Common use of Completion Bonus Clause in Contracts

Completion Bonus. On the condition that Executive remains employed by Employer, on a full-time, continuous basis, through February 28, 2011, Employer shall make a cash payment to Executive in an amount equal to the average annual Base Salary paid to Executive during the Term (“Completion Bonus”), subject to applicable taxes and withholdings as required by law. The Completion Bonus shall be paid to Executive within ten (10) days after February 28, 2011 (“Completion Bonus Payment Date”). Notwithstanding the foregoing, Employer shall pay a pro-rated portion of the Completion Bonus to Executive within two (2) weeks after termination of Executive’s employment if the effective date of such termination is prior to March 1, 2011 and such termination is: (i) due to Executive’s death, or (ii) on account of Executive’s incapacity pursuant to Section 11, or (iii) by Employer other than for Cause (as defined below), or (iv) due to Employer’s election not to renew this Agreement according to its terms for any Contract Year after February 28, 2009. Such pro-rated portion shall be based upon the number of calendar days elapsed between March 1, 2008 and the date of termination divided by the total number of calendar days between March 1, 2008 and February 28, 2011.

Completion Bonus. On the condition that Executive remains employed by Employer, on a full-time, continuous basis, through February 28, 2011, Employer shall make a cash payment to Executive in an amount equal to the average annual Base Salary paid to Executive during the Term (“Completion Bonus”), subject to applicable taxes and withholdings as required by law. The Completion Bonus shall be paid to Executive within ten (10) days after February 28, 2011 (“Completion Bonus Payment Date”). Notwithstanding the foregoing, Employer shall pay a pro-rated portion of the Completion Bonus to Executive within two (2) weeks after termination of Executive’s employment if the effective date of such termination is prior to March 1, 2011 and such termination is: (i) due to Executive’s death, or (ii) on account of Executive’s incapacity pursuant to Section 1110, or (iii) by Employer other than for Cause (as defined below), or (iv) due to Employer’s election not to renew this Agreement according to its terms for any Contract Year after February 28, 2009. Such pro-rated portion shall be based upon the number of calendar days elapsed between March 1, 2008 and the date of termination divided by the total number of calendar days between March 1, 2008 and February 28, 2011.