Common use of Sale Bonus Clause in Contracts

Sale Bonus. In recognition of Executive's service to the Company, Executive shall be eligible to receive a bonus in the event the Company is sold, subject to the terms set forth herein (the "Sale Bonus"). This Sale Bonus shall be determined based on the share price of the Company upon such sale, as follows: (i) if the shares are valued at least $0.20 per share, Executive shall receive a Sale Bonus of $20,000, (ii) if the shares are valued at $0.225 per share, a Sale Bonus of $35,000; or (iii) if the shares are valued at $0.25 per share, a Sale Bonus of $50,000. If in the event sale price exceeds $0.25 per share, Executive shall be eligible to receive the aforementioned $50,000 bonus, plus an additional $6,000 for every $0.01 above a share price of $0.25.