Common use of Repayment Obligations Clause in Contracts

Repayment Obligations. (a) If prior to April 1, 2013, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 100% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein). (b) If on or after April 1, 2013 but before April 1, 2014, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 66.67% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein). (c) If on or after April 1, 2014 but on or before April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 33.33% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein). (d) If after April 1, 2015, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will have no obligation to repay the Retention Bonus Amount.

Repayment Obligations. (a) If prior to April 1, 20132012, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 100% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein). (b) If on or after April 1, 2013 2012 but before April 1, 20142013, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 66.67% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein). (c) If on or after April 1, 2014 2013 but on or before April 1, 20152014, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will be obligated to repay 33.33% of the Retention Bonus Amount (as calculated before taking into account any amounts required to be withheld for taxes on the payment date or any payment date payroll deductions, as required by any Company compensation, pension or welfare benefit plan), in cash, within five (5) business days after written demand is made therefor by the Company (in accordance with the instructions contained therein). (d) If after April 1, 20152014, (i) the Company terminates the Executive’s employment for Cause or (ii) the Executive voluntarily terminates his employment without Good Reason, the Executive will have no obligation to repay the Retention Bonus Amount.