized for the determination of Profit Bonus, if any, for each Employment Year shall be calculated as follows:
Profit Bonus. Executive shall receive an annual bonus equal to one percent (1%) of the profit, as defined herein, of AFS during the Employment Period or any successive Employment Period (the “Profit Bonus”). Effective as of the Calendar year ending December 31, 2006, the Profit Bonus shall not exceed Executive’s then current Salary. For purposes of computing the Profit Bonus, profits shall mean AFS’ after tax net income, excluding extraordinary income and all income of AmTrust Pacific Limited, as determined by AFS’s independent public accountants whose determination thereof shall be final, binding and conclusive. The Profit Bonus for each year shall be paid within sixty (60) days after the completion and issuance of AFS’s consolidated financial statements for the prior calendar year. The Profit Bonus shall be payable only if Executive is employed by the Company on the date that the bonus is payable.
Profit Bonus. The total potential profit bonus will be 5% of annual pretax profits (excluding extraordinary items and charges) from the first dollar of profit. Before being allocated among employee groups, the total potential profit bonus will be reduced dollar-for-dollar by the performance bonuses and any special bonuses paid for the year. The Company may, at its discretion, pay the profit bonus on a quarterly, rather than an annual basis. Should any other group(s) be provided a different Profit Bonus formula, such group(s) will be separated into a different Profit Bonus plan so as not to negatively impact the IAM-C's share of the plan. The net profit bonus will first be divided among all employee groups (ALPA, AFA, IAM, TWU, non-represented, etc.) on the basis of each group's pro rata share of W-2 wages for the year. The pro rata share of any non-participating employee group will not be paid out to any group. Within each participating group, the bonus will then be allocated based on regular W-2 wages (as defined below) of each eligible member of the group, or another basis if that is agreed upon. Profit bonuses paid will be less applicable taxes and pre-tax deferral deductions. The Company would have discretion to set a minimum amount payable to any individual. Example If Hawaiian's 2009 pre-tax profit were $40 million the total potential bonus payment would be $2 million. If the Performance Bonuses paid out for the year totaled $600 thousand, then up to $1.4 million would be allocated among employee groups and individual employees in the manner described above. General Provisions Eligible employees are defined as active employees during the applicable period with accumulated W-2 wages in excess of $500 per quarter unless, before the time of payout, they were involuntarily terminated or voluntarily resigned. The profit Performance Bonus and Profit Bonus plans would apply to all employees meeting these criteria, except corporate officers. The above criteria would also apply to all employees and corporate officers in the Incentive Compensation Program. For purposes of the plans, W-2 wages shall mean regular earnings as reported in Box 5 including employee pre-tax deferrals (e.g. 401(k) employee contributions) on previous year's IRS Form W-2 and exclude bonuses, vacation payoffs, insurance, layoff severance and other similar non-regular earnings even if otherwise reported in Box 5 on Form W-2. Payments described herein will not be treated as covered compensation for 401(...
Profit Bonus. (i) As additional compensation, Employee shall earn an annual bonus (the "Profit Bonus") for any Bonus Fiscal Year equal to the aggregate of (1) six point two five (6.25%) percent times the Combined Pre-Tax Profits of the Acquired Companies greater than $1,000,000 and less than or equal to $3,000,000 and (2) three (3%) percent times the Combined Pre-Tax Profits of the Acquired Companies in excess of $3,000,000.
Profit Bonus. Employee will receive a bonus of 10% of the net profits from operations ("Profits"). The description of the plan can be found in Exhibit 3.15 of the Agreement and Plan of Reorganization between Lone Wolf Energy, Inc. and Prestige Investments, Inc. For the entirety of the initial term, the total cash compensation from the profit bonus will be caped at $130,000 per annum. Once this cap is reached in any given payroll year started or ended within the initial term, all additional Profit bonus continue to be calculated as specified in the Exhibit 3.15 of the above referenced agreement but will be converted to additional Stock Options. The formula for which is outlined below in section 3.(c)(ii).
Profit Bonus. Subject to the terms and conditions hereof, Executive shall be entitled to an annual bonus ("Profit Bonus") based on a certain percentage of the then Base Salary when Consolidated Annual Pre-Tax Income (as defined below) equals amounts as follows: ---------------------------------------------------------------------------- Consolidated Annual Pre-Tax Income Percentage of Base Salary ---------------------------------------------------------------------------- Up to $250,000 5.0% ---------------------------------------------------------------------------- $250,001 to $500,000 7.5% ---------------------------------------------------------------------------- $500,001 to $1,000,000 10.0% ---------------------------------------------------------------------------- $1,000,001 to $1,500,000 15.0% ---------------------------------------------------------------------------- $1,500,001 to $2,000,000 20.0% ---------------------------------------------------------------------------- $2,000,001 to $3,000.000 30.0% ---------------------------------------------------------------------------- $3,000,001 to $4,000,000 40.0% ---------------------------------------------------------------------------- $4,000,001 and up 50.0% ---------------------------------------------------------------------------- The Profit Bonus shall be earned on December 31 of each fiscal year during the Term. The Profit Bonus shall be payable within one hundred twenty (120) days after the end of each fiscal year for which the Profit Bonus is earned. Executive shall be entitled to receive the Profit Bonus only if Executive is employed at such time as the Profit Bonus is earned; PROVIDED, HOWEVER, that if the Executive is employed with the Company for less than twelve (12) months during such fiscal year, the Executive shall be entitled to a prorated portion of the Profit Bonus that would be payable if the Executive were employed for the entire fiscal year.
