40*$29*52=$60,320
$60,320+$5,000 profit share(which is a conservative figure)=$65,320
$65,320+$1500 lump sum bonus=$66,820
$66,820 with no overtime. Seems like that is the middle ground for your electrical engineer salaries.
Not to mention after this contract you'll be at, at least $32/hr. Lol!