Incentive Compensation Payment. During the term of this Agreement, Executive shall be eligible to receive an annual target incentive compensation payment for each Fiscal Year, beginning with the Fiscal Year ending March 31, 2002, and continuing through and including the Fiscal Year ending March 31, 2004, the amount of which incentive compensation payment shall be determined pursuant to the terms and conditions of the Company's Executive Incentive Program based on a target award percentage equal to seventy-five percent (75%).
Incentive Compensation Payment. A. Following the close of each calendar year, the Company will compute the Incentive Compensation Payment for the previous calendar year in accordance with the following schedule and report to the Agent.
Incentive Compensation Payment. Regardless of whether Executive signs this Agreement, the Parties agree that First Charter shall pay Executive his regular 2004 Annual Incentive Plan payment in accordance with the terms and conditions of such plan, payable by First Charter to Executive in a lump sum amount at the same time and in the same manner as all other 2004 Annual Incentive Program payments are made by First Charter to other executives, less appropriate deductions required by law for the payment of wages, including for state and federal taxes and FICA. The Parties further agree that despite any terms and conditions of such plan to the contrary, Executive's separation from employment with First Charter will not result in a forfeiture of the 2004 Annual Incentive Plan amounts set forth in this provision 5.
Incentive Compensation Payment. Company shall pay Employee any earned payments for calendar year 2004 under that certain 2004 Incentive Compensation Plan. Any payments to which Employee is entitled under the 2004 Incentive Compensation Plan shall be payable to Employee after a determination by Company that the applicable Company, team and personal performance goals have been achieved for calendar year 2004. Any payments to which Employee is entitled under the 2004 Incentive Compensation Plan shall be paid to Employee at the same time as the Company makes payment to the other participants of the 2004 Incentive Compensation Plan, but in any event payment, if applicable, shall be made to Employee no later than March 31, 2005. Any payment shall be subject to federal and state withholding taxes and FICA.
Incentive Compensation Payment. First Charter agrees that despite Executive’s transition from active employment as President and Chief Executive Officer of First Charter effective upon the Role Transition Date, following the Effective Date of this Agreement (as defined in provision 16 below), and provided all conditions of this Agreement are met by Executive, First Charter shall pay Executive a pro-rated bonus as a participant in the First Charter Annual Incentive Plan for fiscal year 2005 (ending December 31, 2005) through the June 30, 2005 Role Transition Date (the “Pro-Rata Annual Incentive Bonus”). Such Pro-Rata Annual Incentive Bonus shall be based upon achievement of established corporate and individual goals and objectives and subject to funding criteria being met, as determined by the Board. In addition, Executive’s ongoing active participation in such plan shall end as of the Separation Date. For example, based upon Executive’s June 30, 2005 Role Transition Date, if upon calculation of the Annual Incentive Bonus amounts for employees after the end of fiscal year 2005 Executive would have received a $10,000 bonus had Executive remained actively employed with First Charter at the time of such bonus payout, Executive would receive 6/12th of such amount as a Pro-Rata Annual Incentive Bonus = .50 x $10,000 = $5,000. The applicable timing for making payments under the First Charter Annual Incentive Plan will be governed by the terms and conditions of such plan, such that Executive shall receive payment for Executive’s Pro Rata Annual Incentive Bonus if and as eligible at the same time and in the same manner as other then ongoing employee plan participants at First Charter, which payments generally occur in or about February 2006. In addition, Executive and First Charter agree that any such Pro-Rata Incentive Bonus payment will be subject to all required withholdings and deductions, as appropriate. The Parties further agree that despite any terms and conditions of such plan to the contrary, Executive’s separation from employment with First Charter effective upon the Separation Date will not result in a forfeiture of the 2005 Annual Incentive Plan amounts set forth in this provision 4.f.
Incentive Compensation Payment
