Variable Incentive Compensation. Executive will be eligible to take part in the discretionary incentive award program for the business unit (the “Discretionary Award Program”). The Discretionary Award Program rewards performance during the financial year from January 1 to December 31, and is based on achievement against a mix of targets, which may include personal, team, business, Company targets and external economic considerations. The Company may in its absolute discretion provide Executive an award of such amount, at such intervals and subject to such conditions as the Company may in its sole discretion determine appropriate from time to time. Any such award may be paid in cash, shares or any other form, may be deferred in full or in part as provided in accordance with the Company’s compensation plans as that plan may be in effect and amended from time to time (the “Deferral Plan”), and may be forfeited or reduced in such circumstances and on such terms as the Company, acting in good faith and in its sole discretion, determines appropriate. The exercise of discretion in one financial year shall not bind the Company or act as a precedent for its exercise of discretion in any other financial year. If, on or before the date when an award might otherwise have been payable, Executive’s employment has terminated or either party has given notice under this Agreement to terminate Executive’s employment, Executive will not be entitled to receive any such award (whether in cash, shares or any other form). The Company reserves the right to change the rules of any award schemes, or to cancel such schemes, at any time without prior notice. In the event of any conflict, the rules of any relevant award scheme and the Deferral Plan (both as they may be amended from time to time) shall take precedence over the terms of this Agreement. Currently the discretionary variable incentive award opportunity for Executive’s position is $1,100,000.00.
Variable Incentive Compensation. The Employee shall receive one lump sum bonus payment of $750,000, less applicable deductions and withholdings, on or before March 31, 2007. The Employee shall receive a second and final lump sum bonus payment of $250,000, less applicable deductions and withholdings, on or before March 31, 2008. The Employee shall receive no other bonus or variable incentive compensation payments.
Variable Incentive Compensation. In addition to the Base Compensation, as an incentive to Employee to achieve high profitability, to promote collection of those revenues billed and to encourage quality and efficiency of operation, the Employer shall pay to the Employee Variable Incentive Compensation equal to five-tenths of one percent (0.5%) of the Adjusted Earnings in each `six-month period of the fiscal year ending June 30 and December 31. Adjusted Earnings are based on the most recent cumulative financial statements produced by the Employer and provided to the Board. The Employer will pay the Variable Incentive Compensation to Employee the on first regularly scheduled payroll following Board approval of the financial statements for the operations during January 1 through June 30 and from July 1 through December 31 but no later than March 15 of year following the year earned. In no event shall the total Variable Incentive Compensation paid to Employee for any single fiscal year exceed Seventy-Five Thousand Dollars ($75,000.00)
Variable Incentive Compensation. Employee shall be eligible to receive incentive compensation in the form of cash commissions, in the amount set forth in Exhibit C.
Variable Incentive Compensation. Buyer shall be responsible for the payment of annual variable incentive compensation to the Transferred Employees due in respect of the fiscal year in which the Closing takes place (the “Closing Year Bonus Amounts”), and Buyer agrees that it or one of its Subsidiaries shall provide the Transferred Employees with Closing Year Bonus Amounts in an amount that, in the aggregate, is at least equal to the amount of the Closing Year Bonus Accrual, provided that the terms and conditions of such annual variable incentive compensation shall be substantially similar to the terms and conditions of annual variable incentive compensation opportunities provided to similarly situated employees of the Buyer. To the extent Bonus Amounts have not already been paid to the Transferred Employees in respect of the fiscal year prior to the Closing (any such amounts that would otherwise be payable, the “Prior Year Bonus Amounts”), Buyer agrees to pay to the Transferred Employees Prior Year Bonus Amounts that, in the aggregate, are at least equal to the amount of the Prior Year Bonus Accrual (which, if applicable, shall be in the amounts set forth on Section 3.13(e) of the Seller Disclosure Schedule as updated pursuant to Section 9.01(c)). The term “Closing Year Bonus Accrual” shall mean the aggregate amount accrued in the ordinary course consistent with past practice in accordance
Variable Incentive Compensation. You are eligible to receive additional variable incentive compensation of $320,000.00 pursuant to the terms of your Variable Incentive Compensation Plan letter that you have received outside of this agreement. Any variable incentive compensation amount will be paid out less all applicable taxes, withholdings, and deductions required by law.
Variable Incentive Compensation. In addition to the Base Compensation, as an incentive to Employee to achieve high profitability, to promote collection of those revenues billed and to encourage quality and efficiency of operation, the Employer shall pay to the Employee Variable Incentive Compensation equal to three-tenths of one percent (0.3%) of the monthly Adjusted Earnings in each month of the fiscal
