Common use of Confirmation Bonus Clause in Contracts

Confirmation Bonus. If the Company files a petition under Chapter 11 of the United States Bankruptcy Code and receives confirmation of a plan of reorganization from the bankruptcy court within six (6) months of such filing, Employee shall be entitled to a confirmation bonus as determined by the Board of Directors; provided however, such bonus shall not be less than One Hundred twenty-five Thousand Dollars ($125,000). The Board shall determine the confirmation bonus within thirty (30) days of confirmation.

Confirmation Bonus. If the Company files a petition under Chapter 11 of the United States Bankruptcy Code and receives confirmation of a plan of reorganization from the bankruptcy court within six (6) months of such filing, Employee shall be entitled to a confirmation bonus as determined by the Board of Directors; provided however, such bonus shall not be less than One Hundred twenty-five Sixty Thousand Dollars ($125,00060,000). The Board shall determine the confirmation bonus within thirty (30) days of confirmation.