Formulaic Incentive Compensation Sample Clauses

Formulaic Incentive Compensation. Employee shall be entitled to not less than fifteen percent (15%) of the Executive Incentive Compensation Pool, as hereinafter described. The Board of Directors, in conjunction with and under the advisement of Employer’s Executive Management Team, shall create and ratify an Executive Incentive Compensation Plan no later than June 30, 2006 for FY 2006. Should the Board of Directors not ratify such a plan by June 30, 2006, said Employee shall be entitled to a bonus of $180,000 payable July 1, 2006. Should the Board of Directors not ratify an Executive Incentive Compensation Plan by December 1, 2006 and for every year after that an Executive Incentive Compensation Plan is not ratified by December 1st of the same year, Employee shall be entitled to a bonus of no less than two times his annual salary payable January 1 of the following year.