Common use of Supplemental Bonus Payment Clause in Contracts

Supplemental Bonus Payment. Executive may earn a supplemental bonus payment in an amount equal to 10% of Executive’s Base Salary (the “Supplemental Bonus”) if the Company obtains on or before December 31, 2019 additional third party debt or equity financing if at least $5 million of such financing is not required to be used to repay existing debt of the Company (the “Condition”). Executive must be employed on the date the Condition is achieved to be entitled to receive the Supplemental Bonus. Any Supplemental Bonus will be paid in cash within 15 days of the date the Condition is achieved.