Promotion Award. The Executive shall be eligible to receive a promotion award of Two Million One Hundred and Fifty Five Thousand Dollars ($2,155,000) (the “Promotion Award”). Seventy-five (75%) of the amount payable under the Promotion Award shall be payable in stock of the Company and 25% of the amount payable shall payable in cash. Provided the Executive remains continuously employed by the Company on a vesting date, the portion of the award becoming vested shall be paid to the Executive. Subject to the continued employment requirement just described, one-third of the Promotion Award shall vest on each of the first, second, and third anniversaries of the Commencement Date. The vested cash portion of the Promotion Award will be paid in a single lump sum payment, less applicable withholding tax, to the Executive within thirty (30) days of each applicable vesting date. The vested stock portion of the Promotion Award will be delivered to Executive within thirty (30) days of each applicable vesting date. Except as set forth in Section 6(c) or Section 6(d) below, any amount of the Promotion Award that does not vest in accordance with this Section 4(c) shall be forfeited as of the date the Executive terminates employment with the Company.
Promotion Award. Effective as of no later than the first regularly scheduled meeting of the Compensation Committee following the Promotion Date, Executive will be granted restricted stock units having an aggregate grant date fair value of approximately one million five hundred thousand dollars ($1,500,000) (the “Promotion RSUs”). 100% of the Promotion RSUs will be granted in the form of time-based restricted stock units. The Promotion RSUs will be scheduled to vest as to 1/3rd on each of June 15, 2024, June 15, 2025, and June 15, 2026, in each case, subject to Executive’s continued service with the Company through the applicable vesting date. The Promotion RSUs will be subject to the terms and conditions of the Company’s 2023 Equity Incentive Plan or such other equity incentive plan then maintained by the Company and a restricted stock unit agreement or performance-based restricted stock unit agreement, as applicable, provided by the Company, which will control the Promotion RSU grant, and each of which documents are incorporated herein by reference.
Promotion Award. 1. The District shall award the promotion to the most senior qualified applicant within the seniority department (or classification in the case of Aides). Qualifications for this purpose are defined as the qualifications set forth on the vacancy posting.
2. In all seniority departments and classifications, once an employee is awarded a position whether full-time or part-time, the employee must fill that position and cannot hold any other position within the District.
3. An employee on an approved leave of absence, including Workers’ Compensation, may bid upon any vacancy. If the employee is awarded the bid and is unable to assume the duties within thirty (30) calendar days, the position will not be re-bid but given to the next senior person from the original posting.
Promotion Award. For the Employer’s 2024 fiscal year, the Executive shall receive an award grant of RSUs under the Incentive Plan having a target grant date fair value (as determined by the Committee) of $150,000. Terms and conditions of such awards shall be governed by the terms and conditions of the applicable plan and the applicable award agreements.
