Common use of Minimum Bonus Clause in Contracts

Minimum Bonus. The Employee shall be eligible to receive from the Employer, for each of the fiscal years of the Employer ended after the date hereof, a minimum bonus (the "Minimum Bonus") equal to $50,000; provided, that the Minimum Bonus payable for the fiscal year of the Employer ended July 31, 1995 shall be prorated based on the number of days elapsed from the Commencement Date until the end of such fiscal year. The Minimum Bonus for each fiscal year shall be paid within 30 days after the completion of the Employer's audited financial statements for such fiscal year; provided, that the Minimum Bonus shall not be payable for any fiscal year of the Employer ending after July 31, 1996 if Actual EBITA (as defined in Section 4(c)) for each of the previous two consecutive fiscal years of the Employer was less than 90% of Budgeted EBITA (as defined in Section 4(c)) for such fiscal year (it being understood that if the Minimum Bonus is not paid for any such fiscal year as a result thereof, and subsequent thereto Actual EBITA of the Employer exceeds 90% of Budgeted EBITA for such fiscal year, the Minimum Bonus shall be payable for such succeeding fiscal year).