Project Bonus. In addition, the Company will pay the Executive a bonus of 20% of Base Rate in effect at the time of occurrence for each signed contract with $25 million of more revenue. The Project Bonus will be payable in cash or in the Company’s Common Stock, valued and issued on the date of the closing of the Project and prior to any public announcement of same, or any combination thereof at the sole discretion of the Executive.
Appears in 2 contracts
Sources: Employment Agreement (Ocean Thermal Energy Corp), Employment Agreement (Ocean Thermal Energy Corp)