Common use of Waiver of Right to Bonus Compensation Clause in Contracts

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, or 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 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, or of any other payment pursuant to the Employment Agreement, including including, without limitation, any other compensation not expressly provided for herein.