Contingency Bonus definition
Contingency Bonus means (a) the amount payable under Section 3(a) based upon the Contingency Proceeds less (b) the Closing Date Bonus previously paid.
Examples of Contingency Bonus in a sentence
The Company will pay Executive’s Transaction Bonus in two parts, as follows: (a) 100% of the Closing Date Bonus shall be paid within five (5) days following the Closing Date, but in no event later than the date of the initial distribution of Net Proceeds to the shareholders of the Company and (b) 100% of the Contingency Bonus, if any, shall be paid within five (5) days following the twenty four (24) month anniversary of the Closing Date.
The Closing Date Bonus and the Contingency Bonus payment made pursuant to this Agreement shall each constitute a separate payment for purposes of Section 409A of the Code.