Common use of Sale Bonus Clause in Contracts

Sale Bonus. If during the Period of Employment or, if the Period of Employment terminates before March 26, 2007 as a result of a termination by the Company without Cause (as defined in Section 5.5) or due to the Executive's death or Disability (as defined in Section 5.5), within nine (9) months following such termination, either (i) all or substantially all of the Company's assets are sold ("Asset Sale"), (ii) the Company closes a public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of Common Stock for the account of the Company to the public and the Common Stock becomes listed or quoted on a national security exchange or in the Nasdaq National Market Quotation System (an "IPO"), or (iii) at least a majority of the Company's then outstanding common stock is sold in a single transaction or series of substantially related transactions, and unless otherwise approved by the Company's Board, for cash or marketable securities ("Stock Sale") (any of an Asset Sale, IPO or Stock Sale is referred to as a "Trigger Event"), and the Terminal Equity Value (defined below) of the Company at the Trigger Event is less than [the minimum Terminal Equity Value], the Company will pay the Executive a bonus (the "Sale Bonus") of $200,000 at the time of the consummation of the transaction; provided, however, that a conversion of debt to equity by the Company's creditors shall not, in and of itself, constitute a Trigger Event.

Sale Bonus. If during the Period of Employment or, if the Period of Employment terminates before March 2631, 2007 as a result of a termination by the Company without Cause (as defined Final in Section 5.54.5) or due to the Executive's death or Disability (as defined in Section 5.54.5), within nine (9) months following such termination, either (i) all or substantially all of the Company's assets are sold ("Asset Sale"), (ii) the Company closes a public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of Common Stock for the account of the Company to the public and the Common Stock becomes listed or quoted on a national security exchange or in the Nasdaq National Market Quotation System (an "IPO"), or (iii) at least a majority of the Company's then outstanding common stock is sold in a single transaction or series of substantially related transactions, and unless otherwise approved by the Company's Board, for cash or marketable securities ("Stock Sale") (any Sale")(any of an Asset Sale, IPO or Stock Sale is referred to as a "Trigger Event"), and the Terminal Equity Value (defined below) of the Company at the such Trigger Event is less than [the minimum Terminal Equity Value], the Company will pay the Executive a $1,000,000 cash bonus (the "Sale Bonus") of $200,000 at the time of the consummation of the transaction; provided, however, that a conversion of debt to equity by the Company's creditors shall not, in and of itself, constitute a Trigger Event.

Sale Bonus. If during the Period of Employment or, if the Period of Employment terminates before March 26February 17, 2007 as a result of a termination by the Company without Cause (as defined in Section 5.5) or due to the Executive's death or Disability (as defined in Section 5.5), within nine (9) months following such termination, either (i) all or substantially all of the Company's assets are sold ("Asset Sale"), (ii) the Company closes a public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of Common Stock for the account of the Company to the public and the Common Stock becomes listed or quoted on a national security exchange or in the Nasdaq National Market Quotation System (an "IPO"), or (iii) at least a majority of the Company's then outstanding common stock is sold in a single transaction or series of substantially related transactions, and unless otherwise approved by the Company's Board, for cash or marketable securities ("Stock Sale") ()( any of an Asset Sale, IPO or Stock Sale is referred to as a "Trigger Event"), and the Terminal Equity Value (defined below) of the Company at the Trigger Event is less than [the minimum Terminal Equity Value], the Company will pay the Executive a $500,000 cash bonus (the "Sale Bonus") of $200,000 at the time of the consummation of the transaction; provided, however, that a conversion of debt to equity by the Company's creditors shall not, in and of itself, constitute a Trigger Event.

Sale Bonus. If during the Period of Employment or, if the Period of Employment terminates before March 26June 30, 2007 as a result of a termination by the Company without Cause (as defined in Section 5.5) or due to the Executive's death or Disability (as defined in Section 5.5), within nine (9) months following such termination, either (i) all or substantially all of the Company's assets are sold ("Asset Sale"), (ii) the Company closes a public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of Common Stock for the account of the Company to the public and the Common Stock becomes listed or quoted on a national security exchange or in the Nasdaq National Market Quotation System (an "IPO"), or (iii) at least a majority of the Company's then outstanding common stock is sold in a single transaction or series of substantially related transactions, and unless otherwise approved by the Company's Board, for in cash or marketable securities ("Stock Sale") (any of an Asset Sale, IPO or Stock Sale is referred to as a "Trigger Event"), and the Terminal Equity Value (defined below) of the Company at the such Trigger Event is less than [the minimum Terminal Equity Value], the Company will pay the Executive a $200,000 cash bonus (the "Sale Bonus") of $200,000 at the time of the consummation of the transaction; provided, however, that a conversion of debt to equity by the Company's creditors shall not, in and of itself, constitute a Trigger Event.