Common use of Initial Bonus Clause in Contracts

Initial Bonus. Upon execution of this Agreement, Corporation agrees to pay Executive a first year bonus ( the "Initial Bonus") for services to be performed in Corporation's fiscal year ending July 31, 2000, in an amount equal to $10,312.50, payable in two installments (without interest) on the first day of May 2000 and August 2000. Notwithstanding any provision of Section 5, a prorated portion of the Initial Bonus will be payable even if Executive dies, becomes disabled, or is terminated without Cause or for Good Reason within such fiscal year. Executive will be eligible to receive an additional bonus amount (the "Additional Initial Bonus") of up to $10,312.50 for services to be performed in Corporation's fiscal year ending July 31, 2000. The amount of the Additional Initial Bonus will be determined by Corporation's Chairman and Chief Executive Officer in his sole discretion based on his evaluation of Executive's performance. The Additional Initial Bonus will be payable no later than August 31, 2000.