Common use of 2007 Bonus Payment Clause in Contracts

2007 Bonus Payment. Executive shall be entitled to receive a cash bonus with respect to the 2007 calendar year (the “2007 Award”) under and subject to the terms and conditions of the Company’s Annual Incentive Plan (the “AIP”); provided that such bonus payment shall not be less than the percentage of the Target Incentive Pool (as defined in the AIP) used in determining the 2007 Award for all other participants in the AIP and with a personal modifier of at least 100%; provided further, in the event that Executive’s employment with the Company terminates (i) prior to December 31, 2007, Executive shall be entitled to receive an amount of the 2007 Award prorated on the basis of the number of months Executive was employed by the Company during 2007, with the month of termination counting as a full month for this purpose, or (ii) on or after December 31, 2007, but prior to the date that the 2007 Award is paid to Executive, then Executive shall receive the same 2007 Award as Executive would have received if Executive was employed by the Company on the date that the 2007 Award is paid. The 2007 Award shall be paid to Executive at the same time that the 2007 Award is paid to other recipients of such award who are employed by the Company.