Profit Bonus Sample Clauses
A Profit Bonus clause establishes the conditions under which additional compensation is awarded based on the achievement of specified profit targets. Typically, this clause outlines the metrics used to calculate profits, the threshold or formula for determining bonus eligibility, and the timing and method of payment. By clearly defining how and when profit bonuses are earned, this clause incentivizes performance and aligns the interests of the parties, while also reducing disputes over bonus entitlements.
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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.
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. 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: 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. Executive shall be eligible to receive an annual bonus, which shall be determined by the CEO of the Parent in accordance to a competitive long term and short term incentive plan, comparable to the long term incentive plan Executive participated in prior to the Effective Date, which shall be established by the CEO of the Parent.
Profit Bonus. (i) As of December 31 of each calendar year within the Employment Period, Executive shall receive an annual bonus equal to one percent (1%) of the Profit, as defined herein, of the Company for such calendar year (the “Profit Bonus”), provided that the Profit is no less than seventy-five (75%) percent of Profit Target, as defined ▇▇▇▇▇ (the “Bonus Threshold”). The Profit Bonus shall not exceed the Profit Bonus cap, which shall be the amount equal to (x) three times Executive’s then current Salary if the Profit is more than 110% of the Profit Target; (y) two times Executive’s then current Salary if the Profit is 110% or less, but greater than 100% of the Profit Target; and (z) Executive’s then current salary if the Profit is 100% or less, but equal to or greater than 75% of the Profit Target. For purposes of computing the Profit Bonus, “Profit” means the Company’s after-tax net income for the calendar year, excluding investment gains and losses and extraordinary and non-recurring income, as determined in accordance with generally accepted accounting principles on a consistent basis, including appropriate reserves, by the Company’s independent public accountants whose determination thereof shall be final, binding and conclusive. “Profit Target” means, for each calendar year in the Employment Period, the greater of the Profit for the preceding calendar year and the Base Line Profit. “Base Line Profit” means the Profit of the Company for the annual period ended December 31, 2009.
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.
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.
(ii) The Profit Bonus shall be payable on or before the day that is sixty days following the end of each Bonus Fiscal Year. In any Bonus Fiscal Year in which Employee does not provide services for the entire Bonus Fiscal Year, Employee's Bonus shall be calculated on a pro rata basis determined by calculating the Bonus for the entire Bonus Fiscal Year and multiplying by a ratio the numerator of which is the number of full calendar months Employee provided services during the Bonus Fiscal Year pursuant to this Agreement and the denominator of which is twelve.
(iii) As used herein, the phrase "Combined Pre-Tax Profits of the Acquired Companies" shall mean for any Bonus Fiscal Year the net income of Acquisition and J&B determined on a consolidated basis in accordance with generally accepted accounting principles. Employee acknowledges that Acquisition may merge itself and/or J&B into one or more direct or indirect subsidiaries of Halter. If Acquisition's and/or J&B's operations are merged, combined or commingled with the operations of any other direct or indirect subsidiary of Halter, the phrase "Combined Pre-Tax Profits of the Acquired Companies" shall mean for any Bonus Fiscal Year the net income arising from the utilization of or attributable to the assets of Acquisition and/or J&B as shown on the accounting records of Acquisition, J&B or any direct or indirect subsidiary of Halter as determined by Halter in good faith.
(iv) As used herein, the phrase "Bonus Fiscal Year" shall mean any full fiscal year or any shortened period ending on the last day of Acquisition's fiscal year end. Employee acknowledges that Acquisition intends to change the fiscal year end of the Acquired Companies. If any Bonus Fiscal Year is a period of less than twelve months as a result of the change of such fiscal year end, then the ranges for the Combined Pre-Tax Profits of the Acquired Companies set forth in Sections 3(b)(i)(1) and 3(b)(ii)
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 Dona▇▇ ▇▇▇▇▇▇▇'▇ ▇▇▇fit 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: