Common use of Calculation of Payment Clause in Contracts

Calculation of Payment. The Employer shall calculate and pay the Bonus for each year within 30 days after the Company's receipt from its independent auditor of audited financial statements for each calendar year (the "Audit Release Date"), should any Bonus be due. The Employer shall provide to the Executive concurrently with the payment of the Bonus or, if the Employer determines that no Bonus is due in respect of a year during the term of this Agreement, then within 30 days following the Audit Release Date, a statement of its Chief Financial Officer regarding the calculation of the Bonus payable with respect to such year. Such statement shall provide such computations and set forth such detail as is reasonably necessary to substantiate the calculation of Pre-Tax Earnings and the amount of the Bonus payable with respect to such year. Notwithstanding any other provision of this Agreement, (i) the Executive's Bonus for the year ending December 31, 1997 shall not be less than $43,421 (the "1997 Minimum Bonus"), with the 1997 Minimum Bonus to be paid between December 15, 1997 and December 31, 1997 and any additional Bonus amounts due with respect to 1997 to be paid within 30 days following the Audit Release Date, and (ii) for any year in which the Expiration Date precedes the end of the year, the Bonus shall be payable solely with respect to the fiscal quarters that shall be completed on or before the 30th day after the Expiration Date, and solely for purposes of calculating the Bonus due with respect to such partial-year period, all references in this Section 4(b)(ii) to year end shall be deemed to be references to the last day of the last completed fiscal quarter.

Calculation of Payment. The Employer shall calculate and pay the Bonus for each year within 30 days after the Company's receipt from its independent auditor of audited financial statements for each calendar year (the "Audit Release Date"), should any Bonus be due. The Employer shall provide to the Executive concurrently with the payment of the Bonus or, if the Employer determines that no Bonus is due in respect of a year during the term of this Agreement, then within 30 days following the Audit Release Date, a statement of its Chief Financial Officer regarding the calculation of the Bonus payable with respect to such year. Such statement shall provide such computations and set forth such detail as is reasonably necessary to substantiate the calculation of Pre-Tax Earnings and the amount of the Bonus payable with respect to such year. Notwithstanding any other provision of this Agreement, (i) the Executive's Bonus for the year ending December 31, 1997 shall not be less than $43,421 19,737 (the "1997 Minimum Bonus"), with the 1997 Minimum Bonus to be paid between December 15, 1997 and December 31, 1997 and any additional Bonus amounts due with respect to 1997 to be paid within 30 days following the Audit Release Date, and (ii) for any year in which the Expiration Date precedes the end of the year, the Bonus shall be payable solely with respect to the fiscal quarters that shall be completed on or before the 30th day after the Expiration Date, and solely for purposes of calculating the Bonus due with respect to such partial-year period, all references in this Section 4(b)(ii) to year end shall be deemed to be references to the last day of the last completed fiscal quarter.