Common use of MICP Clause in Contracts

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 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 incentive bonus incentive award received by of the Executive under the Corporation's Management Incentive Compensation PlanPlan (the "MICP"), 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.