Annual Incentive Award. During the Term of Employment, the Executive shall be eligible for an annual incentive award with payout opportunities that are commensurate with his position and duties, as determined by the Compensation Committee in its discretion. Commencing with the Effective Date of the initial Term of Employment, the Executive’s target annual incentive award opportunity will be equal to fifty percent (50%) of the Executive’s Base Salary. The Executive’s annual incentive award opportunities shall be based on Company and individual performance goals determined, and subject to change, by the Compensation Committee in its discretion. The Executive shall be paid his annual incentive award no later than other senior executives of the Company are paid their annual incentive award.
Annual Incentive Award. “Annual Incentive Award” shall mean the annual incentive compensation (including for this purpose any long term performance share awards, restricted stock, stock options or any other equity based award) paid or payable or granted during the applicable fiscal year or any award to the extent specified by the Board (or a committee thereof) in the relevant award agreement or any other equity based awards in each case paid or payable or granted in lieu of annual non-equity incentive compensation for that fiscal year; provided further that, (A) the grant date fair value of any equity based award granted as annual incentive compensation shall be included in the computation of the annual incentive amounts paid or granted in any applicable fiscal year based upon the grant date fair value of such award for accounting purposes and (B) any dividend equivalents paid or payable with respect to such an equity based award shall not be considered annual incentive compensation.
Annual Incentive Award. Executive shall be entitled to receive an annual cash incentive bonus for each fiscal year during the Employment Term consistent with a bonus policy adopted by the Board (or the compensation committee of the Board) (the “Bonus Policy”). If the Executive or the Company, as the case may be, satisfies the performance criteria contained in such Bonus Policy for a fiscal year, Executive shall receive an annual incentive bonus in an amount determined by the Board (or the compensation committee of the Board). If the Executive or the Company, as the case may be, fails to satisfy the performance criteria contained in such Bonus Policy for a fiscal year, the Board (or the compensation committee of the Board) may determine whether any incentive bonus shall be payable to Executive for that year. For purposes of this Agreement, the term “Incentive Bonus” shall mean the amount established pursuant to this Section 1.5.
Annual Incentive Award. During the Term of Employment, the Executive shall have a target bonus opportunity each year equal to 100% of Base Salary, payable in that amount if the performance goals established for the relevant year are met. If such performance goals are exceeded, the Executive shall receive a larger amount of up to 200% of Base Salary. For the year 2001, Executive's minimum award shall be equal to target, determined on a Pro Rata basis. The performance goals for each year shall be established by the Personnel Committee in consultation with the Executive. The Executive shall be paid his annual incentive awards no later than the date other senior executives of the Company are paid their annual incentive awards and in no event later than 90 days following the last day of the fiscal year in respect of which the annual incentive award is being paid. The Company may, but shall not be required to, implement the foregoing pursuant to a shareholder-approved bonus plan or arrangement that satisfies the requirements for exemption from the limitation on deductibility imposed by Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code") that is set forth in Section 162(m)(4)(C) of the Code. Notwithstanding the foregoing, for each fiscal year of the Company which ends in the two-year period following the Change in Control Effective Date, the Executive's award shall be not less than the amount determined by multiplying his Base Salary for such year by the Recent Annual Bonus Percentage.
Annual Incentive Award. “Annual Incentive Award” shall mean the annual incentive compensation (including for this purpose any long term performance share awards) paid or payable during the applicable fiscal year or any award to the extent specified by the Board (or a committee thereof) in the relevant award agreement or any other equity based awards in each case paid in lieu of annual non-equity incentive compensation; provided that grants of stock options (or restricted stock units or performance shares or, to the extent specified by the Board (or a committee thereof) in the relevant award agreement, other equity based awards in each case granted in lieu of stock options) granted by the Company in the normal course shall not be considered annual incentive awards and provided further that, (A) the grant date fair value of any equity based award granted as annual incentive compensation shall be included in the computation of the annual incentive amounts paid in any applicable fiscal year based upon the grant date fair value of such award for accounting purposes and (B) any dividend equivalents paid or payable with respect to such an equity based award shall not be considered annual incentive compensation.
Annual Incentive Award. Executive shall be entitled to receive an annual cash incentive bonus for each fiscal year during the Employment Term consistent with a bonus policy adopted by the Board (or the compensation committee of the Board) (the “Bonus Policy”). If the Executive, the Company or the Trust, as the case may be, satisfies the performance criteria contained in such Bonus Policy for a fiscal year, Executive shall receive an annual incentive bonus determined by multiplying Executive’s Base Salary for the year by the minimum percentages determined under the following schedule: Threshold 40% Target 80% Superior 120% Out Performance 175% If the Executive, the Company or the Trust, as the case may be, fails to satisfy the performance criteria contained in such Bonus Policy for a fiscal year, the Board (or the compensation committee of the Board) may determine whether any incentive bonus shall be payable to Executive for that year. In establishing its Bonus Policy, the Board (or the compensation committee of the Board) shall take into consideration a combination of the Executive’s performance (approximately 20%) and that of the Company or the Trust (approximately 80%). The performance hurdles for a particular year shall be established no later than January 15 of the applicable calendar year. In establishing the performance hurdles, the Board (or the compensation committee of the Board) will take into account dilution resulting from acquisitions and Share offerings, plus any changes made to the accounting rules and the standards in which they arise. For the initial year of the Bonus Policy, the Board (or the compensation committee of the Board) shall consider the following performance hurdles: Achievement of EBITDA Goals (Percentages) 80% 100% 110% 120% Achievement of Acquisitions Growth (Percentages) XXX XXX XXX XXX In determining Executive’s bonus, these performance hurdles will be weighted as follows: 60% based on the “EBITDA Goals” actually achieved and 40% based on the “Acquisitions Growth” actually achieved.
Annual Incentive Award. The highest annual cash incentive award ---------------------- earned by a Participant during any of the 3 years prior to a termination of employment entitling the Participant to a Separation Benefit.
Annual Incentive Award. During the Term of Employment, commencing in 2000 the Executive shall have a target bonus opportunity equal to 70% of Base Salary and commencing in 2001 the Executive shall have a target bonus opportunity equal to 90% of Base Salary. The bonus shall be payable in these amounts if the performance goals established for the relevant year are met, but subject to adjustment in accordance with the Company’s Operational Incentive Plan. If such performance goals are not met, the Executive shall receive a lesser amount (or nothing) as determined in accordance with the Company’s Operational Incentive Plan. The Executive is guaranteed a minimum bonus of $525,000 for the year 2000.
Annual Incentive Award. The Company will pay annual incentive compensation awards to the Executive as may be granted by the Board of Directors or the Compensation Committee under any executive bonus or incentive plan in effect from time to time (the "Annual Incentive Award"). Beginning for the 2000 fiscal year and continuing thereafter, the Annual Incentive Award shall be equal to one hundred percent (100%) of Executive's then current annual Base Salary, contingent upon performance of stipulated goals of the Company established jointly by the Board of Directors and Executive.
Annual Incentive Award. Provided that Executive is still employed by Company on the last day of each Bonus Period (as defined below), no later than the April 15th following the end of each of the 1998 and 1999 Bonus Periods and the 15th day after the end of the last Bonus Period, Company shall pay a cash bonus to Executive for such Bonus Period equal to the Guaranteed Bonus, plus any Target Bonus and Supplemental Bonus, that is payable for such Bonus Period (together, "Incentive Bonuses"); provided, however, that all Incentive Bonus amounts for the last Bonus Period (which is less than 12 full months) shall be multiplied by the Pro-Rata Factor (as defined below). For purposes of this Section 3(b):
(i) the "Guaranteed Bonus" shall be $200,000;
(ii) the "Target Bonus" shall be $200,000, and shall be payable if the performance criteria set forth in Exhibit I are achieved; and
(iii) the "Supplemental Bonus" shall be $200,000, and shall be payable if the performance criteria set forth in Exhibit II are achieved. At the beginning of the Remaining Term, the Incentive Bonus amounts set forth above shall be automatically adjusted for the then current Bonus Period by multiplying the Incentive Bonus amounts set forth above by a fraction, the numerator of which is the CPI-U as of November 30, 1999, and the denominator of which is the CPI-U as of the end of the calendar month preceding the Effective Date.
