Common use of Executive Incentive Bonus Plan Clause in Contracts

Executive Incentive Bonus Plan. Notwithstanding anything to the contrary contained in this Agreement, Executive and the Company agree that (i) the Annual Bonus contemplated by this Agreement shall be payable to Executive only pursuant to the terms of an Executive Incentive Bonus Plan (the "Incentive Plan"), incorporating all applicable terms and conditions of the Annual Bonus contained in this Agreement, (ii) the Incentive Plan, and any Annual Bonus to be payable thereunder, is subject to the approval of the stockholders of the Company, and (iii) in the event that the Incentive Plan is not approved by the Company's stockholders at the Company's 2004 Annual Meeting, then (x) Executive shall not be entitled to receive the Annual Bonus contemplated by this Agreement and shall have no rights or claims against the Company arising from such failure of the Company's stockholders to approve the Incentive Plan, and (y) this Agreement shall remain in full force and effect except that all references in this Agreement to the Annual Bonus shall be deemed to be deleted from this Agreement and of no further force or effect. The Company agrees that the Incentive Plan shall be submitted for approval by the Company's stockholders at the Company's 2004 Annual Meeting of Stockholders.