Annual Incentive Payments. The Executive shall be eligible to receive an annual incentive payment (the "Incentive Payment") as determined in accordance with the Company's Management Incentive Plan or any successor thereto (the "Incentive Plan"), a copy of which is attached hereto as Exhibit D. The Executive's target Incentive Payment for 2005 shall be 15% of his salary range for such year, such target percentage for 2006 to be reviewed by the Board not later than January 2006.
Annual Incentive Payments. In addition to Annual Base Salary, the Executive shall be awarded, for each fiscal year during the Employment Period, an annual bonus ("Annual Bonus") in cash, in accordance with the Company's Annual Bonus Plan, or other plan instituted in lieu of the Annual Bonus Plan which provides for an annual incentive payment in addition to Annual Base Salary ("Substitute Plan"). The Executive shall participate in the Annual Bonus Plan or Substitute Plan at the same level at which the Executive participated immediately prior to the Effective Date, or if more favorable, at the level of other peer executives of the Company and its affiliated companies. Any Substitute Plan instituted by the Company after the Effective Date shall be at least as favorable, in the aggregate, as the most favorable Annual Bonus Plan or Substitute Plan in effect at any time during the 90-day period immediately preceding the Effective Date
Annual Incentive Payments. In addition to Annual Base Salary, the Executive shall be paid, for each fiscal year ending during the Employment Period, an annual bonus (“Annual Bonus”) in cash at least equal to the Executive’s average annual or annualized (for any fiscal year consisting of less than 12 full months or with respect to which the Executive has been employed by the Company for less than 12 full months) award earned by the Executive, including any award earned but deferred, under the Company’s Executive Incentive Plan, as amended from time to time prior to the Effective Date (or under any successor or replacement annual incentive plan of the Company or any of the affiliated companies), for the last three fiscal years immediately preceding the fiscal year in which the Effective Date occurs (the “Three-Year Average Bonus”). If the Executive has not been eligible to earn, or has not been employed, for each of the last three fiscal years immediately preceding the fiscal year during which the Effective Date occurs but has earned a bonus for at least one fiscal year during the last three fiscal years immediately preceding the fiscal year during which the Effective Date occurs, the “Three-Year Average Bonus” shall mean the average of any annual or annualized bonus actually earned over any such years. If the Executive has not been eligible to earn, or has not received, such a bonus for any fiscal year prior to the Effective Date, the “Three-Year Average Bonus” shall mean the Executive’s Target Annual Bonus for the year during which the Effective Date occurs. Each such Annual Bonus shall be paid no later than two and a half months after the end of the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus pursuant to an arrangement that meets the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
Annual Incentive Payments. With respect to each fiscal year of the Corporation and the Bank ending during the Term of this Agreement, the Executive shall be eligible to receive an annual incentive payment as determined by the Compensation Committee in accordance with the Corporation’s Executive Incentive Plan.
Annual Incentive Payments. In consideration of Participant’s payment of the Enrollment Fee, and subject to all the terms and conditions set forth herein, the Participant shall receive the following financial benefits, which shall be an amount based on the eligible WA State Production Incentive Credits generated by the Solar Unit(s) purchased by the Participant under the Program. The Participant shall receive a WA State Production Incentive starting in 2016, which shall continue until the end of the WA State Production Incentive Credits currently set to expire on June 30, 2020. The participant shall also receive an annual Generated Energy Credit (starting in 2016) based on the amount of energy generated by the Solar Unit(s) purchased by the Participant under the Program.
5.1 The WA State Production Incentive Credits will be paid in the form of a check and shall be mailed to the Participant via USPS to the Service Address.
5.2 The Generated Energy Credits will be paid in the form of a credit to the Participant’s Utility Account.
Annual Incentive Payments. With respect to the 2015 fiscal year and each full fiscal year of the Company occurring during the Term, commencing with the 2016 fiscal year of the Company, Executive shall be eligible to receive a discretionary annual incentive payment (“Annual Incentive Payment”) in such amount as determined in the sole discretion of the compensation committee of the Board (the “Compensation Committee”), based upon the Compensation Committee’s assessment of Executive’s performance. The Compensation Committee may establish performance targets in connection with such Annual Incentive Payment, which performance targets shall be determined in consultation with Executive. Any Annual Incentive Payment that becomes earned hereunder shall be paid within two and one-half (2-1/2) months after the last day of the fiscal year or such other date that conforms to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”). Any Annual Incentive Payments payable hereunder may be paid in the form of cash, equity-based awards or a combination thereof, as determined by the Compensation Committee in its sole discretion.
Annual Incentive Payments. In addition to Annual Base Salary, the Executive shall be paid, for each fiscal year ending during the Employment Period, an annual bonus (“Annual Bonus”) in cash at least equal to the Executive’s average annual or annualized (for any fiscal year consisting of less than 12 full months or with respect to which the Executive has been employed by the Company for less than 12 full months) award earned by the Executive, including any award earned but deferred, under the Company’s Executive Incentive Plan, as amended from time to time prior to the Effective Date (or under any predecessor, successor or replacement annual incentive plan of the Company or its Affiliates), for the last three fiscal years immediately preceding the fiscal year in which the Effective Date occurs (the “Three-Year Average Bonus”). If the Executive has not been eligible to earn, or has not been employed, for each of the last three fiscal years immediately preceding the fiscal year during which the
Annual Incentive Payments. The Executive shall be eligible to receive an annual incentive payment (the "Incentive Payment") in accordance with the Company's Executive Management Annual Incentive Plan or any successor thereto (the "Incentive Plan"). The Executive shall be eligible to receive an Incentive Payment for each year of between 0% and 400% of Base Salary. The Executive's target Incentive Payment for each year shall be no less than 250% of his Base Salary for such year. The minimum Incentive Payment payable to the Executive for the period commencing on the Effective Date and ending on December 31, 2000 shall be $2,500,000.
Annual Incentive Payments. (A) If Executive’s termination occurs prior to the end of six months from Executive’s Start Date, no Annual Incentive.
(B) If Executive’s termination occurs six months or more from Executive’s Start Date, a prorated Annual Incentive under the EIP for the fiscal year in which the termination occurred equal to (x) the amount of the Annual Incentive for such fiscal year (as determined by the Compensation Committee based on achievement of the applicable performance goal(s)), multiplied by (y) a fraction, the numerator of which is the number of days Executive is employed by the Company or a Subsidiary during such fiscal year and the denominator of which is the total of days during such fiscal year, with such amount to be paid in a lump sum at the same time other senior executives are paid Annual Incentives, but in no event later than March 15th of the year following such fiscal year. For clarity, if the termination occurs after the end of a fiscal year and before the bonus for that year has been paid, (i) Executive shall remain eligible for such prior year’s bonus and the fraction for such prior year shall equal 1.0 (unless reduced by operation of either the Proration Factor set forth in the EIP or the pro ration for partial year served specified in Executive’s Offer Letter), and (ii) Executive shall otherwise remain eligible for a pro rated bonus for the year of actual termination as provided in this paragraph.
Annual Incentive Payments. (A) In addition to Annual Base Salary, the Executive shall be paid, for each fiscal year ending during the Employment Period, an annual bonus ("Annual Bonus") in cash at least equal to the Executive's average annual or annualized (for any fiscal year consisting of less than 12 full months or with respect to which the Executive has been employed by the Company for less than 12 full months) award earned by the Executive, including any award earned but deferred, whether in a deferred compensation program, by means of exchange into stock options, or otherwise, under the Company's Management Incentive Plan, as amended from time to time prior to the Effective Date (or under any successor or replacement annual incentive plan of the Company or any of the affiliated companies), for the last three fiscal years immediately preceding the fiscal year in which the Effective Date occurs (the "Three-Year Average Bonus").
(B) For each PSP Award (as defined below) of the Executive outstanding as of the Effective Date, a pro rata payout shall be made to the Executive as of the Effective Date, in shares or cash (at the election of the Company) equal to the number of shares covered by the PSP Award multiplied by the performance-based accrual percentage pertaining to such PSP Award as of the Effective Date, multiplied by a fraction the numerator of which is the number of months elapsed from the date the PSP Award was granted through the Effective Date and the denominator of which is the number of months from the date the PSP Award was granted through the PSP Award's scheduled maturity date. For purposes of this Agreement, a PSP
