Quantitative Bonus. The Quantitative Bonus, if any, will be in amount up to 70% of the Employee’s Base Salary (the “Maximum Quantitative Bonus”). The amount of the Quantitative Bonus will be calculated based on the Company reaching a minimum achievement goal (the “Minimum”), at which level Employee shall begin to have the right to receive a portion of such Quantitative Bonus, a target achievement goal (the “Target”), where Employee shall have the right to receive one-half of the Maximum Quantitative Bonus, and an overachievement goal (the “Maximum”), where Employee shall have the right to receive the maximum incentive amount of the Maximum Quantitative Bonus. The actual incentive payment amount will be calculated, based on actual results attained, prorated on a straight-line basis between the Minimum and the Target, or the Target and the Maximum, whichever is applicable.
Quantitative Bonus. The Quantitative Bonus will be based on a budget for the Employer’s operations, existing at the time such budget is made, which will be prepared annually by management in respect of each fiscal year and approved by the Board (the “Annual Budget”). Annual Budgets will be so prepared and approved within 60 days of the beginning of each applicable fiscal year and will include a budget for the Employer’s consolidated pre-tax net income (“Net Income”) for the year. After the end of each fiscal year, management will determine the ratio of actual Net Income, as stated in the Employer’s corresponding audited financial statements, to budgeted Net Income, as stated in the applicable Annual Budget (the “Bonus Ratio”). The Quantitative Bonus will be determined according to the following: Bonus Ratio1 Quantitative Bonus (expressed as a percentage of the Base Salary of the Employee) Up to 80% Nil 100% 25% of the Base Salary 125% 50% of the Base Salary 150% 75% of the Base Salary 200% or greater 100% of the Base Salary except that the Quantitative Bonus paid will never exceed the amount by which actual Net Income exceeds budgeted Net Income for the year. 1 The Quantitative Bonus will be paid on a pro-rata basis for percentages falling between the specified Bonus Ratio percentages shown. A table of example calculations is set out below. Example Quantitative Bonus Calculations2 Bonus Ratio Quantitative Bonus3 75% Nil 80% Nil 85% $ 9062.50 90% $ 18,125 95% $ 27,187.50 100% $ 36,250 110% $ 50,750 120% $ 65,250 125% $ 72,500 130% $ 79,750 140% $ 94,250 150% $ 108,750 160% $ 116,000 170% $ 123,250 180% $ 130,500 190% $ 137,750 200% $ 145,000 Above 200% $ 145,000 2 To determine other Quantitative Bonus amounts between the example calculations shown interpolate linearly between such points. 3 Examples shown are based on a Base Salary of $145,000. In practice this amount will change as the Base Salary is adjusted pursuant to the terms of the employment agreement between the Employee and the Employer.
Quantitative Bonus. The Quantitative Bonus, if any, will be in amount up to 100% of the Initial Base Salary (i.e. $350,000), with a target of 50% of the Initial Base Salary (i.e. $175,000). The Quantitative Bonus will be calculated based on reaching a minimum achievement goal (the “Minimum”), where Executive shall have the right to receive a portion of such Quantitative Bonus, a target achievement goal (the “Target”), where Executive shall have the right to receive the target amount ($175,000), and an overachievement goal (the “Maximum”), where Executive shall have the right to receive the maximum incentive amount ($350,000) of the Quantitative Bonus. The actual incentive payment amount will be calculated, based on actual results attained, prorated on a straight-line basis between the Minimum and the Target, or the Target and the Maximum, as applicable.
Quantitative Bonus. Subject to the terms and conditions hereof, the Executive will be eligible to receive a bonus based on the amount of operating income earned by the Company in the 2000 fiscal year of the Company (the "Quantitative Bonus"). The Quantitative Bonus with respect to fiscal year 2000 will be computed by adding the sum of (i) one and two tenths (1.2%) per cent of the operating income of the Company for fiscal year 2000 up to a maximum of Two Million ($2,000,000) Dollars of operating income of the Company, plus (ii) one (1%) per cent of the operating income of the Company for fiscal year 2000 which exceeds Two Million ($2,000,000) Dollars. The Quantitative Bonus for fiscal year 2000 will be paid within sixty (60) days after the end of the fiscal year. For fiscal years of the Company after fiscal year 2000, the Board of Directors of the Company in its sole discretion will establish the formula by which any Quantitative Bonus will be earned by the Executive during the remainder of the term of this Agreement. Notwithstanding any other provision contained in this Agreement, the Executive will not be eligible for a Quantitative Bonus unless the Executive is employed by the Company and is not in breach of this Agreement on the date on which any Quantitative Bonus is to be paid. In all events, any issues which may arise between the Company and the Executive with respect to the Quantitative Bonus shall be resolved by the Board of Directors of the Company in its sole discretion.
Quantitative Bonus. The Company shall pay to the Executive a quantitative annual bonus (the "Quantitative Bonus") for each calendar year, other than calendar year 1997, ending during the Employment Term. The amount of the Quantitative Bonus, if any, shall be determined in accordance with the terms set forth on Schedule 1 hereto, and the Quantitative Bonus shall be paid on or before March 31 of the following calendar year.
