EBITDA Bonus. Employee shall be entitled to receive an annual bonus on the Company attainment of an EBITDA target (the “E Target”) if such E Target is attained in the following amounts: (i) If the Company attains at least 100% of the E Target, Employee shall receive 10.0% of his Base Salary (ii) If the Company attains at least 115% of the E Target, Employee shall receive an additional 10% of his Base Salary (iii) If the Company attains at least 125% of the E Target, Employee shall receive an additional 10% of his Base Salary For each fiscal year of the Term, the Company shall designate the upcoming year’s E Target after it is approved by the Company’s Board, on or before February 15 of the applicable fiscal year, or as soon thereafter as approved by the Board, and it shall notify Employee in writing of such E Target for the fiscal year to which the E Target applies. For each portion of a fiscal year that Employee is employed by Company, Employee shall be entitled to a pro-rata portion of the E Bonus, if and when earned. Any bonus payable to Employee hereunder shall be paid within thirty (30) days following the end of the audit for the applicable fiscal year.
Appears in 2 contracts
Sources: Employment Agreement (Genesis Financial Inc), Employment Agreement (Genesis Financial Inc)
EBITDA Bonus. For each fiscal year during the Term, Employee shall be entitled to receive an additional annual bonus based on the Company Company’s attainment of an EBITDA target (the “E Target”) if such E Target is attained in the following amounts:
(iA) If the Company attains at least 100105% of the E Target, Employee shall receive 10.0a bonus equal to 12.5% of his Base Salary;
(iiB) If the Company attains at least 115% of the E Target, Employee shall receive an additional 10bonus equal to 12.5% of his Base Salary
(iii) If the Company attains at least 125% of the E Target. ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ November 13, Employee shall receive an additional 10% of his Base Salary 2015 For each such fiscal year of the Termyear, the Company shall designate the upcoming year’s E Target after it is approved by the Company’s Board, on or before February 15 the first day of the applicable fiscal year, or as soon thereafter as approved by the Board, and it shall notify Employee in writing of such E Target for the fiscal year to which the E Target applies. For each portion The E Target shall not be greater than the E Target for other similarly situated executives of the Company receiving a similar bonus based on an EBITDA target. The Company shall establish a reserve amount for uncollectible receivables equal to 2% (the “E Reserve”). The E Target shall include the E Reserve. If Employee’s employment terminates for any reason during a fiscal year that (excepting only if Employee is employed terminated by Companythe Company for “cause” pursuant to Section 7(a)(iv) below), Employee shall be entitled to a pro-rata portion of the E BonusEBITDA bonus for that year, if and when earned, except as otherwise set forth in Section 7(a)(viii) below. Any bonus payable to Employee hereunder shall be paid within thirty (30) days following the end of the audit for the applicable fiscal yearyear and in all events within the “short-term deferral” period provided under Treasury Regulation Section 1.409A-1(a)(4).
Appears in 1 contract
Sources: Employment Agreement (Lions Gate Entertainment Corp /Cn/)
EBITDA Bonus. Employee shall be entitled to receive an annual bonus on the Company attainment of an EBITDA target (the “E Target”) if such E Target is attained in the following amounts:
(iA) If the Company attains at least 100105% of the E Target, Employee shall receive 10.012.5% of his Base Salary;
(iiB) If the Company attains at least 115% of the E Target, Employee shall receive an additional 1012.5% of his Base Salary
(iii) If the Company attains at least 125% of the E Target, Employee shall receive an additional 10% of his Base Salary . For each fiscal year of the Term, the Company shall designate the upcoming year’s E Target after it is approved by the Company’s BoardBoard of Directors, on or before February 15 April 1 of the applicable fiscal year, or as soon thereafter as approved by the BoardBoard of Directors, and it shall notify Employee in writing of such E Target for the M▇. ▇▇▇▇▇ ▇▇▇▇▇ March 28, 2007 Page 3 of 14 fiscal year to which the E Target applies. The E Target shall not be greater than the E Target for other Presidents receiving a similar bonus based on an EBITDA target. The fiscal year commences April 1 of each year. The Company shall establish a reserve amount for uncollectible receivables equal to 2% (the “E Reserve”). The E Target shall include the E Reserve. For each portion of a fiscal year that Employee is employed by Company, Employee shall be entitled to a pro-rata portion of the E Bonus, if and when earned. Any bonus payable to Employee hereunder shall be paid within thirty (30) days following the end of the audit for the applicable fiscal year.
Appears in 1 contract
Sources: Employment Agreement (Lions Gate Entertainment Corp /Cn/)
EBITDA Bonus. For each fiscal year during the Term, Employee shall be entitled to receive an additional annual bonus based on the Company Company’s attainment of an EBITDA target (the “E Target”) if such E Target is attained in the following amounts:
(iA) If the Company attains at least 100105% of the E Target, Employee shall receive 10.0a bonus equal to 12.5% of his Base Salary;
(iiB) If the Company attains at least 115% of the E Target, Employee shall receive an additional 10bonus equal to 12.5% of his Base Salary
(iii) If the Company attains at least 125% of the E Target, Employee shall receive an additional 10% of his Base Salary . For each such fiscal year of the Termyear, the Company shall designate the upcoming year’s E Target after it is approved by the Company’s BoardBoard of Directors, on or before February 15 April 1 of the applicable fiscal year, or as soon thereafter as approved by the BoardBoard of Directors, and it shall notify Employee in writing of such E Target for the fiscal year to which the E Target applies. The E Target shall not be greater than the E Target for other similarly situated executives of the Company receiving a similar bonus based on an EBITDA target. The fiscal year commences April 1 of each year. The Company shall establish a reserve amount for uncollectible receivables equal to 2% (the “E Reserve”). The E Target shall include the E Reserve. For each portion of a fiscal year that Employee is employed by Companythe Company (excepting only if due to termination pursuant to Section 7(a)(iv) below), Employee shall be entitled to a pro-rata portion of the E BonusEBITDA bonus for that year, if and when earned, unless as otherwise set forth in Section 7(a)(v)(C) below. Any bonus payable to Employee hereunder shall be paid within thirty (30) days following the end of the audit for the applicable fiscal yearyear and in all events within the “short-term deferral” period provided under Treasury Regulation Section 1.409A-1(a)(4).
Appears in 1 contract
Sources: Employment Agreement (Lions Gate Entertainment Corp /Cn/)