Bonus Formula Agreement for ENB Insurance Employee
This agreement outlines the bonus calculation for an ENB Insurance employee, based on the company's EBITA (earnings before interest, taxes, and amortization) as determined by certified public accountants. The bonus is calculated as 20% of the increase over the previous year's actual EBITA, plus an additional 30% of any amount exceeding the current year's budgeted EBITA, with a maximum annual bonus of $100,000. The formula applies for the duration of the employee's contract.
EXHIBIT 10.1
Bonus Formula
The bonus shall be determined on the basis of “EBITA” as calculated in the ENB Insurance Board approved operating budget for the performance year and compared against the prior performance year actual results.
Payment formula is as follows:
• 20% of increase over prior year actual “EBITA”
- - Additional 30% of increase amount over the approved budgeted “EBITA” for current performance year
| • | A maximum annual incentive bonus of $100,000 |
For purpose of this agreement, “EBITA” shall mean the annual net income before accrued bonus as well as interest, amortization, and income taxes for the employer as determined annually by the Certified Public Accountants of the Company. The Bonus calculation formula will be in effect for the term of this employment contract
