Common use of Bonus and Incentive Payments Clause in Contracts

Bonus and Incentive Payments. Executive shall be entitled to receive Executive’s annual bonus for the fiscal year immediately preceding the Termination Date (but only to the extent not yet paid to Executive prior to the Termination Date), as determined by the Board on or before the Termination Date or if no determination has been made, Executive’s target annual bonus assuming achievement of performance goals at target at the rate in effect immediately prior to the Termination Date, payable in a cash lump sum, less applicable withholdings, on the first payroll date following the date the Release of Claims becomes effective and irrevocable. If Executive is a participant in the Company’s Long Term Incentive Plan (or any similar bonus plan that may replace such plan in the future) (the “LTIP”) as of immediately prior to the Termination Date, Executive shall be entitled to receive (i) a pro rata portion of Executive’s bonus payouts under the LTIP for the open bonus periods that include the Termination Date year, calculated as provided in the LTIP, and (ii) Executive’s bonus payouts under the LTIP for the period that ends in the fiscal year immediately preceding the Termination Date, calculated as provided in the LTIP (but only to the extent such bonus payouts have not been paid to Executive prior to the Termination Date).