PERFORMANCE BONUS AGREEMENTEmployee Bonus Plan Agreement |
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MODERN MEDICAL MODALITIES CORP | Paul W. Harrison.. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.5
PERFORMANCE BONUS AGREEMENT
This PERFORMANCE BONUS AGREEMENT (“Agreement”), is made this 27th day of September, 2006, by and between Modern Medical Modalities Corporation, a New Jersey Corporation (“The Company”), and Paul W. Harrison.
The Company has established a plan for accelerated growth through mergers and acquisitions, and has decided that an experienced team be formed to increase the likelihood that its rapid growth plan will be achieved. The Company also realizes that cash bonus incentives are needed to reward each person on the team, and that the team needs a proven leader in mergers and acquisitions such as Paul W. Harrison.
The Company desires to provide a performance based cash bonus allocation of $226,500 to Paul W. Harrison for serving as the merger and acquisition team leader, and has set forth specific cash bonus performance and payment criteria below to be met in order to be paid the earned portion of the allocation.
Cash Bonus Performance and Payment Criteria:
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1. |
$37,750 U.S. shall be paid to Paul W. Harrison upon his participation in and the successful completion of the Company achieving $3,850,000 in new revenues based upon business obtained through external business development combinations that includes mergers and acquisitions transactions. In the event that the Company decides to accept less than the $3,850,000 in revenues (1st alternate revenues) as part of a merger or acquisition, or other acceptable business combination transaction, the cash bonus shall be pro-rated by multiplying $37,750 U.S. by the percentage equal to the 1st alternate revenues divided by $3,850,000. |
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2. |
$37,750
U.S. shall be paid to Paul W. Harrison upon his participation in an
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