Deferred Bonus. Commencing for the fiscal year ending December 31, 2007, on or before May 1 of each year during the Term hereof for which the Company’s annual EBITA targets are met for the preceding calendar year, the Company shall provide the Executive a deferred bonus (the “Deferred Bonus”) of $15,000. For every 1% the actual EBITA exceeds the annual EBITA target, the Deferred Bonus shall be increased by $1,000 up to a maximum aggregate Deferred Bonus of $30,000 annually. The Deferred Bonus shall be paid to a Rabbi Trust account in the Executive’s name and shall be paid in accordance with the Company’s Deferred Bonus Plan notwithstanding any termination of the Executive’s employment or other such event and, for the avoidance of doubt, shall be fully vested and not subject to forfeiture.
Appears in 3 contracts
Samples: Employment and Non Competition Agreement (Fortegra Financial Corp), Employment and Non Competition Agreement (Fortegra Financial Corp), Employment and Non Competition Agreement (Fortegra Financial Corp)
