Common use of Annual Cash Incentive Payment Clause in Contracts

Annual Cash Incentive Payment. Executive shall be eligible to participate in the Company’s annual executive cash incentive plan as in effect from time to time, with the opportunity to receive an annual award each fiscal year of the Company pursuant the terms and conditions of such plan and subject to the achievement of performance targets set by the Compensation Committee of the Board (“Annual Cash Bonus”). Such Annual Cash Bonus shall be paid in no event later than the 15th day of the third month following the end of the Company’s taxable year to which the Annual Cash Bonus relates.