Common use of Bonus Amount and Conditions Clause in Contracts

Bonus Amount and Conditions. The Company will pay to the Employee a bonus (the “Success-Based Retention Bonus”) in an amount equal to 75% of the Employee’s Target Bonus in effect as of the Effective Date, if: (i) a Strategic Transaction occurs; and (ii) either, (1) the Employee remains continuously employed by the Company for the 90 day period immediately following the closing of the Strategic Transaction (the “Retention Period”), or (2) the Employee experiences an Involuntary Termination Without Cause at any time during Retention Period.

Appears in 2 contracts

Samples: Retention and Strategic Transaction Bonus Agreement (Medquist Inc), Retention and Strategic Transaction Bonus Agreement (Medquist Inc)

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Bonus Amount and Conditions. The Company will pay to the Employee a bonus (the “SuccessService-Based Retention Bonus”) in an amount equal to 75% of the Employee’s Target Bonus in effect as of the Effective Date, if: (i) a Strategic Transaction occurs; and (ii) either, (1) if the Employee remains continuously employed by the Company for the 90 day period immediately following through the closing of the a Strategic Transaction (the “Retention Period”)Transaction, or (2) the Employee experiences an Involuntary Termination Without Cause at any time during Retention Periodor, if sooner, February 29, 2008.

Appears in 2 contracts

Samples: Retention and Strategic Transaction Bonus Agreement (Medquist Inc), Retention and Strategic Transaction Bonus Agreement (Medquist Inc)

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