Common use of Annual Incentive Payment Clause in Contracts

Annual Incentive Payment. During the term of this Agreement, provided that Executive is a full-time employee of the Employer on the final day of the Employer’s fiscal year, in addition to other compensation to be paid under this Section 5, the Executive shall receive a performance-based annual incentive payment for the then completed fiscal year of the Employer (the “Annual Incentive Payment”), which shall be a percentage of Base Salary. The amount actually awarded and paid to the Executive each fiscal year will be determined by the Board and will be based on specific performance criteria to be identified in writing in advance to Executive under a separate communication. The total amount of the Annual Incentive Bonus to be paid hereunder shall be calculated by the Employer and paid to the Executive within 60 days of the end of the Employer’s fiscal year to which the Annual Incentive Bonus applies. The Employer’s calculation of the Annual Incentive Bonus amount shall be conclusive and binding absent fraud or manifest and material error.

Annual Incentive Payment. During the term of this Agreement, provided that Executive is a full-time employee Executive of the Employer on the final day of the Employer’s fiscal year, in addition to other compensation to be paid under this Section 5, the Executive shall receive a performance-based annual incentive payment for the then completed fiscal year of the Employer (the “Annual Incentive Payment”), which shall be a percentage percent of Base Salary. The amount actually awarded and paid to the Executive each fiscal year will be determined by the Board and will be based on specific performance criteria to be identified in writing in advance to Executive under a separate communication. The total amount of the Annual Incentive Bonus to be paid hereunder shall be calculated by the Employer and paid to the Executive within 60 days of the end of the Employer’s fiscal year to which the Annual Incentive Bonus applies. The Employer’s calculation of the Annual Incentive Bonus amount shall be conclusive and binding absent fraud or manifest and material error.