Common use of Stay-on Bonus Clause in Contracts

Stay-on Bonus. Subject to the further provisions of this Agreement, the Company shall pay to Employee a cash bonus of $37,500.00 on the effective date on which more than 40% of Parent's $325 million subordinated bonds are satisfied, exchanged or restructured (the "First Date"), provided Employee continues to be an employee of the Company on the First Date. Notwithstanding the foregoing however, if Employee's employment with the Company is terminated prior to the First Date by the Company without Cause, then the Company shall pay Employee the bonus amount provided above at the time that such bonus otherwise becomes payable, if ever. As used herein, "Cause" means (i) the willful failure by Employee to perform his duties and responsibilities with the Company (other than any such failure resulting from his mental or physical impairment), (ii) any gross misconduct or gross negligence of Employee in the performance of Employee's duties, (iii) any theft or embezzlement of Company property by Employee, or (iv) the conviction (or plea of nolo contendere) of Employee for a felony. If Employee's employment terminates for any other reason prior to the First Date, no bonus shall be payable under this Agreement.

Stay-on Bonus. Subject to the further provisions of this Agreement, the Company shall pay to Employee a cash bonus of $37,500.00 140,000.00 on the effective date on which more than 40% of Parent's $325 million subordinated bonds are satisfied, exchanged or restructured (the "First Date"), provided Employee continues to be an employee of the Company on the First Date. Notwithstanding the foregoing however, if Employee's employment with the Company is terminated prior to the First Date by the Company without Cause, then the Company shall pay Employee the bonus amount provided above at the time that such bonus otherwise becomes payable, if ever. As used herein, "Cause" means (i) the willful failure by Employee to perform his duties and responsibilities with the Company (other than any such failure resulting from his mental or physical impairment), (ii) any gross misconduct or gross negligence of Employee in the performance of Employee's duties, (iii) any theft or embezzlement of Company property by Employee, or (iv) the conviction (or plea of nolo contendere) of Employee for a felony. If Employee's employment terminates for any other reason prior to the First Date, no bonus shall be payable under this Agreement.