Common use of Financing Bonus Clause in Contracts

Financing Bonus. If, on or prior to September 30, 2005, the Company completes a transaction that results in the Company receiving gross proceeds (before expenses) of at least $10,000,000, other than in connection with any of the strategic objectives described above, and you have remained continuously employed by the Company from the date of this Agreement through the closing date of such financing transaction, then the Company agrees to pay you a bonus in an amount equal to twenty percent (20%) of your Salary, less applicable withholdings and deductions (the “Financing Bonus”). The Financing Bonus will be paid in a lump sum within two business days after the date upon which such financing transaction is consummated.