Incentive Awards a) The Executive shall participate in the Company's annual incentive plan for senior-level executives as in effect from time to time, subject to the performance standards set by the Compensation Committee. Payment of any annual incentive award shall be made at the same time that such awards are paid to other senior-level executives of the Company. The Executive's annual incentive award target shall be set by the Compensation Committee.
b) The Executive shall be eligible to receive grants under the Company's long-term incentive plans as in effect from time to time; provided, however, that the size, type and other terms and conditions of any such grant to the Executive shall be determined by the Compensation Committee.
Incentive Awards. On or about the Effective Date (or previously), the Company will make (or has made) a grant of restricted stock, stock options, restricted stock units, stock appreciation rights and/or similar stock-based awards to Executive as a long-term incentive for performance and in consideration for entering into this Agreement. Executive shall be entitled to further grants of incentive awards as determined by the Compensation Committee.
Incentive Awards. In the Compensation Committee’s discretion, the Company may provide the Executive with annual equity grants, or cash awards in lieu of such grants, which shall be comparable to the grants or awards made to similarly situated executives of the Company.
Incentive Awards. (a) If EBIT for any Plan Year does not at least equal the Base Amount for such year, the Company shall not allocate any amounts to the Bonus Pool. Notwithstanding the foregoing or anything to the contrary contained herein, the Board of Directors may elect to make discretionary bonus payments, not paid from any Bonus Pool, in order to reward and retain such key employees as it shall deem appropriate.
(b) If EBIT for any Plan Year equals or exceeds the Base Amount for such year, the Company shall allocate 7% of EBIT to the Bonus Pool to be allocated among the Participants.
(c) The Bonus Pool, if any, for any Plan Year shall be calculated and paid to the Participants, in cash, within thirty (30) days after the Company's receipt of its audited financial statements for such year but not later than one hundred fifty (150) days following the end of such year; provided, however, that except as provided in paragraph (d) hereof, no portion of the Bonus Pool shall be paid to any Participant for any Plan Year if such Participant is not an employee of the Company at the end of such year.
(d) In the event that a Participant is not an employee of the Company at the end of a Plan Year because of his death, termination for disability or retirement during such year, the portion of the Bonus Pool, if any, payable to such Participant for such Plan Year shall be prorated to the date of death, date of termination for disability or date of retirement, and the portion of the Bonus Pool attributable to the part of the Plan Year prior to such date of death, termination or retirement shall be determined and paid to such Participant or his legal representative in accordance with paragraph (c) above. In the event that a Participant is not an employee of the Company at the end of a Plan Year because such Participant has either voluntarily terminated his employment or because of the termination of such Participant for any reason other than death, disability or retirement during such year, no portion of the Bonus Pool for such year shall be payable to such Participant.
(e) Any and all amounts payable under the Bonus Pool hereunder shall be subject to (i) applicable federal, state and local tax withholding requirements and (ii) the Company's obligations to comply with the covenants set forth in the Company's agreements with its lenders, and payment of any and all amounts payable under the Bonus Pool may be deferred in order to maintain the Company's compliance with such covenants. Such de...
Incentive Awards. The Executive shall receive a cash payment in a single sum, within 10 days following the Executive’s Date of Termination, and no later than the Last Payment Date, in the amount equal a pro rata portion of the “target” full year’s bonus for the Executive under such bonus plan or program for the portion of the year ending on the date of the termination, with a partial month counted as a completed month.
Incentive Awards. A. During the Term, the Executive shall be eligible to participate in annual and long-term incentive plans applicable to comparable executives of the Company.
Incentive Awards. On the Effective Date, Parent shall grant to the Executive such number of restricted shares of Parent's common stock (the "Restricted Stock"), pursuant to the terms of Parent's stock incentive plan, with a value, determined based upon the average of the closing prices of the Parent's common stock for each trading day from March 12, 2001 through the Effective Date, equal to the product of (x) two (2), and (y) the Annual Base Salary, plus the Executive's average annual bonus received from the Company (based on the immediately preceding two calendar years, or such lesser number of years if applicable) (the "Average Annual Bonus"). Except as otherwise provided herein, all restrictions on the shares of Restricted Stock shall lapse, and the shares shall be vested, with respect to one third ( 1/3) of such number of shares on the first anniversary of the date of grant, one third ( 1/3) of such number of shares on the second anniversary of the date of grant, and one third ( 1/3) of such number of shares on the third anniversary of the date of grant. In addition, on the Effective Date, Parent shall grant to the Executive 200,000 options to purchase Parent common stock (the "Option"), pursuant to the terms of Parent's stock incentive plan. The Option will have an exercise price equal to the fair market value of the stock subject thereto on the date of grant determined in accordance with the terms of and standard practice under Parent's stock incentive plan and shall vest and become exercisable on the third anniversary of the date of grant. As soon as practicable following the Effective Date, Parent and the Executive shall enter into a written stock option and restricted stock agreement under the terms of Parent's stock incentive plan containing the terms and provisions not inconsistent with those set forth herein. Without limiting the generality of Section 3(b)(iv) hereof, the Executive shall also be eligible for additional equity and non-equity awards under Parent's stock incentive and other long-term incentive compensation plans during the Retention Period, as determined by the Board of Directors of Parent or its delegate in the Board's or such delegate's sole discretion.
Incentive Awards. In addition to Annual Base Salary, the Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual cash incentive award (the “Annual Cash Incentive Award”) and a long-term incentive award (which may be designated as a performance unit award) (the “Long-Term Incentive Award” and together with the Annual Cash Incentive Award, the “Incentive Awards”) at least equal to the average annualized (for any fiscal year consisting of less than twelve full months or with respect to which the Executive has been employed by the Company for less than twelve full months) annual cash incentive award and long-term incentive award, respectively, paid or payable, including by reason of any deferral, to the Executive by the Company and its affiliated companies in respect of the three fiscal years immediately preceding the fiscal year in which the Effective Date occurs; provided, however, that for any year of such three-year period in which the actual incentive awards were less than the target level of such incentive awards, then the target levels of such incentive awards shall be used for purposes of the foregoing formula. Each such Annual Cash Incentive Award and Long-Term Incentive Award shall be paid no later than two and one-half months after the fiscal year for which the Annual Cash Incentive Award or the Long-Term Incentive Award, as the case may be, is awarded, unless the Executive shall elect to defer the receipt of such Annual Cash Incentive Award or Long-Term Incentive Award, which deferrals shall be made in accordance with the provisions of Section 409A of the Code.
Incentive Awards. The Executive shall be entitled to receive an annual cash incentive bonus for each calendar year during the Term of this Agreement consistent with a bonus policy adopted by the Board or the Compensation Committee for each calendar year (which bonus policy shall be adopted during the first 90 days of each calendar year) containing individual performance goals for participants and corporate performance goals set at Threshold, Target and Superior levels, and allocating each participant’s annual cash incentive bonus on a percentage basis between individual and corporate performance goals (the “Bonus Policy”). The Board or the Compensation Committee shall meet during the first 90 days of each calendar year (during the first 120 days for the 2006 calendar year) to determine the relevant goals for the current calendar year and to reach determination regarding bonus entitlement for the prior calendar year. For each calendar year, the annual incentive bonus shall be determined under the Bonus Policy in effect for such calendar year with reference to the Executive’s attainment of his individual performance goals and the Company’s attainment of the overall corporate goals, as follows: total annual incentive bonus = individual performance bonus + corporate performance bonus where: individual performance bonus = individual performance level achieved (Threshold, Target or Superior percentage) x individual goals allocation percentage (40%) x Base Salary corporate performance bonus = corporate performance level achieved (Threshold, Target or Superior percentage) x corporate goals allocation percentage (60%) x Base Salary The percentages established for the Executive for the performance bonus levels for 2006 shall be 40% for Threshold Level and 80% for Target Level and 120% for Superior Level. Except to the
Incentive Awards. If any of the events described in Section 1 hereof constituting a change in control shall have occurred, then any award you have received under the 1994 Incentive Award Plan or a successor plan will be vested and any restrictions placed on such awards will lapse as of the date the change in control is completed ("Change in Control Date").
