Annual and Incentive Bonus Sample Clauses

Annual and Incentive Bonus. (a) During the Employment Term, Executive shall be eligible to receive an annual cash bonus in respect of each full or partial fiscal year of the Company of between 0% to 200% of Base Salary (with a STI target percentage pursuant to the Company’s Short Term Incentive Plan as in effect at the date of this Agreement (“Target Bonus Percentage”) of 100% of Base Salary), as determined in the sole discretion of the Company, subject to any applicable approval of the Compensation and Management Resources Committee of the Board of Directors of Parent (the “Compensation Committee”) (such annual cash bonus, the “Annual Bonus”). Notwithstanding the foregoing, the Annual Bonus received for the 2007 fiscal year will be no less than $950,000, provided that Executive is employed by the Company as of December 31, 2007. For the 2007 fiscal year, Executive’s bonus shall be based on the performance criteria in the Company’s Short Term Incentive Plan, applied to the results of the combined entity of the Company and the profit center of Parent’s subsidiaries called “AIG Direct” (“AIG Direct”) that conducts the business of direct-to-consumer automobile insurance and sale of other ancillary personal lines insurance products (AIG Direct does not include Agency Auto or Private Client Group) (the combined entity, “AIG 21st Direct Auto”). The Company will pay the Annual Bonus for 2007 described above to Executive in cash no later than March 31, 2008. For the 2008 and 2009 fiscal years, and provided that Executive is employed by the Company at the time of payment of the Annual Bonus, Executive’s Target Bonus Percentage will be no less than 100% of $950,000. For the 2008 and 2009 fiscal years, Executive’s bonus shall be based on the performance criteria in the Company’s Short Term Incentive Plan as applicable at the date of this Agreement, applied to the results of AIG 21st Direct Auto, unless the Company’s Short Term Incentive Program is superseded by a bonus plan of Parent or as otherwise agreed between the Company and Executive. (b) If Executive remains employed by the Company on the first anniversary of the Effective Date, then the Company shall pay to Executive in a lump sum within ten (10) business days thereafter, an amount (the “Retention Bonus”) equal to the greater of (I) $2,850,000 or (II) the sum of (x) 1.5 times the Base Salary (at the rate in effect immediately prior to the first anniversary of the Effective Date) and (y)
Sample 1
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Annual and Incentive Bonus. The Executive shall be eligible for annual incentives and bonuses. Incentives and bonuses distributed to an Officer or to an Executive of the Company shall be in the sole discretion of the Compensation Committee of the Company’s Board of Directors and in accordance with the benefits, bonus and incentive plan adopted by the Compensation Committee of the Company’s Board of Directors. Other bonuses related to Executive’s responsibilities as Chief Financial Officer of the Company shall be awarded and paid at the sole discretion of the Compensation Committee of the Company’s Board of Directors. In the event that the Company makes acquisitions outside the ordinary course of business of the Company, directly or indirectly, during the Term, the Bonus shall be determined as if such acquisitions had not taken place or, alternatively, the Company’s Compensation Committee in its sole discretion shall adjust the bonus.
Sample 1

Related to Annual and Incentive Bonus

  • Annual Incentive Bonus The Company shall, in addition to Executive’s Base Salary, pay Executive an Annual Incentive Bonus, which shall be payable within 120 days of the end of each fiscal year in accordance with the formula set forth on Exhibit A, attached hereto and made a part hereof.

  • Incentive Bonus During the Term, Employee shall be eligible to receive an incentive bonus up to the amount, based upon the criteria, and payable in such amount, at such times as are specified in Exhibit A attached hereto. The manner of payment, and form of consideration, if any, shall be determined by the Compensation Committee of the Board, in its sole and absolute discretion, and such determination shall be binding and final. To the extent that such bonus is to be determined in light of financial performance during a specified fiscal period and this Agreement commences on a date after the start of such fiscal period, any bonus payable in respect of such fiscal period's results may be prorated. In addition, if the period of Employee's employment hereunder expires before the end of a fiscal period, and if Employee is eligible to receive a bonus at such time (such eligibility being subject to the restrictions set forth in Section 6 below), any bonus payable in respect of such fiscal period's results may be prorated.

  • Cash Incentive Bonus The pro rata share of any Cash Incentive Bonus that would have been paid to the Executive had the Executive not been terminated Without Cause based on the extent to which performance standards are met on the last day of the year in which the Executive is terminated Without Cause.

  • Bonus and Incentive Compensation Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

  • Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

  • Incentive Bonuses After the Company attains profitability, the Employee shall be eligible to be considered for an annual incentive bonus. Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the Board or its Compensation Committee. The determinations of the Board or its Compensation Committee with respect to such bonus shall be final and binding. Except as expressly provided in this Agreement, the Employee shall not be entitled to an incentive bonus if he is not employed by the Company on the date when such bonus is payable.

  • Annual Bonus Compensation Executive shall be eligible to receive a bonus each Contract Year (“Annual Bonus”) as the Compensation Committee of the Board of Directors shall determine. Executive’s Annual Bonus shall be determined in accordance with the Company’s executive compensation policies as in effect from time to time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company’s achieving its performance goals for the year.

  • Recovery of Bonus and Incentive Compensation Any bonus and incentive compensation paid to you during a CPP Covered Period is subject to recovery or “clawback” by the Company if the payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria.

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.

  • Performance Bonus The Executive shall be eligible to receive an annual performance bonus, payable within sixty (60) days after the end of the fiscal year of the Employer, in an amount not to exceed twenty-five percent (25%) of the Executive's Base Salary for the applicable year. The amount, if any, shall be determined by the Board, or the appropriate committee thereof, and shall generally be based on a combination of organization-wide and individual performance criteria.

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