Common use of Completion Bonus Clause in Contracts

Completion Bonus. (a) The Employee shall receive a Completion Bonus in an amount equal to 100% of the Employee’s annual Base Salary if: (i) a Definitive Agreement is signed prior to July 1, 2002; (ii) the Employee is employed by the Company on the date the Definitive Agreement is signed; and (iii) a Closing Date occurs under the terms of the Definitive Agreement; but only to the extent the Employee is employed on the payment dates provided for in paragraph (b) below. If the Completion Bonus (or any portion thereof) does not become payable pursuant to this paragraph (a), it shall be forfeited. (b) A Completion Bonus that becomes payable to the Employee pursuant to paragraph (a) shall be paid as follows: (i) one-third of the Completion Bonus shall be paid on the 90th day immediately following the Closing Date, if the Employee is employed by the Company on such date; (ii) one-third of the Completion Bonus shall be paid on the first anniversary of the Closing Date, if the Employee is employed by the Company on such date; and (iii) one-third of the Completion Bonus shall be paid on the second anniversary of the Closing Date, if the Employee is employed by the Company on such date; provided, that if the Employee’s employment is terminated by an Employer without Just Cause (as defined for the purposes of Section 9), or by the Employee for Good Reason (as defined in Section 11(c), but without regard to subparagraph (iv) thereof), on or after the date on which a Definitive Agreement is signed, the unpaid amount of the Completion Bonus shall be paid to the Employee within ten business days following the later of the Closing Date or the date of the Employee’s termination of employment. (c) No Completion Bonus will be payable under this Section 3A if a Definitive Agreement has not been signed by July 1, 2002, or if the Sale or Merger contemplated by a Definitive Agreement has not been completed by the first anniversary of the date a Definitive Agreement is signed. A Completion Bonus payable under this Section 3A will not reduce any other compensation to which the Employee may become entitled under this Agreement.