Common use of Initial Bonus Clause in Contracts

Initial Bonus. In the event the Employee terminates this Agreement without Cause (as defined in Section 4.a. above) or if the Company terminates this Agreement for Cause (as defined in Section 4.b. above), Employee shall be obligated to return to the Company the unearned portion of the Initial Bonus, equal to $4,167 for each full month then remaining until the end of the Term. The Employee shall be obligated to repay the Company in full for the unearned initial bonus paid hereunder, and hereby authorizes the Company to deduct the full amount of the initial bonus advanced by the Company from the Employee's final paycheck. In addition, the Employee agrees to sign immediately prior to the payment of the Employee's final payroll check from the Company the Unearned Initial Bonus Deduction Authorization (attached hereto as Exhibit A). Any and all remaining portions of the Initial Bonus that may be due the Company by the Employee shall be paid to the Company within thirty (30) days of the Employee's last day of employment with the Company. Employee shall have no obligation to return any portion of the Initial Bonus in the event the Company terminates this Agreement without Cause (as defined in Section 4.a. above) at any time during the Term.