Common use of RESTRUCTURING BONUS Clause in Contracts

RESTRUCTURING BONUS. If the Restructuring is completed on or prior to August 2, 2003, Executive shall be entitled to receive $40,000 (the “Restructuring Bonus”), payable as follows: Executive shall be entitled to receive $6,670 during the month the Restructuring is completed, and shall be entitled to receive an additional $6,666 in each of the five successive months. All compensation paid to Executive under this Agreement shall be subject to customary withholding and employment taxes as required by federal and state law, and shall be paid in accordance with Holdings’ standard payroll procedures. If there is a question as to whether the Restructuring has been completed so as to give rise to the Restructuring Bonus, the good faith determination of the Board of Directors of Holdings will be conclusive.

RESTRUCTURING BONUS. If the Restructuring is completed on or prior to August 2, 2003, Executive shall be entitled to receive $40,000 135,000 (the “Restructuring Bonus”), payable as follows: Executive shall be entitled to receive $6,670 22,500 during the month the Restructuring is completed, and shall be entitled to receive an additional $6,666 22,500 in each of the five successive months. All compensation paid to Executive under this Agreement shall be subject to customary withholding and employment taxes as required by federal and state law, and shall be paid in accordance with Holdings’ standard payroll procedures. If there is a question as to whether the Restructuring has been completed so as to give rise to the Restructuring Bonus, the good faith determination of the Board of Directors of Holdings will be conclusive.