Common use of Long Term Incentive Bonus Clause in Contracts

Long Term Incentive Bonus. During the Term, the Executive shall be entitled to participate in the Company’s then-prevailing long-term incentive plan (“Long-Tenn Incentive”). The Executive’s actual Long-Term Incentive for a given year, if any, shall be determined on the basis of the Executive’s and/or the Company’s attainment of objective financial and/or other subjective or objective criteria established by the Board and communicated to the Executive at the beginning of such year. Each such Long-Term Incentive shall be payable on such date as is determined by the Board, but in any event within the period required by Section 409A of the Code such that it qualifies as a “short-term deferral” pursuant to Section l.409A-l(b)(4) of the Department of Treasury Regulations (or any successor thereto). Notwithstanding the foregoing, no Long-Term Incentive shall be payable with respect to any calendar year unless the Executive remains continuously employed with the Company through the date of payment, except as otherwise provided in Section 5.

Long Term Incentive Bonus. During In the event the Executive elects the Option Term, the Executive shall be entitled to participate in the Company’s then-prevailing long-term incentive plan (“Long-Tenn Term Incentive”). The Executive’s actual Long-Term Incentive for a given year, if any, shall be determined on the basis of the Executive’s and/or the Company’s attainment of objective financial and/or other subjective or objective criteria established by the Board and communicated to the Executive at the beginning of such year. Each such Long-Term Incentive shall be payable on such date as is determined by the Board, but in any event within the period required by Section 409A of the Code such that it qualifies as a “short-term deferral” pursuant to Section l.409A1.409A-l(b)(4) of the Department of Treasury Regulations (or any successor thereto). Notwithstanding the foregoing, no Long-Term Incentive shall be payable with respect to any calendar year unless the Executive remains continuously employed with the Company through the date of payment, except as otherwise provided in Section 5.