Common use of MIP Bonus; Accrued Obligations Clause in Contracts

MIP Bonus; Accrued Obligations. Upon the occurrence of a Termination Event, Employee shall receive his or her pro rata portion (based on the number of calendar months or portion thereof elapsed during the year as of the date of the Termination Event) of that year’s target/base bonus amount under the Company’s Management Incentive Plan, accrued as of the date of the Termination Event, if any, less any applicable withholding of federal, state or local taxes. Such MIP bonus payment, if any, 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. Employee shall also be entitled to receive payment of the Accrued Obligations.