Common use of Cash Award Clause in Contracts

Cash Award. A lump sum payment in the amount equal to four (4) times Executive’s then prevailing Base Salary plus the Executive’s target for the annual short term incentive portion of the corporate bonus program for such year as in effect immediately prior to such termination, in addition to any other earned but unpaid base salary or vacation pay due through the date of such termination, as well as a pro rata portion of the Executive’s annual short term incentive portion of the corporate bonus program for such year (if any) and a pro rata portion of the Executive’s long term incentive portion of the corporate bonus program (if any) (based on the number of days elapsed during such year through the date of termination) as in effect immediately prior to such termination. This lump sum payment is to be paid as soon as practicable after the effective date of the termination for Cause or Voluntary Termination for Good Reason following a Change of Control but in any case, by no later than March 14 of the calendar year following the calendar year in which such termination occurs.

Appears in 2 contracts

Samples: Employment Agreement (Monetiva Inc.), Employment Agreement (Toughbuilt Industries, Inc)

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Cash Award. A lump sum payment in the amount equal to four (4) times Executive’s then prevailing Base Salary plus the Executive’s 's target for the annual short term incentive portion of the corporate bonus program for such year as in effect immediately prior to such termination, in addition to any other earned but unpaid base salary or vacation pay due through the date of such termination, as well as a pro rata portion of the Executive’s 's annual short term incentive portion of the corporate bonus program for such year (if any) and a pro rata portion of the Executive’s 's long term incentive portion of the corporate bonus program (if any) (based on the number of days elapsed during such year through the date of termination) as in effect immediately prior to such termination. This lump sum payment is to be paid as soon as practicable after the effective date of the termination for Cause or Voluntary Termination for Good Reason following a Change of Control but in any case, by no later than March 14 of the calendar year following the calendar year in which such termination occurs.

Appears in 1 contract

Samples: Employment Agreement (Toughbuilt Industries, Inc)

Cash Award. A lump sum payment in the amount equal to four three (43) times Executive’s then prevailing Base Salary plus the Executive’s 's target for the annual short term incentive portion of the corporate bonus program for such year as in effect immediately prior to such termination, in addition to any other earned but unpaid base salary or vacation pay due through the date of such termination, as well as a pro rata portion of the Executive’s 's annual short term incentive portion of the corporate bonus program for such year (if any) and a pro rata portion of the Executive’s 's long term incentive portion of the corporate bonus program (if any) (based on the number of days elapsed during such year through the date of termination) as in effect immediately prior to such termination. This lump sum payment is to be paid as soon as practicable after the effective date of the termination for Cause or Voluntary Termination for Good Reason following a Change of Control but in any case, by no later than March 14 of the calendar year following the calendar year in which such termination occurs.

Appears in 1 contract

Samples: Employment Agreement (Toughbuilt Industries, Inc)

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Cash Award. A lump sum payment in the amount equal to four three (43) times Executive’s then prevailing Base Salary plus the Executive’s target for the annual short term incentive portion of the corporate bonus program for such year as in effect immediately prior to such termination, in addition to any other earned but unpaid base salary or vacation pay due through the date of such termination, as well as a pro rata portion of the Executive’s annual short term incentive portion of the corporate bonus program for such year (if any) and a pro rata portion of the Executive’s long term incentive portion of the corporate bonus program (if any) (based on the number of days elapsed during such year through the date of termination) as in effect immediately prior to such termination. This lump sum payment is to be paid as soon as practicable after the effective date of the termination for Cause or Voluntary Termination for Good Reason following a Change of Control but in any case, by no later than March 14 of the calendar year following the calendar year in which such termination occurs.

Appears in 1 contract

Samples: Employment Agreement (Toughbuilt Industries, Inc)

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