Common use of Bonuses and Other Incentives Clause in Contracts

Bonuses and Other Incentives. During the Term, Executive shall be entitled to participate in all incentive compensation plans and programs as may be adopted by the Company from time to time and generally available to similar level employees, subject to the terms and conditions of such plans and programs. Executive acknowledges and agrees that the Company, in its sole discretion, may change, amend, modify, freeze, suspend or terminate any or all of its incentive compensation plans or programs, at any time during his employment with the Company, to the extent permitted by applicable law, and nothing in this Agreement shall obligate the Company to institute, maintain or refrain from changing, amending or discontinuing any benefit plan or program. Notwithstanding any prior practice or policy, Executive must be employed by the Company on the actual date of distribution of any incentive payment, including bonuses and profit sharing distributions, in order to be eligible to receive such incentive payments.