Common use of Incentive and Benefit Plans Clause in Contracts

Incentive and Benefit Plans. Employee shall participate in any incentive compensation plans maintained by the Company for "Senior Executive Officers", as such term is defined below. For the 2000 fiscal year, Employee's "Target Bonus," as that term is customarily used in conjunction with the Company's Annual Management Incentive Plan (the "MIP"), shall be 65% of Employee's Base Salary, with the actual amount of the bonus payment to be determined in accordance with all of the terms and provisions of the MIP, as it may be amended from time to time. The Employee's Target Bonus, and all other terms and conditions of Employee's participation in the MIP (including other bonus levels and performance goals) may be changed from time to time by the Company's Board of Directors or a Committee thereof in the exercise of its discretion. Employee also shall have the right to participate in any and all pension or profit sharing plans, stock purchase plans, executive retirement plans, any annuity or group benefit plans and any medical plans and other benefit plans that are now or in the future may be maintained by Company for its Senior Executive Officers, all in accordance with the terms and conditions of the plans. Company will provide Employee with an automobile and an active membership in a country club of Employee's choice in accordance with the policies and practices applicable to Senior Executive Officers. The automobile and country club policies for Senior Executive Officers may be modified from time to time. For purposes of this Agreement, the term "Senior Executive Officer" includes any Del Webb Corporation Executive Xxxx Xxxsident, Senior Vice President or Vice President.

Incentive and Benefit Plans. Employee shall participate in any incentive compensation plans maintained by the Company for "Senior Executive Officers", as such term is defined below. For the 2000 fiscal year, Employee's "Target Bonus," as that term is customarily used in conjunction with the Company's Annual Management Incentive Plan (the "MIP"), shall be 65% of Employee's Base Salary, with the actual amount of the bonus payment to be determined in accordance with all of the terms and provisions of the MIP, as it may be amended from time to time. The Employee's Target Bonus, and all other terms and conditions of Employee's participation in the MIP (including other bonus levels and performance goals) may be changed from time to time by the Company's Board of Directors or a Committee thereof in the exercise of its discretion. Employee also shall have the right to participate in any and all pension or profit sharing plans, stock purchase plans, executive retirement plans, any annuity or group benefit plans and any medical plans and other benefit plans that are now or in the future may be maintained by Company for its Senior Executive Officers, all in accordance with the terms and conditions of the plans. Company will provide Employee with an automobile and an active membership in a country club of Employee's choice in accordance with the policies and practices applicable to Senior Executive Officers. The automobile and country club policies for Senior Executive Officers may be modified from time to time. For purposes of this Agreement, the term "Senior Executive Officer" includes any Del Webb Xxx Xxxx Corporation Executive Xxxx XxxsidentVice President, Senior Vice President or Vice President.

Incentive and Benefit Plans. Employee shall participate in any incentive compensation plans maintained by the Company for "Senior Del Webb Corporation 1995 Executive Officers", as such term is defined below. For the 2000 fiscal year, Employee's "Target Bonus," as that term is customarily used in conjunction with the Company's Annual Management Incentive Plan (the xxx "MIPXMIP"), shall be 65% of Employee's Base Salary, with the actual amount of the bonus payment to be determined in accordance with all of the terms ) and provisions of the MIP, as it may be amended from time to timeany successors thereto. The Employee's Target Bonus, incentive compensation and all other terms and conditions of Employee's participation in the MIP EMIP (including other bonus incentive compensation levels and performance goals) may be changed from time to time by the Company's Board of Directors or a Committee thereof in the exercise of its discretion. Employee also shall have the right to participate in any and all pension or profit sharing plans, stock purchase plans, executive retirement plans, any annuity or group benefit plans and any medical plans and other benefit plans (other than the Company's Management Incentive Plan ("MIP"), which is replaced by participation in the EMIP) that are now or in the future may be maintained by Company for its Senior Executive Officers, all in accordance with the terms and conditions of the plans. Company will provide Employee with an automobile and an active membership in a country club of Employee's choice in accordance with the policies and practices applicable to Senior Executive Officers. The automobile and country club policies for Senior Executive Officers may be modified from time to time. For purposes of this Agreement, the term "Senior Executive Officer" includes Employee and any Del Webb Corporation Executive Xxxx XxxsidentVice President, Senior Vice President or Vice Presixxxx xx Xice President.