MICP. The Plan Amount in respect of the Company's Management Incentive Compensation Plans ("MICP") and/or the 1997 Performance Incentive Plan ("1997 PIP") shall consist of an amount equal to the sum of all amounts awarded to the Executive under, but deferred pursuant to, the MICP and/or the 1997 PIP as of the date of the Change of Control and all amounts equivalent to interest creditable thereon up to the date that the Plan Amount is paid. Upon receipt of that Plan Amount, the Executive shall waive his rights to receive any amounts under the MICP and/or the 1997 PIP that were deferred prior to the Change of Control and any interest equivalents thereon.
MICP. The Executive shall be awarded for each fiscal year ending within the Employment Period an annual bonus (the "Annual Bonus") in cash at least equal to the target annual bonus incentive award received by the Executive under the Corporation's Management Incentive Compensation Plan, or any other annual incentive bonus plan maintained by the Corporation from time to time (the "MICP") for the fiscal year in which the Change in Control occurs. Each Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus in accordance with rules established by the Corporation for that purpose.
MICP. The Plan Amount in respect of the Company's Management Incentive Compensation Plans ("MICP") shall consist of an amount equal to the sum of all amounts awarded to the Executive under, but deferred pursuant to, the MICP as of the date of the Change of Control and all amounts equivalent to interest creditable thereon up to the date that the Plan Amount is paid. Upon receipt of that Plan Amount, the Executive shall waive his rights to receive any amounts under the MICP that were deferred prior to the Change of Control and any interest equivalents thereon.
MICP. The term "MICP" means STERIS's Management Incentive Compensation Plan as in effect for STERIS's 1998 Fiscal Year and any later year and any similar plan that may be implemented in place of the plan from time to time thereafter.
MICP. During each of the Covered Years, (i) all MICP bonuses shall be paid in cash; (ii) if Threshold Net Income is not achieved, no MICP cash bonus will be paid; (iii) if actual net income exceeds Threshold Net Income, but is less than Target Net Income, or exceeds Target Net Income but is less than Maximum Net Income, the percentage of the MICP bonus shall be proportionately increased above the Threshold bonus amount or the Target Bonus amount, as the case may be, and (iv) if actual net income equals or exceeds Maximum Net Income, the Maximum MICP cash bonus will be paid, but no additional cash bonus will be payable under the MICP regardless of the amount by which actual net income in that Covered Year exceeds Maximum Net Income. The following table sets forth information regarding the MICP Net Income Threshold, Target and Maximum and cash bonuses. MICP 2012 2013 2014 THRESHOLD Net Income $ 1,500,000 $ 1,700,000 $ 2,100,000 MICP Cash Bonus $ 70,000 $ 70,000 $ 70,000 (% of Target Bonus) (50 )% (50 )% (50 )% TARGET Net Income $ 2,100,000 $ 2,300,000 $ 2,800,000 MICP Cash Bonus $ 140,000 $ 140,000 $ 140,000 (% of Base Salary) (50 )% (50 )% (50 )% MAXIMUM Net Income $ 2,600,000 $ 2,900,000 $ 3,500,000 MICP Cash Bonus $ 210,000 $ 210,000 $ 210,000 (% of Target Bonus) (150 )% (150 )% (150 )% Notwithstanding the foregoing and the information contained in any of the tables contained in this Exhibit, and regardless of the actual net income achieved by the Company in the first Covered Year, the MICP cash bonus shall not be less than the amount of the MICP cash bonus that would be payable if the Target Net Income was achieved in the first Covered Year (50% of Base Salary).
MICP. Xxxxx will be eligible for his full (unprorated) FY17 MICP payment to the extent Cantel makes MICP payments generally with respect to the fiscal year ending July 31, 2017 (“FY17”); provided, however, that in the event of an Earlier Separation Date by Xxxxx, Xxxxx’x MICP payment for FY17 will be paid on a prorated basis, based on the number of days Xxxxx was employed during FY17. The MICP payment is subject to the terms and conditions of the FY17 Executive Compensation Memorandum, including, without limitation, the approval of the Compensation Committee of Cantel’s Board of Directors. Such payment will be made in a lump sum at the time that MICP payments are made to Cantel employees generally under the terms of the FY17 Executive Compensation Memorandum.
MICP. Mobile Intensive Care Paramedic. State licensed to provide BLS and ALS level care.
MICP. Executive shall be entitled to participate in Employer's Management Incentive Compensation Plan (the "MICP") and shall be entitled to awards granted pursuant to the terms thereof as determined by the Board.
MICP. The Plan Amount in respect of the Company's Management Incentive Compensation Plans ("MICP") and/or the 1997 Performance Incentive Plan ("1997 PIP") shall consist of an amount equal to the sum of all amounts awarded to the Executive under, but deferred
MICP. Purchaser shall cause Composites to maintain, without modification, the ICI Composites Management Incentive Compensation Plan ("MICP") through at least December 31, 1995, and to make the payments due under the MICP for 1995 by March 15, 1996. Effective January 1, 1996, Purchaser may cause Composites to replace the MICP with a new short term bonus plan for the Composites Employees eligible for the MICP on the Closing Date.
