Short Term Annual Incentive Compensation Sample Clauses

Short Term Annual Incentive Compensation. Pursuant to Employer’s short term annual incentive plan, as in effect from time to time (which plan shall be intended to be compliant with Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”)), subject to Section 4(b)(iv) below, Officer shall receive Short Term Annual Incentive Compensation (“STAIC”) for each fiscal year of the Employment Term. The STAIC shall be calculated utilizing a base level amount equal to one percent (1%) of Employer’s prior fiscal year net income as reflected in the Employer’s financial statements for the prior fiscal year (subject to adjustment as provided herein) (the “Base Level”), which Base Level shall be multiplied by a percentage determined by the one-year earnings per share growth (“EPS”) as follows (the “Base Level Multiplier”) and with linear interpolation between each Base Level Multiplier (except if below five percent (5%) or above seventeen percent (17%)), subject to this Section 4(b)(i) and Section 4(b)(iv) below: EPS Base Level Multiplier Below 5% 0 5% 25 % 10% 50 % 13% 75 % 15% 100 % Greater than or equal to 17% 125 % The STAIC award may be adjusted downward from zero (0) to twenty percent (20%) based on mutually agreed upon qualitative factors including, but not limited to, succession planning, leadership, quality of earnings, quality and effectiveness of enterprise risk management and quality of relationship and compliance with regulatory agencies that are, in good faith, established at the beginning of the performance period by the Compensation Committee and subjectively evaluated by the Compensation Committee at the end of the performance period. Notwithstanding the foregoing definition of Base Level, in the event that Employer’s net income for a prior year was negative or, in the sole discretion of the Compensation Committee, reflected a substantial decline from the previous year, the Compensation Committee may, in its sole discretion, within the time period permitted by section 162(m) of the Code for setting such year’s annual bonus goals, elect to use one percent (1%) of Employer’s current fiscal year net income (the “Alternative Base Level”). In such event, Officer’s STAIC award for such fiscal year shall be the greater of the amount calculated pursuant to the terms described in this Section 4(b)(i) without regard to the prior sentence, or seventy-five percent (75%) of the Alternative Base Level.
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Short Term Annual Incentive Compensation. Pursuant to Employer’s short term annual incentive plan, as in effect from time to time (which plan shall be intended to be compliant with Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”)), subject to Section 4(b)(iv) below, Officer shall receive Short Term Annual Incentive Compensation (“STAIC”) for each fiscal year of the Employment Term. The STAIC shall be calculated utilizing a base level amount equal to one-half of one percent (0.5%) of Employer’s prior fiscal year net income as reflected in the Employer’s financial statements for the prior fiscal year (subject to adjustment as provided herein) (the “Base Level”), which Base Level shall be multiplied by a percentage determined by an individual annual short-term incentive plan pursuant to the Senior Manager Cash Incentive Plan Policy. Notwithstanding the foregoing definition of Base Level, in the event that Employer’s net income for a prior year was negative or, in the sole discretion of the Compensation Committee, reflected a substantial decline from the previous year, the Compensation Committee may, in its sole discretion, within the time period permitted by section 162(m) of the Code for setting such year’s annual bonus goals, elect to use one-half of one percent (0.5%) of Employer’s current fiscal year net income (the “Alternative Base Level”). In such event, Officer’s STAIC award for such fiscal year shall be the greater of the amount calculated pursuant to the terms described in this Section 4(b)(i) without regard to the prior sentence, or seventy-five percent (75%) of the Alternative Base Level. The STAIC shall be paid in the calendar year following the calendar year to which the STAIC relates but no later than March 15 of such year.

Related to Short Term Annual Incentive Compensation

  • Short-Term Incentive Compensation In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive.

  • Annual Incentive Compensation (a) The Executive shall be eligible to receive annual bonus compensation, if any, as may be determined by, and based on performance measures established by, the Board of Directors upon the recommendation of the Compensation Committee of the Board of Directors (the “Committee”) consistent with the Employer’s strategic planning process and in consultation with the Executive, pursuant to any incentive compensation program as may be adopted from time to time by the Board of Directors, based on recommendations by the Committee (an “Annual Bonus”).

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

  • Incentive and Bonus Compensation The Executive shall be eligible to participate in the Company’s existing and future bonus and stock option plans and other incentive compensation programs for similarly situated executives (collectively, “Plans”), to the extent that the Executive is qualified to participate in any such Plan under the generally applicable provisions thereof in effect from time to time. Such eligibility is not a guarantee of participation in or of the receipt of any award, payment or other compensation under any Plan. To the extent the Executive does participate in a Plan and the Plan does not expressly provide otherwise, the Chief Executive Officer and/or the Board, as appropriate, may determine all terms of participation (including, without limitation, the type and size of any award, payment or other compensation and the timing and conditions of receipt thereof by the Executive) in the Chief Executive Officer’s or the Board’s sole and absolute discretion. Nothing herein shall be deemed to prohibit the Company or the Board from amending or terminating any and all Plans in its sole and absolute discretion. Except as otherwise provided herein, the terms of each Plan shall govern the Executive’s rights and obligations thereunder during the Executive’s employment and upon the termination thereof. Without limiting the generality of the foregoing, the definition of “Cause” hereunder shall not supersede the definition of “cause” in any Plan (unless the Plan expressly defers to the definition of “cause” under an executive’s employment agreement) and any rights of the Executive hereunder upon and subsequent to the termination of the Executive’s employment shall be in addition to, and not in lieu of, any right of the Executive under any Plan then in effect upon or subsequent to a termination of employment.

  • Long-term Incentive Compensation Programs During the Employment Period, the Executive shall participate in all long-term incentive compensation programs (including, without limitation, programs providing for the grant of stock options and other equity-based awards) for key executives at a level that is commensurate with the Executive's participation in such plans immediately prior to the Effective Date, or, if more favorable to the Executive, at the level made available to the Executive or other similarly situated officers at any time thereafter.

  • Bonus and Incentive Compensation Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

  • Annual Incentive The Employee shall be entitled to receive a percentage of the Employee's Target Incentive for the calendar year in which such termination occurs. Such percentage shall equal a fraction, the numerator of which shall be the number of days in such calendar year up to and including the date of such termination and the denominator of which shall be the number of days in such calendar year. Such amount shall be payable according to the normal practice of the Company with respect to the payment of bonuses.

  • Incentive Bonus Compensation The Executive shall be eligible for incentive bonus compensation for each Fiscal Year in an amount to be determined by the Board of Directors or any committee thereof ("INCENTIVE BONUS COMPENSATION").

  • Cash Incentive Compensation During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time. The Executive’s initial target annual cash incentive compensation shall be 40 percent of the Executive’s Base Salary. Except as otherwise provided herein, to earn cash incentive compensation, the Executive must be employed by the Company on the day such cash incentive compensation is paid.

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