Executive's Incentive Compensation. Executive may be entitled to such bonuses and incentive compensation as may be determined by the Chairman and Chief Executive Officer in his sole discretion. Each such bonus or incentive compensation may be paid in cash or Shares or combination thereof as the Chairman and Chief Executive Officer shall determine in his sole discretion. Such incentive compensation may also include options to purchase shares of the Corporation's Common Stock pursuant to a plan established by the Corporation's Board of Directors.
Executive's Incentive Compensation. Executive may be entitled to such bonuses and incentive compensation as may be determined by the Chairman of the Parent in his sole discretion. Each such bonus or incentive compensation may be paid in cash or Shares or combination thereof as the Chairman of the Parent shall determine in his sole discretion. Such incentive compensation may also include options to purchase shares of the Parent's Common Stock pursuant to a plan established by the Parent's Board of Directors. Irrespective of the aforementioned incentive compensation shall never be less than 50% of similar compensation paid to senior executives of the Parent..
Executive's Incentive Compensation. Executive will be entitled to incentive compensation equal to 20% of all operating profits of HIT payable in common stock after deducting all direct expenses of HIT including, but not limited to payroll, research and development, selling, general and administrative expenses, interest on actual HIT borrowings and amounts spent on capital expenditure items. No allocation of corporate overhead will be made but costs specifically identifiable as costs applicable to HIT such as payroll of HIT employees and rent will be included as direct expenses of HIT. The Parties acknowledge that HIT will be allowed to first recover certain development costs incurred by HIT in excess of $200,000 before the incentive compensation is calculated. Additionally, Executive will be entitled to incentive compensation of options for 250,000 shares of the Corporation's common stock if HIT achieves cash breakeven, on a cumulative basis, within six months of the Effective Date. Cumulative cash breakeven will be determined by taking all cash collected by HIT and deducting all costs paid for by HIT since HIT's inception using Generally Accepted Accounting Procedures ("GAAP"). These 250,000 options will vest 100% on the date of grant and will be exercisable in equal annual installments over three (3) years from the date of grant. Executive may also be entitled to such additional bonuses and incentive compensation, as may be determined by the Chief Operating Officer in his sole discretion. Each such additional bonus or incentive compensation may be paid in cash or shares of common stock of the Corporation or combination thereof as the Chief Operating Officer shall determine in his sole discretion. Such incentive compensation may also include options to purchase shares of the Corporation's common stock pursuant to a plan established by the Corporation's Board of Directors.
