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.
Incentive Awards. As additional compensation, Executive will be eligible to receive discretionary annual bonuses and/or long term incentive compensation (“Incentive Awards”) pursuant to the terms and conditions of Inspire’s annual bonus plan and/or Inspire’s long term incentive plan (jointly, “Incentive Plans”) which may be adopted, amended, supplemented, terminated and/or replaced by Inspire from time to time. With reference to the Incentive Plans, the parties understand as follows:
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. 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 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. 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 (20%) x Base Salary corporate performance bonus = corporate performance level achieved (Threshold, Target or Superior percentage) x corporate goals allocation percentage (80%) 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").
Incentive Awards. In the event of a Change in Control of the Company, then notwithstanding the terms and conditions of any Incentive Plan, the Company agrees (i) to immediately and fully vest all unvested awards, units, and benefits (other than options to acquire securities of the Company or awards of securities of the Company) which have been awarded or allocated to the Executive under the Incentive Plans; and (ii) upon the exercise of such awards or units or the distribution of such benefits, to pay all amounts due under the Incentive Plans solely in cash.
