Pro-Rated Bonus. The Company shall pay the Executive, in a single lump sum cash payment within 60 days following the Date of Termination, an amount equal to a pro rata portion of the Executive’s Target Bonus for the partial calendar year in which the Date of Termination occurs (prorated based on the number of days in the calendar year in which the Date of Termination occurs, through the Date of Termination). Notwithstanding the foregoing, if the Qualifying Termination occurs within 24 months following a Change in Control, then the Company shall pay the Executive an amount equal to 1.0 times the Executive’s Target Bonus for the calendar year in which the Date of Termination occurs, pursuant to the payment timing described in the preceding sentence.
Appears in 6 contracts
Samples: Employment Agreement (Smith Douglas Homes Corp.), Employment Agreement (Smith Douglas Homes Corp.), Employment Agreement (Smith Douglas Homes Corp.)
