PERFORMANCE PROGRAM Sample Clauses

PERFORMANCE PROGRAM. In respect to each fiscal year ending during the term of Executive's employment hereunder commencing with the fiscal year ending December 31, 1997 (but only as to the fourth quarter of fiscal 1997), Executive shall receive as additional compensation for services rendered to the Company an incentive bonus in cash in an amount equal to sixty percent (60%) of an annual bonus pool which shall be equal to fifty percent (50%) of the Company's net income as reflected on its audited financial statements for the applicable fiscal year (in accordance with generally accepted accounting principles, consistently applied with prior years) in excess of the Company's budgeted net income ("Budgeted Net Income") as determined by the Compensation Committee of the Company for the fiscal year. For the purposes hereof and notwithstanding anything else contained herein, if and when any class of shares of the Company's capital stock becomes publicly traded, Budgeted Net Income for any fiscal year or quarter shall not be greater than the average of net income estimates of the analysts who regularly provide estimates of the Company's net income, as last reported prior to the commencement of the fiscal year ("Net Income Estimates"). The bonus paid to Executive for any year may not exceed $200,000. The Executive shall be entitled to receive the estimated amount of the bonus (the "Estimated Bonus Payment"), net of applicable withholding and other taxes, within fifteen (15) days after the end of the calculation of net income for each quarter during the term of Executive's employment hereunder, such Estimated Bonus Payment to be based on the Company's net income as reflected on the Company's unaudited consolidated financial statements as reviewed and approved by the Board for the applicable quarter in excess of the Company's budgeted net income for the quarter. The Estimated Bonus Payments will be subject to upward or downward adjustment based on the Company's annual audited consolidated financial statements (the "Adjustment"). The Adjustment shall be paid by the Executive to the Company, or shall be paid by the Company to the Executive, as the case may be, within fifteen (15) days of receipt of the Company's audited consolidated financial statements. In the event the Executive does not reimburse the Company for any Adjustment within such fifteen-day period, the Company shall have the right to offset the Adjustment against any other payments due to the Executive hereunder. The bonus sha...