Milestone Bonus Trigger definition
Milestone Bonus Trigger means the earliest to occur of the following events:
Examples of Milestone Bonus Trigger in a sentence
Effective as of the Employment Date, Executive’s Annual Salary will be Two Hundred Ten Thousand Dollars ($210,000), which Annual Salary may be increased from time to time by the Board; provided, however, that from the Employment Date until the occurrence of the Milestone Bonus Trigger, all amounts payable as Annual Salary which exceed $60,000 (on an annual basis) (the “Milestone Bonus Amounts”) shall not be paid to Executive, but will accrue, interest free.
All such accrued amounts shall be paid to Executive on the Company’s next regular payroll date following the occurrence of the Milestone Bonus Trigger, and thereafter Executive shall be paid based on Executive’s full annual base salary rate.