Waiver of Right to Bonus Compensation. Pursuant to Section 10 of the Employment Agreement, Employee was eligible to participate in the Company’s employee benefit plans as then in-effect or adopted thereafter, it being understood that Employee would have the same rights and privileges to participate in such plans and benefits as any other executive employee during the term of the Employment Agreement, including Employee’s right to receive annual incentive bonus compensation, and pursuant to Section 11 of the Employment Agreement, Employee was entitled to accrue thirty (30) paid vacation days per year. For the absence of doubt, Employee hereby waives any and all claims to the payment of any and all bonuses, benefits and vacation pay for which Employee is or could have been eligible or earned during 2017 or at any time thereafter under the Employment Agreement, pursuant to action of the Board of Directors or committee thereof, or any oral or written agreement or understanding which has not been paid as of the date of this Agreement (the “Bonus”). Employee expressly acknowledges and agrees that the Company has disputed the satisfaction of conditions precedent to payment of the Bonus and, in consideration for the promises contained herein and for the payments contemplated herein, including, without limitation, Section 2 hereof, Employee waives and surrenders any and all rights to receive payment of the Bonus, of any other payment pursuant to the Employment Agreement, including, without limitation, any other compensation not expressly provided for herein.
Waiver of Right to Bonus Compensation. Pursuant to Section 3.2 of the Employment Agreement, Employee was eligible to participate in the Company’s employee benefit plans as then in-effect or adopted thereafter, it being understood that Employee would have the same rights and privileges to participate in such plans and benefits as any other executive employee during the term of the Employment Agreement, including Employee’s right to receive annual incentive bonus compensation. Employee hereby waives any and all claim to the payment of any and all bonuses for which Employee is or could have been eligible or earned during 2016 or at any time thereafter under the Employment Agreement, pursuant to action of the Board of Directors or committee thereof, or any oral or written agreement or understanding which has not been paid as of the date of this Agreement (the “Bonus”). Employee expressly acknowledges and agrees that the Company has disputed the satisfaction of conditions precedent to payment of the Bonus and, in consideration for the promises contained herein and for the payments contemplated herein, including, without limitation, Paragraph 2 hereof, Employee waives and surrenders any and all rights to receive payment of the Bonus, including any other compensation not expressly provided for herein.
Waiver of Right to Bonus Compensation. Employee expressly acknowledges and agrees to the cancellation of any bonus compensation he may have been entitled to receive and that, in consideration for the promises contained herein and for the payments more particularly described in Paragraph 2, he hereby waives and surrenders any and all rights to receive payment of any bonus compensation or any other bonus, retention payment, separation payment or other payment, not expressly provided for herein.
Waiver of Right to Bonus Compensation. Pursuant to Section 3.2 of the Employment Agreement, Employee was eligible to receive annual incentive bonus compensation in the amount of $190,000 during 2016 (the "2016 Bonus"). Employee expressly acknowledges and agrees to the cancellation of the 2016 Bonus and that, in consideration for the promises contained herein and for the payments more particularly described in Paragraph 2, he hereby waives and surrenders any and all rights to receive payment of the 2016 Bonus or any other bonus, retention payment, separation payment or other payment, not expressly provided for herein.
