Issuance of Bonus Equity Sample Clauses

Issuance of Bonus Equity. Promptly but in no event later than five (5) Business Days following the date hereof, the Company shall issue to the Purchaser a stock certificate evidencing all of the shares of the Company’s Common Stock, par value $0.01 per share (the “Common Stock”), comprising the Equity Bonus registered in the name of the Purchaser or its designee. “Equity Bonus” means a number of shares of Common Stock with an aggregate Market Value equal to 75% of the Principal Amount. “Market Value” means $0.10 per share of Common Stock. The Purchaser shall have no obligation to provide any additional consideration to the Company for the issuance of the Equity Bonus. The Company shall authorize and reserve sufficient shares of the Company’s capital stock to be issued upon the issuance of the Equity Bonus. The shares of Common Stock comprising the Equity Bonus shall be included in any registration of shares of Common Stock under the Securities Act of 1933, as amended (the “Securities Act”), occurring after the date hereof.
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Issuance of Bonus Equity. Promptly but in no event later than five (5) Business Days following the date hereof, the Company shall issue to the Purchaser a stock certificate evidencing all of the shares of the Company’s Common Stock, par value $0.01 per share (the “Common Stock”), comprising the first Equity Bonus registered in the name of the Purchaser or its designee. Promptly but in no event later than five (5) Business Days after the Purchaser has made aggregate advances of funds to the Company under the Note of not less than $300,000, the Company shall issue to the Purchaser a stock certificate evidencing all of the shares of Common Stock comprising the second Equity Bonus registered in the name of the Purchaser or its designee. “Equity Bonus” means a number of shares of Common Stock with an aggregate Market Value of not less than $300,000. “Market Value” means an amount equal to the Conversion Price (as defined in the Note), as such amount may be adjusted from time to time pursuant to Section 9 of the Note. The Purchaser shall have no obligation to provide any additional consideration to the Company for the issuance of the Equity Bonuses. The Company shall authorize and reserve sufficient shares of the Company’s capital stock to be issued upon the issuance of the Equity Bonuses. Upon the Purchaser’s written request, not later than thirty (30) days after receipt of such request, the Company shall file with the Securities and Exchange Commission (the “SEC”) a registration statement (the “S-1”) with respect to a number of shares of Common Stock not less than such number of shares required to be included in the Equity Bonuses, assuming that advances of funds under the Note in the aggregate of $600,000 have been made. Not later than sixty (60) days following the filing of the S-1 with the SEC, the Company shall cause to be declared effective the registration under the Securities Act of 1933, as amended (the “Securities Act”), the shares of Common Stock comprising the Equity Bonuses (assuming aggregate advances of funds under the Note of $600,000).
Sample 1
Issuance of Bonus Equity. Not later than forty-five (45) days after the Closing, the Company shall file with the Securities and Exchange Commission (the “SEC”) a registration statement (the “S-1”) with respect to, and cause to be declared effective the registration under the Securities Act of 1933, as amended (the “Securities Act”), a number of shares of the Company’s common stock not less than would be required to issue the Equity Bonus and the shares issuable in payment of the Board Meeting Fees (the date of such registration being the “Effective Date”). Not later than ten (10) Business Days following the Effective Date, the Company shall issue to the Purchaser, or as Purchaser shall direct, all of the shares comprising the Equity Bonus, which shares shall be free and clear of all liens, pledges or encumbrances, registered under the Securities Act, and freely tradeable without restriction. “Equity Bonus” means a number of shares of the Company’s common stock with an aggregate Market Value of not less than $150,000. “Market Value” means the average of the three (3) lowest closing prices of the Company’s common stock published by Bloomberg L.P. for the thirty (30) trading days preceding the Closing. The Purchaser shall have no obligation to provide any additional consideration to the Company for the issuance of the Equity Bonus. The Company shall authorize and reserve sufficient shares of the Company’s capital stock to be issued upon the issuance of the Equity Bonus and any Board Meeting Fees. As of the date hereof, the Market Value was $0.073 per share and the number of shares required to be included in the Equity Bonus is 2,054,794.
Sample 1

Related to Issuance of Bonus Equity

  • Cash Incentive Bonus The pro rata share of any Cash Incentive Bonus that would have been paid to the Executive had the Executive not been terminated Without Cause based on the extent to which performance standards are met on the last day of the year in which the Executive is terminated Without Cause.

  • Incentive Bonus During the Term, Employee shall be eligible to receive an incentive bonus up to the amount, based upon the criteria, and payable in such amount, at such times as are specified in Exhibit A attached hereto. The manner of payment, and form of consideration, if any, shall be determined by the Compensation Committee of the Board, in its sole and absolute discretion, and such determination shall be binding and final. To the extent that such bonus is to be determined in light of financial performance during a specified fiscal period and this Agreement commences on a date after the start of such fiscal period, any bonus payable in respect of such fiscal period's results may be prorated. In addition, if the period of Employee's employment hereunder expires before the end of a fiscal period, and if Employee is eligible to receive a bonus at such time (such eligibility being subject to the restrictions set forth in Section 6 below), any bonus payable in respect of such fiscal period's results may be prorated.

  • Incentive Bonus Compensation The Executive shall be eligible for incentive bonus compensation for each Fiscal Year in an amount to be determined by the Board of Directors or any committee thereof ("INCENTIVE BONUS COMPENSATION").

  • Cash Bonus Executive shall be entitled to a fraction of any Cash Bonus for the fiscal year of the Company within which Executive’s termination of employment occurs which, based upon the criteria established for such Cash Bonus, would have been payable to Executive had he remained employed through the date of payment, the numerator of which is the number of days of such fiscal year prior to his termination of employment and the denominator of which is three hundred and sixty-five (365); and

  • Incentive Bonuses The Employee shall be eligible to be considered for an annual incentive bonus with a target amount equal to 50% of his Base Compensation. Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the Company's Board of Directors (the "Board") or its Compensation Committee. The determinations of the Board or such Committee with respect to such bonus shall be final and binding.

  • Quarterly Bonus The Employee shall be eligible to be paid a quarterly bonus earned in accordance with the terms set forth on Exhibit 3.2.

  • Performance Bonus If Employee's employment is terminated by Employee with cause, or by Bank without cause, Employee shall be paid, in addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i) all non-forfeitable deferred compensation, if any; and (ii) unpaid performance bonus payments, if any, payable under Section 4.2 of the Agreement, which shall be declared earned and payable based upon performance up to, and shall be pro-rated as of, the date of termination. Employee shall not be entitled to such unpaid performance bonus payments if Employee's employment is terminated by Bank with cause, or by Employee without cause.

  • Annual Incentive Bonus The Company shall, in addition to Executive’s Base Salary, pay Executive an Annual Incentive Bonus, which shall be payable within 120 days of the end of each fiscal year in accordance with the formula set forth on Exhibit A, attached hereto and made a part hereof.

  • Incentive Bonus Plan Employee shall be eligible for a bonus opportunity of up to 65% of his annual base salary in accordance with the Company’s Incentive Bonus Plan as modified from time to time, payable in cash and/or equity of the Company (at the Company’s discretion). The bonus payment and the Company’s targeted performance shall be determined and approved by the Board or the compensation committee thereof.

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

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