Examples of AIP Award in a sentence
Alternate Quarterly or Monthly SIP Awards shall be paid at the same time as payment would be made under the SIP Plan for the applicable performance period if the Eligible Executive had remained an employee and Alternate Annual SIP Awards shall be paid on the Alternate AIP Award Payment Date.
In no event may the Eligible Executive receive an Alternate AIP Award or Alternate SIP Award and either an actual AIP Plan award or an actual SIP Plan award for the same performance period, as the case may be.
An Eligible Executive who receives an Alternate AIP Award may not receive an AIP Award under the AIP Plan for the Separation Year under any circumstances.
Notwithstanding the foregoing, the Compensation and Leadership Committee of Motorola Solutions, Inc.’s Board of Directors or its delegate may, in its sole discretion, reduce, eliminate, or otherwise adjust the amount of an Eligible Executive’s Severance Pay and benefits, including the Alternate AIP Award and/or Alternate SIP Award.
The FY ILG AIP Award shall consist of (1) a pro-rated award calculated based upon the achievement of the performance objectives applicable to the related Starwood AIP award and the number of days in the Closing Plan Year that occurs prior to the Closing Date and (2) a pro-rated award calculated based upon performance of ILG and the number of days in the Closing Plan Year that occurs following the Closing Date and including the Closing Date.
This additional payout is reflected in the Summary Compensation Table below as “Bonus” rather than “Non-Equity Incentive Plan Compensation.” In addition to his 2010 AIP Award, Mr. Bernhardt received a guaranteed bonus of $250,000 for the 2010 performance year pursuant to the Bernhardt Arrangements discussed in more detail in “Compensation Tables — Special Compensation Agreements” below.
Awards paid at the target amount in connection with a termination scenario during the Plan Year are not deemed an AIP award and accordingly are not paid from the Total AIP Award Pool, but instead are charged to the appropriate cost center.
The maximum amount any participant can receive as an AIP Award for any calendar year shall not exceed $2,100,000.
Due to an administrative error, Mr. Young was paid $221,300 in March of 2011 for his 2010 AIP Award.
In the event the Executive makes no election under Section 2.4 hereof, an amount equal to his Vested Pension Benefit shall be credited to him under the Deferred Compensation Plan and subject to the provisions of this Subsection 2.5, the provisions of the Deferred Compensation Plan shall apply thereto as if such amount were a Deferred AIP Award.