Common use of Annual Incentive Bonus Plan Clause in Contracts

Annual Incentive Bonus Plan. Subject to the provisions of Section 4 and Section 5, the Executive shall be entitled to participate annually during the Employment Term in PXRE Group Ltd.'s 2004 Incentive Bonus Compensation Plan (the "Bonus Plan"), or such substitute plan as shall be established from time to time by the Company (which substitute plan shall not be materially less favorable to the Executive than the Bonus Plan) providing for the payment of annual bonuses to key employees of the Company, subject to the terms and conditions of the Bonus Plan or such substitute plan, as the case may be. The Executive's target bonus in respect of the year 2004 shall be not less than 55% of his Base Salary and shall be payable within 60 days after the end of the fiscal year, whether or not the Executive is employed by the Company on the date of payment. The determination of annual bonus amounts payable to the Executive in years 2005 and subsequent shall be made in accordance with the terms of the Bonus Plan as that Plan may be amended from time to time.

Annual Incentive Bonus Plan. Subject to the provisions of Section 4 and Section 54, the Executive shall be entitled to participate annually during the Employment Term in PXRE Group Ltd.the Company's 2004 Restated Employee Annual Incentive Bonus Compensation Plan (the "Bonus Plan"), or such substitute plan as shall be established from time to time by the Company (which substitute plan shall not be materially less favorable to the Executive than the Bonus Plan) providing for the payment of annual bonuses to key employees of the Company, subject to the terms and conditions of the Bonus Plan or such substitute plan, as the case may be. The Executive's target bonus in respect of the year 2004 2003 shall be not less than 5565% of his Base Salary and shall be payable within 60 45 days after the end of the fiscal year, whether or not the Executive is employed by the Company on the date of payment. The determination of annual bonus amounts payable to the Executive in years 2005 2004 and subsequent shall be made in accordance with the terms of the Bonus Plan as that Plan may be amended from time to time.