Common use of PROCEDURAL PROVISIONS Clause in Contracts

PROCEDURAL PROVISIONS. If the Performance Bonus is paid for any calendar year, it is calculated through the last day of the calendar year and generally will be payable to Employee within 90 days after the end of such calendar year or, as soon as reasonably practicable after such time as the Company has completed its internal accounting and audit processes for purposes of determining the relevant EBITDA identified above (the “Bonus Pay Date”). Following the end of each calendar year, Employee shall provide information and assistance as appropriate and necessary for purposes of completing the relevant EBITDA. If the Company terminates employment without cause, Employee shall be eligible for a pro-rata bonus as follows: If Employee’s termination date is on or between January 1 and May 31, then Employee shall receive an amount equal to the prorated portion of the bonus earned in the previous year. If Employee’s termination date is on or after June 1, he will receive payment of the prorated portion of the bonus for the year in which is he is terminated, to be payable by March 31 of the following year. The Company reserves the right to modify the Performance Bonus Plan due to specific business circumstances such as business acquisition, business sale, or non-divestitures.