Common use of Bonus Equity Clause in Contracts

Bonus Equity. (i) During the Term, the Employee shall also be entitled to an annual bonus in the gross amount of ONE HUNDRED FORTY THOUSAND DOLLARS ($140,000), less applicable taxes and customary withholdings, in respect of any year commencing with 2021 through the Initial Expiration Date (“Guaranteed Bonus”). Payment of the Guaranteed Bonus shall be made to the Employee in accordance with Company policy, but in no event later than ninety (90) days following the end of the fiscal year in respect of which it is payable (each such payment date, a “Bonus Payment Date”). It is understood and agreed that the Employee shall be eligible for such a Guaranteed Bonus only if the Employee has been continuously employed by the Company from the Amendment Effective Date through end of the applicable fiscal year, and the Employee has not, as of such Bonus Payment Date, issued notice of his resignation, regardless of the reason for such resignation or been terminated by the Company for Cause (as defined below). (ii) Additionally, the Employee shall be eligible to participate in any bonus pool established for, or broad-based equity grant made to, employees or management of the Company, in each case at levels set in the sole discretion of the Company and upon the approval of the Compensation Committee of the Company’s Board of Directors. The Employee shall have a target bonus of ONE HUNDRED THIRTY THOUSAND DOLLARS ($130,000). Any bonus that is awarded under this provision (a “Discretionary Bonus”) shall be paid to the Employee on the Bonus Payment Date following the end of the relevant fiscal year. It is understood and agreed that the Employee shall be eligible for a Discretionary Bonus only if the Employee has been continuously employed by the Company from the Amendment Effective Date through end of the applicable fiscal year, and the Employee has not, as of such Bonus Payment Date, issued notice of his resignation, regardless of the reason for such resignation or been terminated by the Company for Cause.

Bonus Equity. (i) During the Term, the Employee shall also be entitled to an annual bonus in the gross amount of ONE HUNDRED FORTY FIFTY THOUSAND DOLLARS ($140,000150,000), less applicable taxes and customary withholdings, in respect of any year commencing with 2021 2024 through the Initial Expiration Date (“Guaranteed Bonus”). Payment of the Guaranteed Bonus shall be made to the Employee in accordance with Company policy, but in no event later than ninety (90) days following the end of the fiscal year in respect of which it is payable (each such payment date, a “Bonus Payment Date”). It is understood and agreed that the Employee shall be eligible for such a Guaranteed Bonus only if the Employee has been continuously employed by the Company from the Amendment Effective Date through end of the applicable fiscal year, and the Employee has not, as of such Bonus Payment Date, issued notice of his resignation, regardless of the reason for such resignation resignation, or been terminated by the Company for Cause (as defined below). (ii) Additionally, the Employee shall be eligible to participate in any bonus pool established for, or broad-based equity grant made to, employees or management of the Company, in each case at levels set in the sole discretion of the Company and upon the approval of the Compensation Committee of the Company’s Board of Directors. The Employee shall have a target bonus of ONE HUNDRED THIRTY FIFTY THOUSAND DOLLARS ($130,000150,000). Any bonus that is awarded under this provision (a “Discretionary Bonus”) shall be paid to the Employee on the Bonus Payment Date following the end of the relevant fiscal year. It is understood and agreed that the Employee shall be eligible for a Discretionary Bonus only if the Employee has been continuously employed by the Company from the Amendment Effective Date through end of the applicable fiscal year, and the Employee has not, as of such Bonus Payment Date, issued notice of his resignation, regardless of the reason for such resignation or been terminated by the Company for Cause.

Bonus Equity. (i) During the Term, the Employee shall also be entitled to an annual bonus in the gross amount of ONE HUNDRED FORTY TWELVE THOUSAND FIVE HUNDRED DOLLARS ($140,000112,500), less applicable taxes and customary withholdings, in respect of any year commencing with 2021 2018 through the Initial Expiration Date (“Guaranteed Bonus”). Payment of the Guaranteed Bonus shall be made to the Employee in accordance with Company policy, but in no event later than ninety (90) days following the end of the fiscal year in respect of which it is payable (each such payment date, a “Bonus Payment Date”). It is understood and agreed that the Employee shall be eligible for such a Guaranteed Bonus only if the Employee has been continuously employed by the Company from the Amendment Effective Date through end of the applicable fiscal year, and the Employee has not, as of such Bonus Payment Date, issued notice of his resignation, regardless of the reason for such resignation or been terminated by the Company for Cause (as defined below). (ii) Additionally, the Employee shall be eligible to participate in any bonus pool established for, or broad-based equity grant made to, employees or management of the Company, in each case at levels set in the sole discretion of the Company and upon the approval of the Compensation Committee of the Company’s Board of Directors. The Employee shall have a target bonus of ONE HUNDRED THIRTY TWELVE THOUSAND FIVE HUNDRED DOLLARS ($130,000112,500). Any bonus that is awarded under this provision (a “Discretionary Bonus”) shall be paid to the Employee on the Bonus Payment Date following the end of the relevant fiscal year. It is understood and agreed that the Employee shall be eligible for a Discretionary Bonus only if the Employee has been continuously employed by the Company from the Amendment Effective Date through end of the applicable fiscal year, and the Employee has not, as of such Bonus Payment Date, issued notice of his resignation, regardless of the reason for such resignation or been terminated by the Company for Cause.