Success Bonus. Contingent upon and effective as of the date the Compensation Committee certifies the successful completion of the Merger, Executive will receive the following:
Success Bonus. Employee is entitled to a success bonus in accordance with the provisions of Schedule A; provided, however, that, for purposes of determining whether Employee is entitled to such success bonus, Employee's employment hereunder shall be deemed to continue following the termination of such employment (i) by Employer without Cause (as defined herein), (ii) by Employee following a Constructive Termination Event (as defined herein), or (iii) as a result of the death or Permanent Disability (as defined herein) of Employee.
Success Bonus. Provided that either (i) the Executive continues his employment with the Company or an Affiliate during the Retention Period and remains employed by the Company or an Affiliate on the last day of the Retention Period, (ii) the Executive's employment is involuntarily terminated by the Company or the Affiliate during the Retention Period for reasons other than for death, disability, retirement under any retirement plan of the Company or an Affiliate, or Cause, as defined in Section 6(c), or (iii) the Executive's employment is voluntarily terminated by the Executive during the Retention Period for Good Reason, as defined in Section 6(d), then the Company shall pay the Executive a success bonus in an amount equal to $50,000. The success bonus shall be paid in a lump sum to the Executive as soon as practicable following the earlier of the events set forth in clause (i), (ii) or (iii) of the foregoing sentence, but in no event later than the first regular pay period following the last day of the Retention Period of the Company or the Affiliate employing the Executive. Nothing herein shall entitle the Executive to payment of any success bonus if the Executive's employment is terminated during the Retention Period by reason of death, disability, retirement under any retirement plan or voluntary termination (other than for Good Reason) or for Cause. The success bonus to be provided to the Executive under this Section 5(f) shall be in addition to, and not in lieu of, continuation of the Executive's Base Salary, participation in the Company's or an Affiliate's health, life, disability and other employee benefit plans, programs and arrangements, in accordance with the terms of such plans, programs and arrangements, and other perquisites of employment, as provided to him at the beginning of the Retention Period or as the same may be increased thereafter. For purposes of this Agreement, the Retention Period shall mean the period:
Success Bonus. The Company’s Board of Director’s may, from time to time, direct you to identify and proceed with a transaction to secure a sustainable future for the Company for example, a financial partner, buyer, merger or acquisition candidate. If so directed by the Board of Directors and you are successful in completing such a transaction, the Company will pay you a success fee to be negotiated based on the size of the transaction and other industry standards.
Success Bonus. Upon closing of a Transaction entered into during the term of the Original Agreement, whether or not Executive is then an employee of the Company, Executive shall be issued 200,000 fully-vested shares of Common Stock and paid $40,000. “Transaction” means (A) a merger or consolidation of the Company or a subsidiary of the Company with another entity, or (B) the disposition by the Company of all or substantially all of the Company’s assets or the acquisition by the Company of all or substantially all of the assets of another entity; in each case with a transaction value of over $20,000,000 and approved by the Board.
Success Bonus. Subject to your continuous service with the Company through the closing date of a Successful Transaction (the “Closing”), your execution and nonrevocation of a general release of claims in a form provided by the Company, and your compliance with the Restrictive Covenants, you shall be entitled to receive a Success Bonus from the Company in an amount equal to two times your annual base salary in effect immediately prior to the Closing, less all applicable taxes and withholdings, payable within seven (7) calendar days of the Closing.
Success Bonus. If so provided by Section 7, Employee shall be entitled to receive the Success Bonus in accordance with Section 7.
Success Bonus. In the event (i) the Company enters into a definitive binding agreement for the sale of the Company (whether pursuant to a merger, a sale of substantially all of the assets or all the common stock, or otherwise) to a third party pursuant to which the shareholders of the Company receive cash or marketable securities in exchange for the Company's stock (a "Sale") prior to December 31, 2000, (ii) such Sale closes, and (iii) Employee is employed by the Company at the time of the closing, the Company will pay to Employee an additional bonus of $400,000 no later than 30 days following the closing of the Sale.
Success Bonus. In recognition of the success of the Company, Bermxx xxxll receive a one-time success bonus. Success shall be considered to have been achieved if either of the following tests is met (either of which shall be an Event of Success): (i) the public market valuation of a share of the Company's common stock, as computed on a 30 day trailing average based on the average of the daily closing price of the Company's Common Stock over such period as reported by the Nasdaq Stock Market, is equal to or greater than four (4) times the valuation of the initial private placement ($7.00 per share, as adjusted for the April 1999 reverse stock split); or (ii) there is an acquisition of the Company through tender offer or otherwise in which all shareholders have the opportunity to participate and realize a value equal to or greater than four (4) times the valuation of the initial private placement ($7.00 per share, as adjusted for the April 1999 reverse stock split). The Compensation Committee shall notify Bermxx xxxn an Event of Success has occurred. Upon the occurrence of an Event of Success, Bermxx xxxll be entitled to receive a success bonus of 75,757 shares of common stock (as adjusted for the April 1999 reverse stock split). All share and price figures set forth in this provision shall be adjusted proportionately for stock splits, reverse stock splits, dividends, combinations, consolidations or subdivisions of shares of the Company's capital stock.
Success Bonus. You will be eligible to receive a success bonus ("Success Bonus") on the closing date of the merger ("Closing Date") and on December 31, 1999 under the circumstances provided in this Section (2). You will be entitled to a Success Bonus on the Closing Date if the Company's cash or similar assets exceed liabilities on the Closing Date by more than $315,000 ("Excess Cash Value") as reflected in the Company's financial statements. If Excess Cash Value exists, you will receive a Success Bonus of five (5)% of the Excess Cash Value.
