Sweet! Does he give you $300,000 exactly if you kill him?
Yup, you get $300K, and the weapon he's using (Variant versions of like the K-8, the RPG, etc). Every time you log into the game you have a 1% of generating him. So just as an update... after beating him down there, I found him two more times (#'s 2 and 3 were literally on opposite corners of an intersection, at the same time). To keep the fight short (he's got more health than a Brute), use an RPG (usually takes 3-4 shots) or The Penetrator (takes about 6-7 hits).