Time Incentive. If the Substantial Completion of a particular DC Project occurs before the date (the "SCHEDULED DATE") specified for Substantial Completion in the then-current Project Schedule approved by Webvan and the Notice to Proceed executed by Webvan for such DC Project (as such date may be adjusted pursuant to Change Orders executed by Webvan for such DC Project in accordance with Section 2.5.4.1), and if at the time of such Substantial Completion no Event of Default by Bechtel exists under the Contract Documents nor has any event or condition been identified which (with the giving of notice or the passage of time or both) could constitute such an Event of Default, then Webvan shall pay Bechtel, concurrently with the Final Payment for such DC Project, an amount (the "TIME INCENTIVE AMOUNT") equal to the sum of the following: Webvan shall pay Bechtel Two Thousand Dollars ($2,000) for each of the first ten (10) days that Substantial Completion occurs prior to the Scheduled Date; Webvan shall pay Bechtel Two Thousand Five Hundred Dollars ($2,500) for each day from the eleventh (11th) through and including the thirtieth (30th) days that Substantial Completion occurs prior to the Scheduled Date; Webvan shall pay Bechtel Three Thousand Three Hundred Thirty-Three Dollars ($3,333) for each day from the thirty-first (31st) through and including the fiftieth (50th) days that Substantial Completion occurs prior to the Scheduled Date; and Webvan shall pay Bechtel Four Thousand Five Hundred Dollars ($4,500) for each day from and after the fifty-first (51st) day that Substantial Completion occurs prior to the Scheduled Date. Notwithstanding anything in this Section 5.7, however, in no event shall the aggregate Time Incentive Amount payable for any DC Project exceed one percent (1%) of the Approved Cost of the Work for such DC Project. By way of example only, if Substantial Completion occurs sixty (60) days before the applicable Scheduled Date for a DC Project, then the Time Incentive Amount will equal $181,660 (i.e., 10 x $2,000, plus 20 x $2,500, plus 20 x $3,333, plus 10 x $4,500), subject to the limit on the maximum Time Incentive Amount provided in this Section 5.7.
Time Incentive. If the Substantial Completion of a particular DC Project occurs before the date (the "SCHEDULED DATE") specified for Substantial Completion in the then-current Project Schedule approved by Webvan and the Notice to Proceed executed by Webvan for such DC Project (as such date may be adjusted pursuant to Change Orders executed by Webvan for such DC Project in accordance with Section 2.5.4.1), and if at the time of such Substantial Completion no Event of Default by Bechtel exists under the Contract Documents nor has any event or condition been identified which (with the giving of notice or the passage of time or both) could constitute such an Event of Default, then Webvan shall pay Bechtel, concurrently with the Final Payment for such DC Project, an amount (the "TIME INCENTIVE AMOUNT") equal to the sum of the following: [*].
Time Incentive. The Options shall become exercisable at the rate of 25,000 shares per year of employment by Executive completed during the term of this agreement beginning with the completion of the first year of employment effective on March 31, 2000.
