Common use of Special Cash Bonus Clause in Contracts

Special Cash Bonus. Executive shall be entitled to a special bonus ("Special Bonus") equal to the product of (i) 250,000 and (ii) the lesser of (a) $2 and (b) the excess of the price of a Danka American Depository Share (ADS) at the close of trading on NASDAQ immediately following the expiration of the closed period over $4 5/16 which was the closing price of a Danka ADS on NASDAQ on January 14, 1999. Such Special Bonus shall be paid in installments in the same proportions as the options described in item 5 of this letter are exercised. For example, if options with respect to 50,000 shares from the options described in item 5 are exercised, 50,000/250,000 or 20% of the Special Bonus shall be paid at the time of such option exercise. As another example, if options with respect to all 250,000 shares described in item 5 of this letter are exercised at one time, 100% of the Special Bonus shall be paid at such time of exercise. The Special Bonus shall accrue no interest.

Appears in 1 contract

Samples: Danka Business Systems PLC

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Special Cash Bonus. Executive shall be entitled to a special bonus ("Special Bonus") equal to the product of (i) 250,000 700,000 and (ii) the lesser of (a) $2 and (b) the excess of the price of a Danka American Depository Share (ADS) at the close of trading on NASDAQ immediately following the expiration of the closed period over $4 5/16 which was the closing price of a Danka ADS on NASDAQ on January 14, 1999. Such Special Bonus shall be paid in installments in the same proportions as the options described in item 5 4 of this letter are exercised. For example, if options with respect to 50,000 35,000 shares from the options described in item 5 4 are exercised, 50,000/250,000 35,000/700,000 or 205% of the Special Bonus shall be paid at the time of such option exercise. As another example, if options with respect to all 250,000 700,000 shares described in item 5 4 of this letter are exercised at one time, 100% of the Special Bonus shall be paid at such time of exercise. The Special Bonus shall accrue no interest.

Appears in 1 contract

Samples: Danka Business Systems PLC

Special Cash Bonus. Executive shall be entitled to a special bonus ("Special Bonus") equal to the product of (i) 250,000 500,000 and (ii) the lesser of (a) $2 and (b) the excess of the price of a Danka American Depository Share (ADS) at the close of trading on NASDAQ immediately following the expiration of the closed period over $4 5/16 which was the closing price of a Danka ADS on NASDAQ on January 14, 1999. Such Special Bonus shall be paid in installments in the same proportions as the options described in item 5 of this letter are exercised. For example, if options with respect to 50,000 shares from the options described in item 5 are exercised, 50,000/250,000 50,000/500,000 or 2010% of the Special Bonus shall be paid at the time of such option exercise. As another example, if options with respect to all 250,000 500,000 shares described in item 5 of this letter are exercised at one time, 100% of the Special Bonus shall be paid at such time of exercise. The Special Bonus shall accrue no interest.

Appears in 1 contract

Samples: Danka Business Systems PLC

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Special Cash Bonus. Executive shall be entitled to a special bonus ("Special Bonus") equal to the product of (i) 250,000 1,000,000 and (ii) the lesser of (a) $2 and (b) the excess of the price of a Danka American Depository Share (ADS) at the close of trading on NASDAQ immediately following the expiration of the closed period over $4 5/16 which was the closing price of a Danka ADS on NASDAQ on January 14, 1999. Such Special Bonus shall be paid in installments in the same proportions as the options described in item 5 of this letter are exercised. For example, if options with respect to 50,000 shares from the options described in item 5 are exercised, 50,000/250,000 50,000/1,000,000 or 205% of the Special Bonus shall be paid at the time of such option exercise. As another example, if options with respect to all 250,000 1,000,000 shares described in item 5 of this letter are exercised at one time, 100% of the Special Bonus shall be paid at such time of exercise. The Special Bonus shall accrue no interest.

Appears in 1 contract

Samples: Danka Business Systems PLC

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