Common use of Cash Incentive Compensation Clause in Contracts

Cash Incentive Compensation. (i) With respect to the Company’s 2009 fiscal year and each fiscal year of the Company thereafter, all or part of which occurs during the Employment Term, the Executive will be eligible to participate in the Company’s annual management incentive program or arrangement approved by the Board (or any authorized committee thereof) or any successor program or plan thereto or thereunder on terms and conditions no less favorable to the Executive than those available to similarly situated executives of the Company, with a target bonus opportunity of the percentage of the Base Salary set forth on Exhibit A attached hereto (the “Target Bonus Percentage”) and a maximum bonus opportunity of not less than the percentage of the Base Salary set forth on Exhibit A attached hereto (the “Annual Bonus Percentage”); provided, that in no event shall the Executive’s annual bonus for 2009 be less than $787,500; provided further, that the Executive shall remain entitled to the $333,333.33 that constitutes the Second Installment, which shall now be payable in cash to the Executive on September 18, 2009, and this Second Installment, to the extent paid to the Executive (but not the First Installment (as defined in the Prior Agreement)) shall be deducted from the 2009 annual bonus to be paid to the Executive. The Board (or any authorized committee thereof) shall have the authority to establish performance metrics and such other terms and conditions of the annual management incentive program pursuant to which such bonuses may be earned, provided that any such performance targets for a fiscal year shall be no less favorable to the Executive than the annual performance targets established for such fiscal year for other senior executives of the Company (other than (i) annual performance targets established for the Chief Executive Officer of the Company and (ii) any performance targets established in connection with an executive’s commencement of employment with, or promotion within, the Company) generally and, in the case of the performance metrics for fiscal year 2009, shall be the metrics attached hereto as Schedule 1. Such annual bonuses shall be paid to the Executive 100% in cash no later than the date such bonuses are generally paid to other senior executives of the Company, but in all events by March 15 of the year following the fiscal year for which such annual bonus was earned (unless the Executive has elected to defer receipt of any such bonuses).

Appears in 1 contract

Samples: Employment Agreement (HealthMarkets, Inc.)

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Cash Incentive Compensation. (i) With respect to the Company’s 2009 fiscal year and each fiscal year of the Company thereafter, all or part of which occurs during the Employment Term, the Executive will be eligible to participate in the Company’s annual management incentive program or arrangement approved by the Board (or any authorized committee thereof) or any successor program or plan thereto or thereunder on terms and conditions no less favorable to the Executive than those available to similarly situated executives of the Company, with a target bonus opportunity of the percentage of the Base Salary set forth on Exhibit A attached hereto (the “Target Bonus Percentage”) and a maximum bonus opportunity of not less than the percentage of the Base Salary set forth on Exhibit A attached hereto (the “Annual Maximum Bonus Percentage”); provided, however, that with respect to the Company’s 2009 fiscal year, the Executive’s actual annual bonus earned for such fiscal year shall in no event shall the Executive’s annual bonus for 2009 be less than $787,500; provided further, that the Executive shall remain entitled to the $333,333.33 that constitutes the Second Installment, which shall now be payable in cash to the Executive on September 18, 2009, and this Second Installment, to the extent paid to the Executive (but not the First Installment (as defined in the Prior Agreement)) shall be deducted from the 2009 annual bonus to be paid to the Executive750,000. The Board (or any authorized committee thereof) shall have the authority to establish performance metrics and such other terms and conditions of the annual management incentive program pursuant to which such bonuses may be earned, provided that any such performance targets for a fiscal year shall be no less favorable to the Executive than the annual performance targets established for such fiscal year for other senior executives of the Company (other than (i) annual performance targets established for the Chief Executive Officer of the Company and (ii) any performance targets established in connection with an executive’s commencement of employment with, or promotion within, the Company) generally andearned which, in the case of the performance metrics for fiscal year 2009, shall be the metrics attached hereto as Schedule 1. Such annual bonuses shall be paid to the Executive 100% in cash no later than the date such bonuses are generally paid to other senior executives of the Company, but in all events by March 15 of the year following the fiscal year for which such annual bonus was earned (unless the Executive has elected to defer receipt of any such bonuses).

Appears in 1 contract

Samples: Employment Agreement (HealthMarkets, Inc.)

Cash Incentive Compensation. (i) With respect to the Company’s 2009 2010 fiscal year and each fiscal year year, the Executive shall be entitled to receive an annual bonus consistent with the terms of the applicable annual management incentive program, as amended by the compensation program adopted by the Company thereafteron September 2, all or part of which occurs during 2010, payable no later than March 15, 2011. With respect to the Employment TermCompany’s 2011 fiscal year, the Executive will be eligible to participate in the Company’s annual management incentive program or arrangement approved by the Board (or any authorized committee thereof) or any successor program or plan thereto or thereunder on terms and conditions no less favorable to the Executive than those available to similarly situated executives of the Company, with a target bonus opportunity of the percentage 100% of the Base Salary set forth on Exhibit A attached hereto (the “Target Bonus Percentage”) and a maximum bonus opportunity of not less than the percentage 200% percent of the Base Salary set forth on Exhibit A attached hereto (the “Annual Bonus Percentage”); provided, however, that in no event shall accordance with the compensation program adopted by the Company on September 2, 2010, fifty percent (50%) of the Executive’s annual bonus compensation for 2009 the Company 2011 fiscal year shall be less than $787,500; provided further, that guaranteed at the Executive shall remain entitled to the $333,333.33 that constitutes the Second Installment, which shall now be Target Bonus Percentage and payable in cash to four equal installments on March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011 (each of such four dates, a “vesting date,” and the Executive on September 18, 2009, and this Second Installment, to the extent paid to the Executive (but not the First Installment (as defined in the Prior Agreementpayments “Guaranteed Bonus Payments”)) shall be deducted from the 2009 annual bonus to be paid to the Executive. The Board (or any authorized committee thereof) shall have the authority to establish performance metrics and such other terms and conditions of the annual management incentive program pursuant to which such bonuses may be earned, provided that any such performance targets for a fiscal year shall be no less favorable to the Executive than the annual performance targets established for such fiscal year for other senior executives of the Company (other than (i) annual performance targets established for the Chief Executive Officer of the Company and (ii) any performance targets established in connection with an executive’s commencement of employment with, or promotion within, the Company) generally and, in the case of the performance metrics for fiscal year 2009, shall be the metrics attached hereto as Schedule 1). Such annual bonuses shall be paid to the Executive 100% in cash no later than the date such bonuses are generally paid to other senior executives of the Company, but in all events by March 15 of the year following the fiscal year for which such annual bonus was earned (unless the Executive has elected to defer receipt of any such bonuses).

Appears in 1 contract

Samples: Employment Agreement (HealthMarkets, Inc.)

Cash Incentive Compensation. (i) With respect to the Company’s 2009 fiscal year and each fiscal year of the Company thereafter, all or part of which occurs during the Employment Term, the Executive will be eligible to participate in the Company’s annual management incentive program or arrangement approved by the Board (or any authorized committee thereof) or any successor program or plan thereto or thereunder on terms and conditions no less favorable to the Executive than those available to similarly situated executives of the Company, with a target bonus opportunity of the percentage of the Base Salary set forth on Exhibit A attached hereto (the “Target Bonus Percentage”) and a maximum bonus opportunity of not less than the percentage of the Base Salary set forth on Exhibit A attached hereto (the “Annual Bonus Percentage”); provided, however, that in no event shall with respect to the ExecutiveCompany’s 2009 fiscal year, the Executive will be entitled to a guaranteed annual bonus for 2009 be of no less than $787,500; provided further, that the Executive shall remain entitled to the $333,333.33 that constitutes the Second Installment, which shall now be payable in cash to the Executive on September 18, 2009, and this Second Installment, to the extent paid to the Executive (but not the First Installment (as defined in the Prior Agreement)) shall be deducted from the 2009 annual bonus to be paid to the Executive712,500. The Board (or any authorized committee thereof) shall have the authority to establish performance metrics and such other terms and conditions of the annual management incentive program pursuant to which such bonuses may be earned, provided that any such performance targets for a fiscal year shall be no less favorable to the Executive than the annual performance targets established for such fiscal year for other senior executives of the Company (other than (i) annual performance targets established for the Chief Executive Officer of the Company and (ii) any performance targets established in connection with an executive’s commencement of employment with, or promotion within, the Company) generally and, in the case of the performance metrics for fiscal year 2009, shall be the metrics attached hereto as Schedule 1. Such annual bonuses shall be paid to the Executive 100% in cash no later than the date such bonuses are generally paid to other senior executives of the Company, but in all events by March 15 of the year following the fiscal year for which such annual bonus was earned (unless the Executive has elected to defer receipt of any such bonuses).

Appears in 1 contract

Samples: Employment Agreement (HealthMarkets, Inc.)

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Cash Incentive Compensation. (i) With respect to the Company’s 2009 2008 fiscal year and each fiscal year of the Company thereafter, all or part of which occurs during the Employment Term, the Executive will be eligible to participate in the Company’s annual management incentive program or arrangement approved by the Board (or any authorized committee thereof) or any successor program or plan thereto or thereunder on terms and conditions no less favorable to the Executive than those available to similarly situated executives of the Company, with a target bonus opportunity of the percentage of the Base Salary set forth on Exhibit A attached hereto (the “Target Bonus Percentage”) and a maximum bonus opportunity of not less than the percentage of the Base Salary set forth on Exhibit A attached hereto (the “Annual Maximum Bonus Percentage”); provided, however, that in no event shall with respect to the Company’s 2008 fiscal year, the Executive’s actual annual bonus earned for 2009 such fiscal year, if any, will be less than $787,500; provided further, that the Executive shall remain entitled equal to the $333,333.33 that constitutes (x) the Second Installmentannual bonus which otherwise would have been earned by Executive for the Company’s 2008 fiscal year absent pro-ration, times (y) a fraction, the numerator of which shall now be payable is the number of days in cash to the Executive on September 18Company’s 2008 fiscal year from and after October 1, 20092008, and this Second Installment, to the extent paid to the Executive (but not the First Installment (as defined in the Prior Agreement)) shall be deducted from the 2009 annual bonus to be paid to the Executivedenominator of which is 365. The Board (or any authorized committee thereof) shall have the authority to establish performance metrics and such other terms and conditions of the annual management incentive program pursuant to which such bonuses may be earned, provided that any such performance targets for a fiscal year shall be no less favorable to the Executive than the annual performance targets established for such fiscal year for other senior executives of the Company (other than (i) annual performance targets established for the Chief Executive Officer of the Company and (ii) any performance targets established in connection with an executive’s commencement of employment with, or promotion within, the Company) generally and, in the case of the performance metrics for fiscal year 2009, shall be the metrics attached hereto as Schedule 1. Such annual bonuses shall be paid to the Executive 100% in cash no later than the date such bonuses are generally paid to other senior executives of the Company, but in all events by March 15 of the year following the fiscal year for which such annual bonus was earned (unless the Executive has elected to defer receipt of any such bonuses).

Appears in 1 contract

Samples: Employment Agreement (HealthMarkets, Inc.)

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