Common use of Bonuses and Commissions Clause in Contracts

Bonuses and Commissions. (a) The Executive shall also receive from the Effective Date of this Agreement: (1) a commission bonus of $10,000 for each transaction brought to Summus by Executive that the Company receives a gross profit of $250,000 from. No funds under this provision of Executive’s employment agreement shall be payable until a gross profit of $250,000 is received by the Company from each such respective transaction. (2) a commission bonus of three percent (3%) of the gross profit received by Summus from all transactions brought to the Company by Executive and a commission bonus of one percent (1%) of the gross profit received by the Company from all other transactions of the Company brought by personnel under Executive’s supervision. No funds under this provision of Executive’s employment agreement shall be payable to him until funds are received by Summus. Executive shall receive the commission bonus on the transactions as set forth in this Section 5.2 (b)(2) for a period of eighteen (18) months from the launch of each such product related to these transactions arranged by him or by personnel under Executive’s supervision, as the case may be. After such eighteen (18) month period has expired, the commission bonus pursuant to this Section 5.2 (b)(2) shall expire and no longer be payable to Executive. Any funds payable to Executive pursuant to this Section 5.2(b)(2) shall be net of any bonuses earned by Executive pursuant to Section 5.2(b)(1) of this Agreement. For purposes of all of Executive’s commission calculations “gross profit” is equal to revenue received by the Company from such transaction or transactions minus the direct costs and any and all partnership costs associated with such revenues in accordance with generally accepted accounting principles (GAAP). (b) The Company may consider the Executive for a cash bonus for each fiscal year, or part thereof that he is employed by the Company, in an amount to be determined at the discretion of the Board. (c) Any cash bonus earned by the Executive pursuant to the provisions of this Section 5.2 or any other provision of this Agreement shall not be paid to the Executive unless and until the Company has achieved a cash flow positive position, which will be certified to the Board of Directors by an executive officer of the Company.

Bonuses and Commissions. (a) The Executive shall receive a cash bonus for fiscal year 2004 equal to 15% of his current Base Salary upon the achievement of the Company's annual revenue objectives, as set by the Chief Executive Officer and the Board of Directors. (b) The Executive shall also receive from the Effective Date of this Agreement: (1) a commission bonus of $10,000 for each transaction brought to Summus by Executive that the Company receives a gross profit of $250,000 from. No funds under this provision of Executive’s 's employment agreement shall be payable until a gross profit of $250,000 is received by the Company from each such respective transaction. (2) a commission bonus of three percent (3%) of the gross profit received by Summus from all transactions brought to the Company by Executive and a commission bonus of one percent (1%) of the gross profit received by the Company from all other transactions of the Company brought by personnel under Executive’s 's supervision. No funds under this provision of Executive’s 's employment agreement shall be payable to him until funds are received by Summus. Executive shall receive the commission bonus on the transactions as set forth in this Section 5.2 (b)(25.2(b)(2) for a period of eighteen (18) months from the launch of each such product related to these transactions arranged by him or by personnel under Executive’s 's supervision, as the case may be. After such eighteen (18) month period has expired, the commission bonus pursuant to this Section 5.2 (b)(25.2(b)(2) shall expire and no longer be payable to Executive. Any funds payable to Executive pursuant to this Section 5.2(b)(2) shall be net of any bonuses earned by Executive pursuant to Section 5.2(b)(1) of this Agreement. Any commissions earned or to be earned by Executive from transactions arranged by Executive prior to the Effective Date of this Agreement shall be governed by the terms of the letter agreement dated as of ______, by and between the Executive and the Company. For purposes of all of Executive’s 's commission calculations “"gross profit” " is equal to revenue received by the Company from such transaction or transactions minus the direct costs and any and all partnership costs associated with such revenues in accordance with generally accepted accounting principles (GAAP). (bc) The Company may consider the Executive for a cash bonus for each fiscal year, or part thereof that he is employed by the Company, in an amount to be determined at the discretion of the Board. (cd) Any cash bonus earned by the Executive pursuant to the provisions of this Section 5.2 or any other provision of this Agreement shall not be paid to the Executive unless and until the Company has achieved a cash flow positive position, which will be certified to the Board of Directors by an executive officer of the Company.