Transition Incentive Bonus. The Company will pay the Executive a bonus in the amount of Two Million Two Hundred and Fifty Thousand and 00/100 Dollars ($2,250,000) (the “Transition Incentive Bonus”). Payment of the Transition Incentive Bonus is conditioned upon the Executive’s signing the Employee Release (Attachment B to the Employment Agreement) and the Executive’s continued full performance of his continuing obligations hereunder, including those under Sections 8, 9, and 10 hereof, provided however, that when used in connection with this Section 6(h), the Employee Release shall be modified to delete the second sentence of the fourth paragraph of the Employee Release and to insert in lieu thereof the following sentence: “I understand that I may consider the terms of this Release of Claims for up to twenty-one (21) days (or such longer period as the Company may specify not to exceed forty-five (45) days) from the Transition Date.” The Transition Incentive Bonus shall be paid in a lump sum, less any applicable taxes and withholdings as soon as possible after the effective date of the Employee Release, but in no event later than two and one-half months following the Transition Date.
Transition Incentive Bonus. If the Executive continues in employment with the Company through the Transition Date, then upon completion of the Transition Period, the Company shall pay the Executive $140,000 (the “Transition Incentive Bonus”), provided, however, that the Executive shall forfeit the Transition Incentive Bonus if the Executive is subject to a Separation for Cause prior to the payment of the Transition Incentive Bonus and provided, further, that if Executive is subject to a Post-Transition Date Qualifying Termination prior to the payment of the Transition Incentive Bonus, then such payment will be subject to prior satisfaction of the Release Condition. The Transition Incentive Bonus shall be paid in a cash lump sum in accordance with the Company’s standard payroll procedures on the Company’s first regular payroll date after the thirtieth (30th) day following the Transition Date or, if the Executive is subject to a Post-Transition Date Qualifying Termination prior to the payment of the Transition Incentive Bonus, on the Release Payment Date. If the Executive is subject to a Pre-Transition Date Qualifying Termination, the Executive remains eligible to receive the Transition Incentive Bonus, provided, however, that such payment will be subject to prior satisfaction of the Release Condition. In such event, the Transition Incentive Bonus shall be paid in a cash lump-sum on the Release Payment Date in accordance with the Company’s standard payroll procedures.
Transition Incentive Bonus. The Employee shall be eligible to receive an additional bonus of up to eighty thousand dollars ($80,000) per year (the “Transition Bonus”). The performance cycle for the Transition Bonus shall run between the dates of the Company’s annual stockholders’ meetings, with the first cycle beginning with the May 2006 meeting and the last cycle ending as of the annual meeting of the Company’s stockholders to be held in May of 2009. The amount of Transition Bonus earned shall be determined by the Committee and may be deferred by Mx. Xxxxx. Any Transition Bonus paid hereunder shall not constitute a Cash Bonus and shall not be considered when determining the Annual Average Bonus (as defined below).
Transition Incentive Bonus. The Employee shall be eligible to receive an additional bonus of up to eighty thousand dollars ($80,000) per year (the “Transition Bonus”). The performance cycle for the Transition Bonus shall run between the dates of the Company’s annual stockholders’ meetings, with the first cycle beginning with the May 2006 meeting and the last cycle ending as of the 2009 meeting. The amount of Transition Bonus earned shall be determined by the Committee and may be deferred by Xx. Xxxxx.
