Compensation and Bonuses. Upon execution and delivery of this Agreement by Employee, Employer shall initially pay to Employee a signing bonus in the gross amount of Fifty Thousand Dollars ($50,000.00). Employer shall pay Employee an annual base salary of Two Hundred ▇▇▇▇▇▇▇ Dollars ($200,000.00), payable in equal installments, not less than monthly during the term of her employment, together with bonuses to be determined as follows: (a) For the fiscal year ending June 30, 2001 a bonus of Thirty Thousand Dollars ($30,000.00) at the first pay period in July, 2001; (b) For the period beginning July 1, 2001 and ending June 30, 2002, a bonus equal to the greater of One Hundred Thousand Dollars ($100,000.00); or seven and one-half percent (7 1/2%) of the amount, if any, by which the net profit before taxes (exclusive of all extraordinary gains and losses) ("NPBT") (calculated after deducting bonuses of all employees) for said fiscal year exceeds the NPBT for the said one year period ending June 30, 2001; provided, however, Employer shall advance to Employee a portion of said bonus in the sum of Twenty-Five Thousand Dollars ($25,000.00) per quarter for the first three quarters of the fiscal year and the balance immediately following receipt of the financial statements acceptable to the Compensation and Personnel Committee; and (c) For the six months beginning July 1, 2002 and ending December 31, 2002, a bonus equal to the greater of Fifty Thousand Dollars ($50,000.00); or one and one-half percent (1 1/2%) of the NPBT (calculated after deducting bonuses of all employees) for the period of July 1, 2002 through December 31, 2002; provided however Employer shall advance to Employee a portion of said bonus in the sum of Twenty-Five Thousand Dollars ($25,000.00) per quarter for each of quarter of said six month period, and the balance paid immediately following receipt of the audited financial statements. (d) For calendar year 2003 a bonus equal to the greater of Fifty Thousand Dollars ($50,000.00); or one and one-half percent (1 1/2%) of the NPBT (calculated after deducting bonuses of all employees) for said fiscal year ending December 31, 2003; provided however Employer shall advance to Employee a portion of said bonus in the sum of Twenty-Five Thousand Dollars ($25,000.00) per quarter for each of the first three quarters of said fiscal year, and the balance paid immediately following receipt of the audited financial statements. Provided further, if Employee has received advance payments that exceed the total bonus earned hereunder, Employee shall immediately repay to Employer the amount of the excess. (e) Pursuant to the Board's March 5, 2002 decision to extend this contract through December 31, 2004, total compensation for fiscal year 2004 (January 1, 2004 through December 31, 2004) shall be equal to three and one- half percent (3 1/2%) of the NPBT (calculated after deducting bonuses of all employees). The bonus payment for that period shall be three and one-half percent (3 1/2%) of the NPBT (calculated after deducting bonuses of all employees) less the amount paid to employee as base salary during said fiscal year; provided however Employer shall advance to Employee a portion of said bonus in the sum of Twenty-Five Thousand Dollars ($25,000.00) per quarter for each of the first three quarters of said fiscal year, and the balance paid immediately following receipt of the audited financial statements. Provided further, if Employee has received advance payments that exceed the total bonus earned hereunder, Employee shall immediately repay to Employer the amount of the excess. The employee shall not repay any amount paid as base salary during said fiscal year regardless of NPBT results. The currently paid base salary for that period shall be deemed the employee's minimum compensation during 2004. Employer's Board of Directors shall annually review Employee's base salary. All compensation paid shall be subject to deduction for required Social Security, Federal Income Tax withholding and other mandated deductions.
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Compensation and Bonuses. Upon execution and delivery of this Agreement by Employee, Employer shall initially pay to Employee a signing bonus in the gross amount of Fifty Thousand Dollars ($50,000.00). Employer shall pay Employee an annual base salary of Two Hundred ▇▇▇▇▇▇▇ Thousand Dollars ($200,000.00), payable in equal installments, not less than monthly during the term of her employment, together with bonuses to be determined as follows:
(a) For the fiscal year ending June 30, 2001 a bonus of Thirty Thousand Dollars ($30,000.00) at the first pay period in July, 2001;
(b) For the period beginning July 1, 2001 and fiscal year ending June 30, 2002, a bonus equal to the greater of One Hundred Thousand Dollars ($100,000.00); or seven and one-half percent (7 7-1/2%) of the amount, if any, by which the net profit before taxes (exclusive of all extraordinary gains and losses) according to Employer's audited financial statements ("NPBT") (calculated after deducting bonuses of all employees) for said fiscal year exceeds the NPBT for the said one fiscal year period ending June 30, 2001; provided, however, Employer shall advance to Employee a portion of said bonus in the sum of Twenty-Five Thousand Dollars ($25,000.00) per quarter for the first three quarters of the fiscal year and the balance immediately following receipt of the annual audited financial statements acceptable to the Compensation and Personnel Committeestatements; and
(c) For the six months beginning July 1fiscal year ending June 30, 2002 and ending December 31, 20022003, a bonus equal to the greater of Fifty One Hundred Thousand Dollars ($50,000.00100,000.00); or one and one-half percent (1 1/2%) of the NPBT (calculated after deducting bonuses of all employees) for the period of July 1, 2002 through December 31, 2002; provided however Employer shall advance to Employee a portion of said bonus in the sum of Twenty-Five Thousand Dollars ($25,000.00) per quarter for each of quarter of said six month period, and the balance paid immediately following receipt of the audited financial statements.
(d) For calendar year 2003 a bonus equal to the greater of Fifty Thousand Dollars ($50,000.00); or one and one-half percent (1 1/2%) of the NPBT (calculated after deducting bonuses of all employees) for said fiscal year ending December 31June 30, 2003; provided however Employer shall advance to Employee a portion of said bonus in the sum of Twenty-Five Thousand Dollars ($25,000.00) per quarter for each of the first three quarters of said fiscal year, and the balance paid immediately following receipt of the audited financial statements.
(d) For the portion of the Term of this Agreement extending from July 1, 2003 through February 19, 2004, a bonus equal to one and one-half percent (1-1/2%) of the NPBT (calculated after deducting bonuses for all employees) for said period ending with the end of the term of this Agreement; provided Employer shall advance to Employee as a loan against the potential bonus to be earned, for said period, the sum of Twenty-Five Thousand Dollars ($25,000.00) per quarter. The remainder of such bonus, if any, shall be paid immediately following the expiration of said term. Provided further, if Employee has received advance payments that which exceed the total bonus earned hereunder, Employee shall immediately repay to Employer the amount of the excess.
(e) Pursuant to the Board's March 5, 2002 decision to extend this contract through December 31, 2004, total compensation for fiscal year 2004 (January 1, 2004 through December 31, 2004) shall be equal to three and one- half percent (3 1/2%) of the NPBT (calculated after deducting bonuses of all employees). The bonus payment for that period shall be three and one-half percent (3 1/2%) of the NPBT (calculated after deducting bonuses of all employees) less the amount paid to employee as base salary during said fiscal year; provided however Employer shall advance to Employee a portion of said bonus in the sum of Twenty-Five Thousand Dollars ($25,000.00) per quarter for each of the first three quarters of said fiscal year, and the balance paid immediately following receipt of the audited financial statements. Provided further, if Employee has received advance payments that exceed the total bonus earned hereunder, Employee shall immediately repay to Employer the amount of the excess. The employee shall not repay any amount paid as base salary during said fiscal year regardless of NPBT results. The currently paid base salary for that period shall be deemed the employee's minimum compensation during 2004. Employer's Board of Directors shall annually review Employee's base salary. All compensation paid shall be subject to deduction for required Social Security, Federal Income Tax withholding and other mandated deductions.
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