EXCESS BONUS Sample Clauses
EXCESS BONUS. Subject to sub-section (c), below, an amount equal to ten percent (10%) of IDE Income in excess of the Base Amount up to IDE Income equal to the Threshold Amount (as defined below) and fifteen percent (15%) of IDE Income in excess of the Threshold Amount. The "Threshold Amount" shall be $9,460,000 for 2003 and for each year thereafter shall be determined on an annual basis by the Compensation Committee of the Board of Directors of IFG after considering a budget supplied by the Company.
EXCESS BONUS. The net profits before taxes of the Dress Division in excess of $1 million for the Employer's fiscal year (the "Excess Profits") shall be divided into three equal parts and applied and utilized as follows:
1. The "first part" of the Excess Profits shall be divided among the employees of the Dress Division as determined by Employee, provided, however, Employee shall only be entitled to receive a maximum of 50% of the "first part" share of the Excess Profits, referred to herein as the "Excess Bonus".
2. The "second part" of the Excess Profits shall be utilized by the Employer for corporate purposes.
3. The "third part" of the Excess Profits shall be combined with the third part of the "Multiples Division Excess Profits" (defined below) to create a "Corporate Fund" (defined below) out of which Employee may be entitled to receive a "Corporate Bonus" (defined below), all as provided in subparagraph C below. EMPLOYMENT AGREEMENT -2- ▇▇▇▇▇▇▇▇