Common use of Repayment Amount Clause in Contracts

Repayment Amount. (a) In the event that on or prior to December 31, 2005, Employee’s employment with the Company or any of its Subsidiaries is terminated for any reason (including, without limitation, Employee’s death, Employee’s disability, Employee’s resignation for any reason, Employee’s retirement, or Employee’s termination by the Company, with or without Cause (as defined below)), Employee shall pay to the Company, within three (3) business days after the Termination Date (as defined below), the Return Amount (as defined below), by wire transfer of immediately available funds to an account designated by the Company; provided that, notwithstanding anything in this Agreement to the contrary, in the event that Employee’s employment is terminated with Cause, the Return Amount shall be equal to the Bonus Amount. The Return Amount shall be repaid by Employee without reduction, offset, discount or other mitigation (including without limitation reduction of withholding taxes). (b) As used herein, (i) “Return Amount” means the product obtained by multiplying (A) the Applicable Percentage (as defined herein) by (B) the Bonus Amount; (ii) “Applicable Percentage” means the percentage determined by dividing (A) the number of days from and including Employee’s Termination Date through and including December 31, 2005 by (B) two hundred and seventy-five (275); and (iii) “Termination Date” means the date that the Employee’s employment with the Company or any of its Subsidiaries is terminated for any reason.