Re: Performance BonusEmployee Bonus Plan Agreement |
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NORD RESOURCES CORP. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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In light of the foregoing, on October 16, 2006, the Board of Directors resolved to award you a performance bonus of Three Hundred Thousand Dollars ($300,000). In light of Nord’s current cash situation, however, your bonus has been awarded to you on terms whereby it will be accrued and will be payable when Nord has sufficient funds to make the payments, as shall be determined in the sole discretion of the Board of Directors. Further, the bonus will be paid to you only on condition that you shall indemnify, defend and save harmless Nord, any successor corporation to NORD, and their respective officers and directors, against liability for any payroll, income or other taxes that NORD might otherwise be required to withh
