Common use of Annual Award Amount Clause in Contracts

Annual Award Amount. The term "Annual Award Amount" means, as of the applicable date of determination, the average of the two highest annual incentive awards under the Company's annual incentive plan (or the annual incentive plan maintained by a successor Company or a Subsidiary) payable or actually paid under the terms of such annual incentive plan for the performance year during which the date of determination occurs, and in respect of the last four years to the Executive prior to the date of determination; provided, however, that (a) if the Executive has not been employed by the Company or a Subsidiary for a sufficient length of time to have been eligible for payment of at least two annual incentive awards, deemed target award payout shall be used for the one or two years for which the Executive was not so eligible, except that the maximum payout shall be used for the performance year in which the date of determination occurs; (b) for any year during which an annual incentive award was paid or is payable to the Executive that was prorated because of less than a year of plan participation, such award shall be annualized, except that for the year in which the date of determination occurs, the maximum payout shall be used; and (c) for any year during which a guaranteed minimum annual incentive award amount was paid or is payable to the Executive, such full (not prorated because of less than a full year of plan participation) guaranteed annual incentive amount shall be used for such year.

Annual Award Amount. The term "“Annual Award Amount" ” means, as of the applicable date of determination, the average of the two highest annual incentive awards under the Company's ’s annual incentive plan (or the annual incentive plan maintained by a successor Company or a Subsidiary) payable or actually paid under the terms of such annual incentive plan for the performance year during which the date of determination occurs, and in respect of the last four years to the Executive prior to the date of determination; provided, however, that (a) if the Executive has not been employed by the Company or a Subsidiary for a sufficient length of time to have been eligible for payment of at least two annual incentive awards, deemed target award payout shall be used for the one or two years for which the Executive was not so eligible, except that the maximum payout shall be used for the performance year in which the date of determination occurs; (b) for any year during which an annual incentive award was paid or is payable to the Executive that was prorated because of less than a year of plan participation, such award shall be annualized, except that for the year in which the date of determination occurs, the maximum payout shall be used; and (c) for any year during which a guaranteed minimum annual incentive award amount was paid or is payable to the Executive, such full (not prorated because of less than a full year of plan participation) guaranteed annual incentive amount shall be used for such year.