Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On
? For the year endingDecember 31, 2023 , each ofJarett S. Levan , the Company's Chief Executive Officer and President, andSeth M. Wise , the Company's Executive Vice President, will be eligible to receive an annual bonus of up to 150% of his annual base salary. ? The payment of long term incentive compensation awards to certain of the Company's executives in the following amounts:$2,120,000 for each of Mr.Jarett Levan andMr. Wise ,$1,628,026 for each ofAlan B. Levan , the Company's Chairman, andJohn E. Abdo , the Company's Vice Chairman, and$350,000 forBrett Sheppard , the Company's Chief Financial Officer. While it was previously contemplated that such awards would be paid 100% in restricted stock awards, Mr.Alan Levan andMr. Abdo's awards will instead be paid 100% in cash, and each of Mr.Jarett Levan ,Mr. Wise andMr. Sheppard may elect to receive up to 50% of his award in cash in lieu of restricted stock awards. In each case, the cash payments will be scheduled to vest and be made in three equal annual installments beginning inOctober 2023 . In addition, the restricted stock awards granted to Mr.Jarett Levan ,Mr. Wise andMr. Sheppard will be scheduled to vest in three equal annual installments beginning inOctober 2023 .
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