Pro-Rated Bonus Payment. Executive will be eligible to receive a portion of Executive’s incentive compensation payment for the fiscal year of the qualified termination of employment, pro-rated based on time employed during the fiscal year (the “Pro-Rated Bonus”). Payment of the Pro-Rated Bonus will be subject to the terms and conditions of the underlying incentive compensation plan and, accordingly, will only be paid only to the extent that performance metrics in the plan are achieved. The Pro-Rated Bonus will be paid at the same time as payments to other executives in the applicable incentive compensation plan, and in all cases no later than March 15th of the year following the year of the qualified termination of employment, subject to Section 5(c). Notwithstanding Section 11(b) of this Agreement, the benefit under this clause (iii) may be unilaterally amended and replaced by the Company with a substantially similar benefit in order to comply Section 162(m) of the Code.
Appears in 4 contracts
Samples: Change in Control and Severance Agreement (On Deck Capital, Inc.), Change in Control and Severance Agreement (On Deck Capital, Inc.), Change in Control and Severance Agreement (On Deck Capital Inc)
