Common use of Earnings Bonus Clause in Contracts

Earnings Bonus. Executive will earn an annual bonus (the "Bonus"). The Bonus for fiscal year 2000 will be based on the current BRG Fiscal Year 2000 Executive Bonus Program adopted by the Board of Directors of BRG. The fiscal year 2000 Bonus, however, will be based on achieving earnings targets before taxes and management bonuses (encompassing approximately ten (10) executives) above $6,248,200 and as follows: Operating Earnings Executive Bonus Amount ------------------ ---------------------- $6,248,200 $ 60,000 $7,019,100 $120,000 $7,507,500 $130,000 $8,010,900 $140,000 $8,514,300 $150,000 etc. Executive's annual bonus for future years shall be based on a pool (the "Bonus Pool"). The Bonus Pool for fiscal years after fiscal year 2000 will equal twenty percent (20%) of Excess Earnings; provided that the Compensation Committee of the Company's Board of Directors shall have the right to limit the aggregate Bonus Pool available to be divided among all participants to $1,360,000. Subject to the provisions of Section 3(e) of this Agreement, the Bonus Pool will be divided equally among Executive and the three (3) individuals serving as Chief Executive Officer, Executive Vice President of Marketing and the Chief Financial/Operating Officer of the Company as of the Commencement Date. If any portion of the Bonus Pool for any year is not paid as a result of the termination or resignation of any such individual, the unpaid amount may, in the discretion of the Compensation Committee of the Company's Board of Directors, be reallocated and paid, in whole or in part, to Executive. The Bonus will be paid no later than the second business day following the later of completion of the audit of the Company's annual financial statement or sixty-five (65) days after the end of the Company's fiscal year.

Appears in 1 contract

Samples: Employment Agreement (BRG Acquisition Corp)

AutoNDA by SimpleDocs

Earnings Bonus. Executive will earn an annual bonus (the "Bonus"). The Bonus for fiscal year 2000 will be based on the current BRG Fiscal Year 2000 Executive Bonus Program adopted by the Board of Directors of BRG. The fiscal year 2000 Bonus, however, will be based on achieving earnings targets before taxes and management bonuses (encompassing approximately ten (10) executives) above $6,248,200 and as follows: Operating Earnings Executive Bonus Amount ------------------ ---------------------- $6,248,200 $ 60,000 $7,019,100 $120,000 $7,507,500 $130,000 $8,010,900 $140,000 $8,514,300 $150,000 etc. Executive's annual bonus for future years shall be based on a pool (the "Bonus Pool"). The Bonus Pool for fiscal years after fiscal year 2000 will equal twenty percent (20%) of Excess Earnings; provided that the Compensation Committee of the Company's Board of Directors shall have the right to limit the aggregate Bonus Pool available to be divided among all participants to $1,360,000. Subject to the provisions of Section 3(e) of this Agreement, the Bonus Pool will be divided equally among Executive and the three (3) individuals serving as Chief Executive Officer, Executive Vice President of Marketing Marketing, Vice President of Sales and the Chief Financial/Operating Officer of the Company as of the Commencement Date. If any portion of the Bonus Pool for any year is not paid as a result of the termination or of resignation of any such individual, the unpaid amount may, in the discretion of the Compensation Committee of the Company's Board of Directors, be reallocated and paid, in whole or in part, to Executive. The Bonus will be paid no later than the second business day following the later of completion of the audit of the Company's annual financial statement or sixty-five (65) days after the end of the Company's fiscal year.

Appears in 1 contract

Samples: Employment Agreement (Peth Jack W)

Earnings Bonus. Executive will earn an annual bonus (the "Bonus"). The Bonus for fiscal year 2000 will be based on the current BRG Fiscal Year 2000 Executive Bonus Program adopted by the Board of Directors of BRG. The fiscal year 2000 Bonus, however, will be based on achieving earnings targets before taxes and management bonuses (encompassing approximately ten (10) executives) above $6,248,200 and as follows: Operating Earnings Executive Bonus Amount ------------------ ---------------------- $6,248,200 $ $60,000 $7,019,100 $120,000 $7,507,500 $130,000 $8,010,900 $140,000 $8,514,300 $150,000 etc. Executive's annual bonus for future years shall be based on a pool (the "Bonus Pool"). The Bonus Pool for fiscal years after fiscal year 2000 will equal twenty percent (20%) of Excess Earnings; provided that the Compensation Committee of the Company's Board of Directors shall have the right to limit the aggregate Bonus Pool available to be divided among all participants to $1,360,000. Subject to the provisions of Section 3(e) of this Agreement, the Bonus Pool will be divided equally among Executive and the three (3) individuals serving as Chief Executive Officer, Executive Vice President of Marketing Sales and the Chief Financial/Operating Officer of the Company as of the Commencement Date. If any portion of the Bonus Pool for any year is not paid as a result of the termination or resignation of any such individual, the unpaid amount may, in the discretion of the Compensation Committee of the Company's Board of Directors, be reallocated and paid, in whole or in part, to Executive. The Bonus will be paid no later than the second business day following the later of completion of the audit of the Company's annual financial statement or sixty-five (65) days after the end of the Company's fiscal year.

Appears in 1 contract

Samples: Employment Agreement (Peth Jack W)

Earnings Bonus. Executive will earn an annual bonus (the "Bonus"). The Bonus for fiscal year 2000 will be based on the current BRG Fiscal Year 2000 Executive Bonus Program adopted by the Board of Directors of BRG. The fiscal year 2000 Bonus, however, will be based on achieving earnings targets before taxes and management bonuses (encompassing approximately ten (10) executives) above $6,248,200 and as follows: Operating Earnings Executive Bonus Amount ------------------ ---------------------- $6,248,200 $ $60,000 $7,019,100 $120,000 $7,507,500 $130,000 $8,010,900 $140,000 $8,514,300 $150,000 etc. Executive's annual bonus for future years shall be based on a pool (the "Bonus Pool"). The Bonus Pool for fiscal years after fiscal year 2000 will equal twenty percent (20%) of Excess Earnings; provided that the Compensation Committee of the Company's Board of Directors shall have the right to limit the aggregate Bonus Pool available to be divided among all participants to $1,360,000. Subject to the provisions of Section 3(e) of this Agreement, the Bonus Pool will be divided equally among Executive and the three (3) individuals serving as Chief Executive Officer, Executive Vice President of Marketing Marketing, Vice President of Sales and the Chief Financial/Operating Officer of the Company as of the Commencement Date. If any portion of the Bonus Pool for any year is not paid as a result of the termination or of resignation of any such individual, the unpaid amount may, in the discretion of the Compensation Committee of the Company's Board of Directors, be reallocated and paid, in whole or in part, to Executive. The Bonus will be paid no later than the second business day following the later of completion of the audit of the Company's annual financial statement or sixty-five (65) days after the end of the Company's fiscal year.

Appears in 1 contract

Samples: Employment Agreement (BRG Acquisition Corp)

Earnings Bonus. Executive will earn an annual bonus (the "Bonus"). The Bonus for fiscal year 2000 will be based on the current BRG Fiscal Year 2000 Executive Bonus Program adopted by the Board of Directors of BRG. The fiscal year 2000 Bonus, however, will be based on achieving earnings targets before taxes and management bonuses (encompassing approximately ten (10) executives) above $6,248,200 and as follows: Operating Earnings Executive Bonus Amount ------------------ ---------------------- $ 6,248,200 $6,248,200 $ 60,000 $7,019,100 $120,000 $7,507,500 $130,000 $8,010,900 $140,000 $8,514,300 $150,000 etc. Executive's annual bonus for future years shall be based on a pool (the "Bonus Pool"). The Bonus Pool for fiscal years after fiscal year 2000 will equal twenty percent (20%) of Excess Earnings; provided that the Compensation Committee of the Company's Board of Directors shall have the right to limit the aggregate Bonus Pool available to be divided among all participants to $1,360,000. Subject to the provisions of Section 3(e) of this Agreement, the Bonus Pool will be divided equally among Executive and the three (3) individuals serving as Chief Executive Officer, Executive Vice President of Marketing Sales and the Chief Financial/Operating Officer Executive Vice President of Marketing of the Company as of the Commencement Date. If any portion of the Bonus Pool for any year is not paid as a result of the termination or resignation of any such individual, the unpaid amount may, in the discretion of the Compensation Committee of the Company's Board of Directors, be reallocated and paid, in whole or in part, to Executive. The Bonus will be paid no later than the second business day following the later of completion of the audit of the Company's annual financial statement or sixty-five (65) days after the end of the Company's fiscal year.

Appears in 1 contract

Samples: Employment Agreement (BRG Acquisition Corp)

AutoNDA by SimpleDocs

Earnings Bonus. Executive will earn an annual bonus (the "Bonus"). The Bonus for fiscal year 2000 will be based on the current BRG Fiscal Year 2000 Executive Bonus Program adopted by the Board of Directors of BRG. The fiscal year 2000 Bonus, however, will be based on achieving earnings targets before taxes and management bonuses (encompassing approximately ten (10) executives) above $6,248,200 and as follows: Operating Earnings Executive Bonus Amount ------------------ ---------------------- $6,248,200 $ 60,000 $7,019,100 $120,000 $7,507,500 $130,000 $8,010,900 $140,000 $8,514,300 $150,000 etc. Executive's annual bonus for future years shall be based on a pool (the "Bonus Pool"). The Bonus Pool for fiscal years after fiscal year 2000 will equal twenty percent (20%) of Excess Earnings; provided that the Compensation Committee of the Company's Board of Directors shall have the right to limit the aggregate Bonus Pool available to be divided among all participants to $1,360,000. Subject to the provisions of Section 3(e) of this Agreement, the Bonus Pool will be divided equally among Executive and the three (3) individuals serving as Chief Executive Officer, Executive Vice President of Marketing Sales and the Chief Financial/Operating Officer of the Company as of the Commencement Date. If any portion of the Bonus Pool for any year is not paid as a result of the termination or resignation of any such individual, the unpaid amount may, in the discretion of the Compensation Committee of the Company's Board of Directors, be reallocated and paid, in whole or in part, to Executive. The Bonus will be paid no later than the second business day following the later of completion of the audit of the Company's annual financial statement or sixty-five (65) days after the end of the Company's fiscal year.

Appears in 1 contract

Samples: Employment Agreement (BRG Acquisition Corp)

Earnings Bonus. Executive will earn an annual bonus (the "Bonus"). The Bonus for fiscal year 2000 will be based on the current BRG Fiscal Year 2000 Executive Bonus Program adopted by the Board of Directors of BRG. The fiscal year 2000 Bonus, however, will be based on achieving earnings targets before taxes and management bonuses (encompassing approximately ten (10) executives) above $6,248,200 and as follows: Operating Earnings Executive Bonus Amount ------------------ ---------------------- $6,248,200 $ $60,000 $7,019,100 $120,000 $7,507,500 $130,000 $8,010,900 $140,000 $8,514,300 $150,000 etc. Executive's annual bonus for future years shall be based on a pool (the "Bonus Pool"). The Bonus Pool for fiscal years after fiscal year 2000 will equal twenty percent (20%) of Excess Earnings; provided that the Compensation Committee of the Company's Board of Directors shall have the right to limit the aggregate Bonus Pool available to be divided among all participants to $1,360,000. Subject to the provisions of Section 3(e) of this Agreement, the Bonus Pool will be divided equally among Executive and the three (3) individuals serving as Chief Executive Officer, Executive Vice President of Marketing and the Chief Financial/Operating Officer of the Company as of the Commencement Date. If any portion of the Bonus Pool for any year is not paid as a result of the termination or resignation of any such individual, the unpaid amount may, in the discretion of the Compensation Committee of the Company's Board of Directors, be reallocated and paid, in whole or in part, to Executive. The Bonus will be paid no later than the second business day following the later of completion of the audit of the Company's annual financial statement or sixty-five (65) days after the end of the Company's fiscal year.

Appears in 1 contract

Samples: Employment Agreement (Peth Jack W)

Time is Money Join Law Insider Premium to draft better contracts faster.