Target Incentive Plan Clause Samples
The Target Incentive Plan clause defines the structure and terms under which employees or executives are eligible to receive incentive-based compensation tied to specific performance goals. Typically, this clause outlines the criteria for earning incentives, such as achieving sales targets, project milestones, or other measurable objectives, and may specify the calculation method and timing of payouts. Its core practical function is to motivate and reward desired performance, aligning individual or team efforts with the organization's strategic objectives.
Target Incentive Plan. Executive will be eligible to participate in the Company’s Target Incentive Plan, and for such annual bonuses as are payable under the plan (“Incentive Bonus”).
Target Incentive Plan. The Target Incentive Plan shall be terminated and cancelled as of the Effective Time and shall not be assumed by Acquiror and the administrator(s) of the Target Incentive Plan shall have taken such actions as are necessary or advisable to effect the transactions contemplated by this Agreement relating to the Target Incentive Plan, automatically converting each holder of an outstanding Target Option immediately prior to the Effective Time into the right to receive, without interest, on a per-share basis, an amount of cash equal to the consideration for the shares of Target Common Stock underlying such Target Option minus the aggregate exercise price set forth in the applicable Target Options as reflected in the Target Capitalization Spreadsheet, less all applicable tax withholding and other deductions (which shall be withheld and paid by the Surviving Corporation).
Target Incentive Plan. As of the Effective Time, the Target Incentive Plan, together with each Target Option, whether vested or unvested, shall have been terminated and cancelled and Target shall have delivered evidence of such termination and cancellation to Acquiror as Acquiror shall have requested. The administrator(s) of the Target Incentive Plan shall take such actions as are necessary or advisable to effect the transactions contemplated by this Agreement relating to the Target Incentive Plan; and
Target Incentive Plan. Executive will be eligible to participate in the Company’s 2001 Incentive Bonus Plan (“Bonus Plan”), and to receive such annual bonuses as are payable under that plan; provided, however, that with respect to the Company’s fiscal year 2013 (“Fiscal 2013”), upon the Compensation Committee certifying the Company’s achievement of the target under the Bonus Plan and the Company satisfying the secondary performance goal under the Management Bonus Plan of target earnings per share, Executive’s annual bonus for Fiscal 2013 under the Bonus Plan will become payable to her in an amount equal to at least $700,000 (subject to lawfully required withholdings).