Common use of Minimum Bonus Clause in Contracts

Minimum Bonus. For each calendar year during which Executive is employed by the Company (commencing with the 2012 calendar year), he shall be entitled to a minimum cash bonus (the “Minimum Bonus”) of $300,000 annually, which amount shall be paid to the Executive in quarterly installments of $75,000 during the calendar year with each installment paid to the Executive as soon as administratively practicable following each quarter end (but in all events within 30 days thereafter) if the Executive remains employed by the Company as of the last day of such quarter; provided, that the quarterly payments for the first two quarters of the 2012 calendar year shall be paid to Executive as soon as administratively practicable following the date hereof (but in all events within 30 days thereafter).