Common use of Bonus Tied to Closing Date Clause in Contracts

Bonus Tied to Closing Date. If the closing of the Stock Purchase Agreement occurs on or before January 31, 2003, the Company shall pay to Officer 100% of the Maximum Time Variable Bonus. The Maximum Time Variable Bonus is One Hundred Twenty Thousand ($120,000) Dollars. If the closing shall not occur on or before January 31, 2003, the Maximum Time Variable Bonus shall be reduced by $20,000 on the first of each month thereafter so that the bonus earned hereunder if a closing occurs in February would be $100,000, for a closing in March, $80,000, April $60,000, May $40,000, June $20,000 and nothing for any closing occurring after July 1, 2003.

Bonus Tied to Closing Date. If the closing of the Stock Purchase Agreement occurs on or before January 31, 2003, the Company shall pay to Officer 100% of the Maximum Time Variable Bonus. The Maximum Time Variable Bonus is One Eighty-eight Thousand Five Hundred Twenty Thousand ($120,00088,500) Dollars. If the closing shall not occur on or before January 31, 2003, the Maximum Time Variable Bonus shall be reduced by $20,000 14,750 on the first of each month thereafter so that the bonus earned hereunder if a closing occurs in February would be $100,00073,750, for a closing in March, $80,00059,000, April $60,00044,250, May $40,00029,500, June $20,000 14,750 and nothing for any closing occurring after July 1, 2003.

Bonus Tied to Closing Date. If the closing of the Stock Purchase Agreement occurs on or before January 31, 2003, the Company shall pay to Officer 100% of the Maximum Time Variable Bonus. The Maximum Time Variable Bonus is One Hundred Twenty Ten Thousand ($120,00010,000) Dollars. If the closing shall not occur on or before January 31, 2003, the Maximum Time Variable Bonus shall be reduced by $20,000 1,666.67 on the first of each month thereafter so that the bonus earned hereunder if a closing occurs in February would be $100,0008,333.33, for a closing in March, $80,0006,666.66, April $60,0004,999.99, May $40,0003,333.32, June $20,000 1,666.65 and nothing for any closing occurring after July 1, 2003.

Bonus Tied to Closing Date. If the closing of the Stock Purchase Agreement occurs on or before January 31, 2003, the Company shall pay to Officer 100% of the Maximum Time Variable Bonus. The Maximum Time Variable Bonus is One Hundred Twenty Sixty-five Thousand ($120,00065,000) Dollars. If the closing shall not occur on or before January 31, 2003, the Maximum Time Variable Bonus shall be reduced by $20,000 10,833.33 on the first of each month thereafter so that the bonus earned hereunder if a closing occurs in February would be $100,00054,166.67, for a closing in March, $80,00043,333.34, April $60,00032,500.00, May $40,00021,666.68, June $20,000 10,833.35 and nothing for any closing occurring after July 1, 2003.