Common use of Minimum Bonus Clause in Contracts

Minimum Bonus. The Agreement, as amended, is further amended by substituting the following for Paragraph 3(d) of the Agreement: (d) If you are employed by Gantos at the end of the applicable fiscal year, you will receive a minimum bonus of $75,000 with respect to each of fiscal 1996, 1998 and 1999. Therefore, if you are employed by Gantos at the end of the applicable fiscal year, with respect to each of fiscal 1996, 1998 and 1999, Gantos will pay to you the excess, if any, of $75,000 over the amount paid or payable to you pursuant to Paragraph 3.(b) and Paragraph 3.(c). Conversely, if the amount paid or payable to you pursuant to Paragraph 3.(b) and Paragraph 3.(c) is at least $75,000, no payment will be made under this Paragraph 3.(d) with respect to that fiscal year."