Common use of Transaction Bonus Clause in Contracts

Transaction Bonus. Should the Company, during the period of Executive’s employment pursuant to this Agreement, enter into a transaction approved by the Board of Directors which is not a Change in Control (as defined in Section 6.07 of this Agreement) but which, nonetheless, involves a change in the ownership of the Company or the composition of the Company’s Board of Directors that the full Board of Directors determines in its sole discretion constitutes a significant event which results in significant additional value for the Company’s stockholders, as determined by the Board of Directors in its sole discretion, such as the addition of a major new investor or investor group or the formation of a significant joint venture (a “Significant Event”), then Executive shall become entitled to a lump-sum Transaction Bonus in a cash amount equal to 50% of the annual rate of Base Salary in effect for him immediately preceding the effective date of the Significant Event. In the event Executive receives a Transaction Bonus, no Achievement Bonus will be paid to Executive for the year for which such Transaction Bonus is paid. Any Transaction Bonus to which Executive becomes entitled shall be paid as soon as administratively practicable following the effective date of the Significant Event, but in no event later than the close of the calendar year in which the Significant Event occurs or (if later) the fifteenth (15th) day of the third calendar month following the effective date of such Significant Event.

Transaction Bonus. Should the Company, during the period of Executive’s employment pursuant to this Agreement, enter into a transaction approved by the Board of Directors which is not a Change in Control (as defined in Section 6.07 of this Agreement) but which, nonetheless, involves a change in the ownership of the Company or the composition of the Company’s Board of Directors that the full Board of Directors determines in its sole discretion constitutes a significant event which results in significant additional value for the Company’s stockholders, as determined by the Board of Directors in its sole discretion, such as the addition of a major new investor or investor group or the formation of a significant joint venture (a “Significant Event”), then Executive shall become entitled to a lump-sum Transaction Bonus in a cash amount equal to 50180% of the annual rate of Base Salary in effect for him immediately preceding the effective date of the Significant Event. In the event Executive receives a Transaction Bonus, no Achievement Bonus will be paid to Executive for the year for which such Transaction Bonus is paid. Any Transaction Bonus to which Executive becomes entitled shall be paid as soon as administratively practicable following the effective date of the Significant Event, but in no event later than the close of the calendar year in which the Significant Event occurs or (if later) the fifteenth (15th) day of the third calendar month following the effective date of such Significant Event.

Transaction Bonus. Should the Company, during the period of Executive’s employment pursuant to this Agreement, enter into a transaction approved by the Board of Directors which is not a Change in Control (as defined in Section 6.07 of this Agreement) but which, nonetheless, involves a change in the ownership of the Company or the composition of the Company’s Board of Directors that the full Board of Directors determines in its sole discretion constitutes a significant event which results in significant additional value for the Company’s stockholders, as determined by the Board of Directors in its sole discretion, such as the addition of a major new investor or investor group or the formation of a significant joint venture (a “Significant Event”), then Executive shall become entitled to a lump-sum Transaction Bonus in a cash amount equal to 50100% of the annual rate of Base Salary in effect for him immediately preceding the effective date of the Significant Event. In the event Executive receives a Transaction Bonus, no Achievement Bonus will be paid to Executive for the year for which such Transaction Bonus is paid. Any Transaction Bonus to which Executive becomes entitled shall be paid as soon as administratively practicable following the effective date of the Significant Event, but in no event later than the close of the calendar year in which the Significant Event occurs or (if later) the fifteenth (15th) day of the third calendar month following the effective date of such Significant Event.