First Calendar Year. The first calendar year in which Minimum Revenues shall be guaranteed, shall begin on the earlier of (a) the January 1 immediately following Regulatory Approval or (b) January 1, 2004, unless the parties agree otherwise.
First Calendar Year. The partial Calendar Year period commencing on the Term Commencement Date and ending on the next succeeding December 31.
First Calendar Year employees will accrue vacation pay based on four percent (4%) of earnings. Effective January 1st following the employee’s hire date, the employee will be eligible for two (2) weeks’ vacation time-off if hired prior to the preceding July 1st, or one (1) week vacation time-off if hired on or after the preceding July 1st. The four percent (4%) vacation pay accrued on earnings from the employee’s hire date to and including December 31st of the first calendar year will be paid at the time of taking said vacation; at the employee’s option he may choose to be paid the vacation pay and not take the time-off. Subsequent calendar years – an employee’s eligibility for vacation pay and time off will be based on complete calendar years of service, as measured from the January 1st first following the employee’s date of hire. When an employee reaches a hire date anniversary that qualifies him for an additional week of annual vacation (after Years 4, and 9 8 and 14) he will commence taking that additional week effective the January 1st of the year in which he will earn it. This is based on the understanding that should the employee have taken this additional week and then his employment terminate prior to the anniversary of his hire date, the employee will reimburse the Employer the value of said week. Commencing in the employee’s second complete calendar year of employment, the calculation of the employee’s vacation pay will be based on the employee’s earnings in the prior calendar year. At the time of taking a week’s vacation, the employee will be paid two percent (2%) of his prior calendar year’s earnings. In the case of a regular employee who worked a minimum of one thousand five hundred (1,500) hours in the previous calendar year, at the time of taking a week’s vacation, said employee will be paid the greater of two percent (2%) of his prior calendar year’s earnings, or forty
First Calendar Year. The Company shall cause the Board to work with Executive to establish in good faith on or prior to May 1, 2001 a bonus compensation plan for Executive for the period from the date hereof through and including December 31, 2001 (the "First Year Plan Period"). Such plan shall provide for (a) "net income before taxes" targets (determined in accordance with generally accepted accounting principles applied on a consistent basis ("GAAP")) at least three separate levels, which, if achieved by the Company during such period, would entitle Executive to Bonus Compensation of fifty percent (50%), seventy-five percent (75%) and one hundred percent (100%), respectively, of Base Salary earned by Executive during the First Year Plan Period and (b) minimum Bonus Compensation for Executive for such First Year Plan Period of $37,500.