Common use of GSE Approval Bonus Clause in Contracts

GSE Approval Bonus. If the Company obtains GSE Approval on or before the date (the “GSE Approval Deadline”) that is (A) nine (9) months immediately following the Initial Effective Date, or (B) such later deadline for GSE Approval as approved by a vote of stockholders holding at least a majority of the Registrable Shares, the Executive shall receive an additional lump sum cash payment from the Company equal to $200,000 (the “GSE Bonus”), to be paid as soon as practicable after the Subsequent Effective Date and in no event more than thirty (30) days thereafter. Executive’s eligibility for the bonus described in this section is subject to Executive’s continuing employment through GSE Approval, provided that if the Company terminates Executive’s employment with the Company without “Cause” or he resigns for “Good Reason” prior to the GSE Approval Deadline, then Executive shall remain eligible to receive 50% of the GSE Bonus, subject to GSE Approval being achieved on or prior to the GSE Approval Deadline, with such portion of the GSE Bonus to be paid at the same time as if the Executive had remained employed by the Company through the achievement of GSE Approval.

GSE Approval Bonus. If the Company obtains GSE Approval on or before the date (the “GSE Approval Deadline”) that is (A) nine (9) months immediately following the Initial Effective Date, or (B) such later deadline for GSE Approval as approved by a vote of stockholders holding at least a majority of the Registrable Shares, the Executive shall receive an additional lump sum cash payment from the Company equal to $200,000 300,000 (the “GSE Bonus”), to be paid as soon as practicable after the Subsequent Effective Date and in no event more than thirty (30) days thereafter. Executive’s eligibility for the bonus described in this section is subject to Executive’s continuing employment through GSE Approval, provided that if the Company terminates Executive’s employment with the Company without “Cause” or he resigns for “Good Reason” prior to the GSE Approval Deadline, then Executive shall remain eligible to receive 50% of the GSE Bonus, subject to GSE Approval being achieved on or prior to the GSE Approval Deadline, with such portion of the GSE Bonus to be paid at the same time as if the Executive had remained employed by the Company through the achievement of GSE Approval.