Common use of MIP Bonus; Accrued Obligations Clause in Contracts

MIP Bonus; Accrued Obligations. Upon the occurrence of a Termination Event, Employee shall receive payment of (i) the Accrued Obligations and (ii) his or her pro rata portion (based on the number of calendar months or portion thereof elapsed during the year as of the Termination Event) of that year’s target/base bonus amount under the Company’s Management Incentive Bonus Plan (the ‘MIP’), accrued as of the date of the Termination Event, if any, less any applicable withholding of federal, state or local taxes. Such MIP bonus, if any, and Accrued Obligations shall be paid in a single, lump-sum payment within forty-five (45) days following the date of the Termination Event, subject to the limitations set forth in Section 4.6, if applicable.”