Initial Cash Award. Within 30 days following the date of this Agreement, the Employer shall pay the Executive a single lump sum amount equal to $1,000,000. In addition, in the event that the Employer should terminate the Executive’s employment for Cause pursuant to the provisions of Section 5(c) hereof, or if the Executive should terminate her employment without Good Reason pursuant to the provisions of Section 5(e) hereof, in either case prior to the second anniversary of the Effective Date, the Executive shall repay a prorated amount of the initial cash award described in this Section 3(d). The prorated amount to be repaid, if any, shall be equal to the initial cash award described in this Section 3(d), multiplied by a fraction, the numerator of which is 730 minus the number of days remaining until the second anniversary of the Effective Date and the denominator of which is 730.
Initial Cash Award. Subject to applicable tax withholding requirements and the terms of this Section 2.1(a), Employee shall receive a $5,000,000 cash award. Fifty percent of such initial cash award shall be paid to Employee as soon as practicable following the Start Date, but no later than 15 days thereafter, and the remainder of such initial cash award shall be paid to Employee on the first anniversary of the Start Date, in each case regardless of whether Employee remains employed through the applicable payment date.
Initial Cash Award. On or as soon as practicable after Xx. Xxxxx commences his employment under this Agreement, Xx. Xxxxx will receive a cash payment of $400,000, subject to applicable tax withholding.
Initial Cash Award. Provided Employee remains an employee through March 15, 2018, Executive shall receive a cash payment of $281,250, which will be paid on or before March 15, 2018.
Initial Cash Award. The Company will pay the Executive an initial incentive cash award of $400,000 (the “Initial Incentive Cash Award”) in the first payroll payment following his Start Date.
Initial Cash Award. The Company hereby grants Executive a restricted cash award (the “Initial Cash Award”) in an amount equal to $35 million. Except as provided in Section 8, the Initial Cash Award will vest on of each of the dates in the amounts (subject to adjustment as provided herein) set forth below, subject in each case to Executive’s continued employment by the Company through the applicable vesting date (except as otherwise provided herein) and, subject further, to the Committee’s discretion to increase or decrease the amount payable on such vesting date; provided that without Executive’s consent, the Committee shall not increase the amount payable on any applicable vesting date to more than 200% of the target amount or decrease the amount payable by more than 25% of the target amount; provided, further, that the determination to increase or decrease the amount payable will be based on a variety of performance criteria to be discussed with Executive and determined by the Committee at least annually, and if so desired by the Committee, the evaluation of the performance criteria may be done more frequently than annually. In the event of a Change in Control (as defined in the Plan), the unpaid portion of the Initial Cash Award will vest in full (at the target amount) and, if such Change in Control is a “change in control event” within the meaning of Section 409A of the Code, be paid within fifteen (15) days thereof, and if it is not a “change in control event” within the meaning of 409A of the Code, be paid as otherwise set forth herein. Except as provided in the immediately preceding sentence, each vested portion (as adjusted for performance in accordance with this Section 5(a)) will become payable within fifteen (15) days following the applicable vesting date. March 1, 2019 $11 million March 1, 2020 $6 million March 1, 2021 $6 million March 1, 2022 $6 million March 1, 2023 $6 million
