Common use of Additional Incentives Clause in Contracts

Additional Incentives. Executive shall receive additional compensation for sourcing and successfully closing financing for the Corporation. Such compensation shall be paid within 30 days of the closing of the financing and shall be paid at a rate of 10% of the financing amount. The compensation shall be 4% cash and 6% restricted stock. The number of shares in the stock portion of the incentive shall be calculated on the basis of the most recent per share value as defined by the closing price of the stock on the day prior to the closing if then publicly traded or if not publicly traded, the then current calculated per share value. As an example, assume the financing amount is $100,000 and the stock is then valued at $0.50 per share. Within thirty days after closing, the Executive would receive $4,000 cash and 12,000 shares of stock. As a further incentive, at the $1,000,000 financing level (cumulative) and for each million dollar plateau thereafter, Executive shall earn an additional 500,000 shares to be paid within 30 days of closing of the financing.