Bonus Forfeiture Sample Clauses

Bonus Forfeiture. In the event that Employer shall not have filed the shelf registration statement with respect to its initial public offering within 120 days after the Effective Date or such shelf registration statement has not been declared effective by the Securities and Exchange Commission within 210 days after the Effective Date, other than as a result of the Securities and Exchange Commission being unable to accept filings, then Executive shall forfeit one percent (1%) of any cash bonus earned by Executive as a result of performance with respect to Employer’s 2005 fiscal year, whether pursuant to this Agreement or a bonus plan or any other bonus arrangement maintained by Employer, for each business day the registration statement has not been filed or declared effective following the 120-day or 210-day period, as applicable; provided, however, that the maximum amount of cash bonus that shall be subject to forfeiture in accordance with this Section 5(i) is $380,000. Notwithstanding any provision of this Agreement or any bonus plan or policy of Employer, any cash bonus earned by Executive as a result of performance with respect to Employer’s 2005 fiscal year shall be paid to Executive on July 1, 2006.

Bonus Forfeiture. In the event that Employer shall not have filed the shelf registration statement with respect to its initial public offering within 120 days after the Effective Date or such shelf registration statement has not been declared effective by the Securities and Exchange Commission within 210 days after the Effective Date, other than as a result of the Securities and Exchange Commission being unable to accept filings, then Executive shall forfeit one percent (1%) of any cash bonus earned by Executive as a result of performance with respect to Employer’s 2005 fiscal year, whether pursuant to this Agreement or a bonus plan or any other bonus arrangement maintained by Employer, for each business day the registration statement has not been filed or declared effective following the 120-day or 210-day period, as applicable; provided, however, that the maximum amount of cash bonus that shall be subject to forfeiture in accordance with this Section 5(i) is $380,000. Notwithstanding any provision of this Agreement or any bonus plan or policy of Employer, any cash bonus earned by Executive as a result of performance with respect to Employer’s 2005 fiscal year shall be paid to Executive within 30 days following the date in 2006 that the amount of the forfeiture can be determined, but no later than December 31, 2006; provided, however, that if the amount of the forfeiture can be determined on or before the time that cash bonuses are to be paid to other employees of Employer under any bonus plan or policy of Employer, such bonus shall be paid to Executive at such time in 2006 as bonuses are paid to other employees of Employer pursuant to such bonus plan or policy.