Common use of Annual Incentive Payments Clause in Contracts

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. In addition Subject to Annual Base Salarythe modification authority of the Compensation Committee set forth below in this Section 3(b), commencing with the fiscal month of May 2007 and for each fiscal month thereafter that Executive is employed by the Company during the Term, Executive shall be paid, for each fiscal year ending during the Employment Period, entitled to a monthly cash incentive payment in an annual bonus (“Annual Bonus”) in cash at least amount equal to the Executive’s average annual or annualized product of the Initial Margin Multiplier (as defined in Exhibit A to this Agreement) multiplied by the Monthly Initial Margin (as defined in Exhibit A to this Agreement) for any such fiscal year consisting of less than 12 full months or with respect to which the month. If Executive has been is employed by the Company for less than 12 full months) award earned only part of a fiscal month, Executive shall only be entitled to a monthly cash incentive payment for such fiscal month in an amount equal to the product of the Initial Margin Multiplier multiplied by the Executive, including any award earned but deferred, under Monthly Initial Margin generated during those days of such fiscal month that Executive was employed by the Company’s . Each monthly incentive payment shall be paid to Executive during the fiscal month following the fiscal month for which it is earned. The sum of all such monthly incentive payments earned during a fiscal year is referred to herein as the “Annual Incentive Plan, as amended from time to Payments.” At any 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 2010 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 occursyear, the “Three-Year Average Bonus” Compensation Committee shall mean have the average of any annual or annualized bonus actually earned over any such yearsauthority to increase, but not to decrease, the Initial Margin Multiplier. If Commencing with the 2010 fiscal year, Executive has not been eligible agrees that the Compensation Committee shall have the authority to earn, or has not received, such a bonus adjust the Initial Margin Multiplier utilized for any fiscal year prior by increasing or decreasing it and to otherwise modify the Effective Date, method by which Annual Incentive Payments are calculated. No portion of the “Three-Year Average Bonus” shall mean the Executive’s Target Annual Bonus for the Incentive Payments earned in a fiscal year during which the Effective Date occurs. Each such Annual Bonus shall be paid no to Executive later than two and a half months after the end of sixtieth (60th) day following the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect to defer the receipt last day 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”)fiscal year.