First Year Guaranteed Bonus Sample Clauses

First Year Guaranteed Bonus. With respect to the first twelve (12) months of the Employment Term, the Executive shall be entitled to a guaranteed bonus of $500,000 (the “First Year Guaranteed Annual Bonus”). Subject to his continued employment with the Company through each applicable payment date, the Executive shall be paid in December 2008 $166,666.67 of such First Year Guaranteed Annual Bonus (the “First Installment”) and shall be paid the remaining $333,333.33 of the First Year Guaranteed Annual Bonus in September 2009 (the “Second Installment”). The First Year Guaranteed Annual Bonus shall be delivered to the Executive in shares of Class A-1 Common Stock of the Company (“Shares”) and cash, less applicable withholding taxes, as follows: (i) the First Installment after deduction of applicable withholding taxes, shall be paid to the Company in the amount of $83,333.34 in consideration for Shares with the balance of the First Installment paid in cash to the Executive, and (ii) the Second Installment, after deductions of applicable withholding taxes, shall be paid to the Company in the amount of $166,666.66 in consideration for Shares with the balance of the Second Installment paid in cash to the Executive. Shares purchased with the First Installment and Second Installment payments shall be valued at the Fair Market Value prevailing at the time of purchase as determined in accordance with Section 8(b) of this Agreement. The Executive may satisfy his withholding obligations under this Section 4(b)(i) by tendering the minimum number of Shares to satisfy any withholding obligation. The Executive acknowledges that any Shares so delivered to the Executive will be subject to the terms and conditions of the Stockholders Agreement, as modified by Section 8 of this Agreement.