Common use of Retention Incentives Clause in Contracts

Retention Incentives. In consideration for the Executive’s commitment to remain in the employ of the Company and to perform the duties set forth in Section 3 hereof, but subject to Section 8 and Section 9 hereof, and except as provided in Section 5 hereof, the Company shall pay the Executive the following: A. A monthly salary, commencing as of the Effective Date, of Seven Thousand Dollars ($7,000), for twelve (12) months; B. A bonus of One Hundred Five Thousand Dollars ($105,000) (the “Stay Bonus”), payable eight (8) days after the Executive executes the General Release within the time period provided for under Section 9A hereof without revocation; C. The continuation, throughout the Term, or if this Agreement shall terminate prior to the end of the Term, until the Termination Date (as defined in Section 5 hereof), of the health, life and disability insurance benefits that were provided by the Company to the Executive as of the Effective Date (the “Welfare Benefits”); provided, that if during such period the Company ceases to provide any of the Welfare Benefits, in lieu of such discontinued Welfare Benefits, the Company shall make the Benefit Payments described under Section 10 hereof; and D. A lump-sum payment of Three Hundred Thirty-Eight Thousand Dollars ($338,000) (the “Severance Payment”), payable on the later of January 1, 2005 or the date that the Company makes the initial liquidating distribution to the Company’s stockholders.

Retention Incentives. In consideration for the Executive’s commitment to remain in the employ of the Company and to perform the duties set forth in Section 3 hereof, but subject to Section 8 and Section 9 hereof, and except as provided in Section 5 hereof, the Company shall pay the Executive the following: A. A For the seven (7) month period beginning March 1, 2005 and ending September 30, 2005, a monthly salary, commencing as salary of the Effective Date, of Seven Nine Thousand Three Hundred Thirty-three Dollars ($7,0009,333) and, thereafter, until December 31, 2005, a monthly salary of Four Thousand One Hundred Sixty-six Dollars ($4,166) (this latter amount, the “Reduced Monthly Salary”), for twelve (12) months; B. A bonus of One Hundred Five Fifty Thousand Dollars ($105,00050,000) (the “Stay Bonus”), payable in a lump sum eight (8) days after the Executive executes the General Release of Employment Claims within the time period provided for under Section 9A hereof without revocation; C. The continuation, throughout the Termthrough December 31, 2005, or if this Agreement shall terminate prior to the end of the TermDecember 31, 2005, until the Termination Date (as defined in Section 5 hereof), of the health, life and disability insurance benefits that were provided by the Company to the Executive as of the Effective Date (the “Welfare Benefits”); provided, that if during such period the Company ceases to provide any of the Welfare Benefits, in lieu of such discontinued Welfare Benefits, the Company shall make the Benefit Payments described under Section 10 hereof; and D. A lump-sum payment of Three One Hundred Thirty-Eight Twelve Thousand Dollars ($338,000112,000) (the “Severance Payment”), payable on the later earlier of January 1, 2005 2006 or the date that the Company makes the initial liquidating distribution to the Company’s stockholdersTermination Date.