Common use of Upon a Triggering Event Clause in Contracts

Upon a Triggering Event. Upon the occurrence of a Triggering Event, the Retention Bonus shall become immediately payable in full. For purposes of calculating the amount of the Retention Bonus the date of the Triggering Event shall be considered the Payment Date. The Retention Bonus will be paid in a lump sum cash amount as soon as practicable after the date of the Triggering Event.