Common use of Completion Bonus Clause in Contracts

Completion Bonus. As soon as practicable following the execution of this Agreement, Executive shall receive a one-time completion cash bonus of One Million dollars ($1,000,000) (the “Completion Bonus”). The Completion Bonus shall be subject to clawback by the Company as described in this Paragraph 3(e). If Executive voluntarily terminates his employment with the Company other than for Good Reason or the Company terminates Executive’s employment for Cause at any time during the three-year period following the Effective Date, Executive will be obligated to repay to the Company a pro-rated portion of the Completion Bonus within 15 days after such termination of Executive’s employment. The pro-rated amount Executive will be required to repay to the Company will be equal to the product of (a) the Completion Bonus and (b) a fraction, the numerator of which is 36 less the number of full months Executive worked for the Company after the Effective Date and the denominator of which is 36. To the extent permitted by Section 409A of the Code, the Company may set off any other amounts owed to Executive to satisfy (in whole or in part) any obligation Executive may have under this paragraph.

Completion Bonus. As soon as practicable following the execution of this Agreement, Executive shall receive a one-time completion cash bonus of One Two Million dollars ($1,000,0002,000,000) (the “Completion Bonus”). The Completion Bonus shall be subject to clawback by the Company as described in this Paragraph 3(e). If Executive voluntarily terminates his employment with the Company other than for Good Reason or the Company terminates Executive’s employment for Cause at any time during the three-year period following the Effective Date, Executive will be obligated to repay to the Company a pro-rated portion of the Completion Bonus within 15 days after such termination of Executive’s employment. The pro-rated amount Executive will be required to repay to the Company will be equal to the product of (a) the Completion Bonus and (b) a fraction, the numerator of which is 36 less the number of full months Executive worked for the Company after the Effective Date and the denominator of which is 36. To the extent permitted by Section 409A of the Code, the Company may set off any other amounts owed to Executive to satisfy (in whole or in part) any obligation Executive may have under this paragraph.