Common use of Cash Award Clause in Contracts

Cash Award. A lump sum payment in the amount equal to two (2) times Executive’s then prevailing Base Salary. This lump sum payment is to be paid as soon as practicable on or 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, unless otherwise required by applicable law.

Appears in 2 contracts

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

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Cash Award. A lump sum payment in the amount equal to two one (21) times Executive’s then prevailing Base Salary. This lump sum payment is to be paid as soon as practicable on or 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, unless otherwise required by applicable law.

Appears in 2 contracts

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

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Cash Award. A lump sum payment in the amount equal to two of percent ( %) of the aggregate of (2AA) times the Executive’s then prevailing Base Salaryannual base salary immediately prior to such employment termination plus (BB) the Executive’s target opportunity under the pay for performance plan for such year as is in effect immediately prior to such termination, in addition to any other earned but unpaid compensation due through the date of such termination, as well as a pro rata portion of any payment due the Executive under the pay for performance plan for such year as is in effect immediately prior to such termination based on the number of days elapsed during such year through the date of termination. This lump sum payment is to be paid as soon as practicable on or after the effective date of the employment 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, unless otherwise required by applicable law.

Appears in 1 contract

Samples: Change of Control Severance Agreement (Spansion Inc.)

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