Common use of Annual Incentive Award Clause in Contracts

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. 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 ’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 ’s award shall be not less than the amount determined by multiplying his Base Salary for such year by the Recent Annual Bonus Percentage.