First Year Bonus. Executive shall be eligible to receive a bonus of up to $30,000.00 payable on the next regular paydate following the one year anniversary of the Commencement Date (the “First Year Bonus”), provided Executive is actively employed in good standing on such date. Seventy percent (70%) of the First Year Bonus shall be based upon the Company’s determination of whether the Company has achieved certain designated milestones (such milestones to be communicated to Executive in advance of the Commencement Date) and thirty percent (30%) of the First Year Bonus shall be based upon the Company’s assessment of the Executive’s performance, as determined in the Board’s discretion and judgment.
First Year Bonus. On September 14, 2005, the Employee will receive a bonus in an amount equal to his initial base salary (the “First Year Bonus”). The First Year Bonus will be paid 50% in cash and 50% in the Parent’s Common Stock (with the portion paid in Common Stock calculated from the closing market price of the Common Stock of the Parent on September 14, 2005), subject to withholding from the cash portion for applicable federal and state income and employment taxes. The full portion of the First Year Bonus payable in cash will be paid in eight consecutive installments corresponding to the Parent’s regular payroll payment dates, beginning with the first payroll date following September 14, 2005. The full portion of the First Year Bonus payable in Common Stock of the Parent will be payable on October 15, 2005; provided, that in the event the Common Stock portion of the First Year Bonus is not paid by October 15, 2005, the Employee will have the option to receive the amount due and payable in cash subject to withholding tax, and such amount will be paid in eight consecutive installments corresponding to the Parent’s regular payroll payment dates, beginning with the first payroll date following October 15, 2005.
First Year Bonus. Upon the signing of this Agreement the Company shall pay to Executive a payment of Thirty-nine Thousand Dollars ($39,000.00) less that certain loan to the Executive in the amount of Thirteen Thousand Nine Hundred Dollars ($13,900.00). The full amount ($39,000.00) shall be treated on the books of the Company as reimbursement to Executive for business expenses incurred by Executive in the performance of his duties. Executive agrees to waive and/or abandon any and all claims against Company for any expense reimbursements or other claims arising prior to July 1, 2002.
First Year Bonus. Notwithstanding anything to the contrary in this Agreement, in the event that the Executive is not entitled to a bonus for the 2013 fiscal year pursuant to Section 3.6, then Executive shall receive a bonus in the amount of $225,000. Such bonus shall be payable to Executive within sixty (60) days after the close of the Company’s fiscal year.
First Year Bonus. During the first year of Executive’s employment only, separate from and in addition to any performance bonus described in Section 4(b) above, Executive will be eligible receive a bonus of $80,000, paid in four quarterly payments of $20,000 each, subject to Executive’s continued employment by the Company through each applicable three-month anniversary of his Start Date, and subject further to any applicable tax withholding. Any such amounts will be paid on the first scheduled payroll date following the applicable quarterly vesting date.
First Year Bonus. Based upon performance targets established by the Board of Directors, following the first anniversary of the Agreement the Employee will receive a bonus in an amount equal to (i) 50% of base salary if at least 100% of the performance targets are achieved, (ii) 70% of base salary if at least 120% of the performance targets are achieved, and (iii) 100% of base salary if at least 135% of the performance targets are achieved. Any such bonus will be paid 50% in cash and 50% in shares of the Common Stock (based on the closing market price of the Common Stock on the first anniversary of this Agreement), subject to withholding from the cash portion for applicable federal and state income and employment taxes.
First Year Bonus. As compensation in addition to the base salary, Employer will pay Employee on the first anniversary of the Effective Date, up to a maximum of $40,000 as a performance bonus in consideration of his performance in the successful integration of Employer and BTI, such determination of Employee's performance and the successful integration to be in the sole judgment of the Compensation Committee of the Board of Directors of BTI.
First Year Bonus. Executive will be entitled to receive a one-time signing bonus of One Hundred Thousand Dollar ($100,000.00), subject to applicable tax withholding and paid at the time of Executive’s first regularly scheduled paycheck after the one or two year anniversary of the Effective Date in accordance with normal Company payroll practices, without regard to any waiting period applicable to bonuses granted to Company employees, if prior to the one year anniversary of the Effective Date, any of the following events occur: (i) the Company raises an aggregate of at least $5,000,000 in connection with new issuance of any form of equity securities, including but not limited to classes of common equity shares, preferred stock or convertible bonds or warrants associated with debt in the capital of the Company, (ii) the acquisition of another company with revenues over the twelve calendar months immediately prior to such acquisition that when combined with the Company’s revenues over that same twelve calendar month period equals $5,000,000 or more on an annualized pro forma basis, or (iii) the Board determines that the Executive has successfully executed a strategic plan developed by the Board, which includes, amongst other corporate actions, the completion by the Company of a material acquisition and/or disposition of assets or business operations in a transaction approved by the Board and the Company’s shareholders, as needed.
First Year Bonus. Based upon performance targets established by the Parent’s Board of Directors, within 30 days following the first anniversary of the Agreement, the Employee will receive a bonus in an amount equal to his initial base salary, provided that at least 80% of the performance targets are achieved. Such bonus will be paid 50% in cash and 50% in shares of the Common Stock (based on the closing market price of the Common Stock on the first anniversary of this Agreement), subject to withholding from the cash portion for applicable federal and state income and employment taxes.
First Year Bonus. Executive will be entitled to receive a one-time performance bonus of One Hundred and Fifty Thousand Dollars ($150,000.00), subject to applicable tax withholding and paid at the time of Executive’s first regularly scheduled paycheck after the Board approval if prior to the one year anniversary of the Effective Date, any two of the following events occur: (i) the Company has Annualized Revenue, hereafter defined, greater than $7,000,000 as of the twelfth calendar month following the Effective Date (for the purpose of this 4(b)(i) “Annualized Revenue” shall mean the total of (A) the recognized revenue for the 12 completed months following the Effective Date, plus (B) the product of monthly contracted recurring revenue (i.e. the multi-year contracts with clients that have known amounts of annual net revenue) with a term greater than 12 months as of the 12th month after the Effective Date times 12 (e.g. if accumulated recognized revenue for the 12 months following the Effective Date is $5,000,000 and the monthly recurring revenue in the 12th month after the Effective Date equals $200,000 then the Annualized Revenue would be $5,000,000 + ($200,000 x 12) = $7,400,000), plus (C) the annualized revenue of any completed acquisition, merger or similar arrangement with another company, and/or (ii) the Board determines that the Executive has successfully executed a strategic plan approved by the Board, and the shareholders if required, which may include the acquisition, merger, joint venture, or other transaction and/or (iii) has raised capital from new investors in an amount equaling $1,500,000 or more that will enable the execution of a Board approved strategic plan, in each case to be achieved prior to the one year anniversary of the Effective Date . If only one of the above events occur, the Executive will be entitled to a performance bonus of $50,000.00
