Common use of ANNUAL SALARY INCREASE; ANNUAL BONUS Clause in Contracts

ANNUAL SALARY INCREASE; ANNUAL BONUS. On each January 1 during the Employment Term, the Employee shall receive an annual salary increase equal to the greater of (i) 3% of the Employee’s then current Annual Base Salary (which Annual Base Salary shall, during the period commencing on the Effective Date through December 31, 2011, be deemed to be for this purpose $350,000), or (ii) the annual percentage increase cost of living in the city of New York as determined by the Compensation Committee of the Board. In addition, during the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company’s annual cash bonus plan as in effect from time to time equal to either 50%, 75% or 125% of the Employee’s then current Annual Base Salary (the “Annual Bonus”), upon the attainment of one or more pre-established performance goals established by the Compensation Committee and approved by the Board, which shall include, but not be limited to, operating the Company in a safe and sound manner and complying with all federal or state laws, rules and regulations.

ANNUAL SALARY INCREASE; ANNUAL BONUS. On each January 1 during the Employment Term, the Employee shall receive an annual salary increase equal to the greater of (i) 3% of the Employee’s then current Annual Base Salary (which Annual Base Salary shall, during the period commencing on the Effective Date through December 31, 2011, be deemed to be for this purpose $350,000500,000), or (ii) the annual percentage increase cost of living in the city of New York as determined by the Compensation Committee of the Board. In addition, during the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company’s annual cash bonus plan as in effect from time to time equal to either 50%, 75% or 125% of the Employee’s then current Annual Base Salary (the “Annual Bonus”), upon the attainment of one or more pre-established performance goals established by the Compensation Committee and approved by the Board, which shall include, but not be limited to, operating the Company in a safe and sound manner and complying with all federal or state laws, rules and regulations.

ANNUAL SALARY INCREASE; ANNUAL BONUS. On each January 1 during the Employment Term, the Employee shall receive an annual salary increase equal to the greater of (i) 3% of the Employee’s then current Annual Base Salary (which Annual Base Salary shall, during the period commencing on the Effective Date through December 31, 2011, be deemed to be for this purpose $350,000400,000), or (ii) the annual percentage increase cost of living in the city of New York as determined by the Compensation Committee of the Board. In addition, during the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company’s annual cash bonus plan as in effect from time to time equal to either 50%, 75% or 125% of the Employee’s then current Annual Base Salary (the “Annual Bonus”), upon the attainment of one or more pre-established performance goals established by the Company’s Compensation Committee and approved by the BoardCompany’s Board of Directors, which shall include, but not be limited to, operating the Company in a safe and sound manner and complying with all federal or state laws, rules and regulations.

ANNUAL SALARY INCREASE; ANNUAL BONUS. On each January 1 during the Employment Term, the Employee shall receive an annual salary increase equal to the greater of (i) 3% of the Employee’s then current Annual Base Salary (which Annual Base Salary shall, during the period commencing on the Effective Date through December 31, 2011, be deemed to be for this purpose $350,000400,000), or (ii) the annual percentage increase cost of living in the city of New York as determined by the Compensation Committee of the Board. In addition, during the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company’s annual cash bonus plan as in effect from time to time equal to either 50%, 75% or 125% of the Employee’s then current Annual Base Salary (the “Annual Bonus”), upon the attainment of one or more pre-established performance goals established by the Compensation Committee and approved by the Board, which shall include, but not be limited to, operating the Company in a safe and sound manner and complying with all federal or state laws, rules and regulations.