Common use of FIRST RETENTION BENEFIT Clause in Contracts

FIRST RETENTION BENEFIT. The Company will pay you a retention bonus of $22,000 (the "First Retention Bonus") if you remain continuously employed by the Company through December 31, 2003 (the "First Retention Date"). In the event that the Company terminates your employment prior to the First Retention Date, other than for cause, the Company will pay you the First Retention Bonus. Payment of the First Retention Bonus will be made within five days of the earlier of (i) the First Retention Date or (ii) the date that the Company terminates your employment other than for cause. For purposes of this agreement, "cause" shall mean only seriously deficient performance which remains unremedied after counseling from your manager or serious misconduct.

FIRST RETENTION BENEFIT. The Company will pay you a retention bonus of $22,000 10,000 (the "First Retention Bonus") if you remain continuously employed by the Company through December 31, 2003 (the "First Retention Date"). In the event that the Company terminates your employment prior to the First Retention Date, other than for cause, the Company will pay you the First Retention Bonus. Payment of the First Retention Bonus will be made within five days of the earlier of (i) the First Retention Date or (ii) the date that the Company terminates your employment other than for cause. For purposes of this agreement, "cause" shall mean only seriously deficient performance which remains unremedied after counseling from your manager or serious misconduct.