Annual Incentive definition
Examples of Annual Incentive in a sentence
If the Employee timely executes this Agreement and remains an employee of the Company during the Transition Period, he will (a) continue to receive his current base salary during the Transition Period and (b) be eligible to receive the full target bonus under the Annual Incentive Plan in respect of the year 2024.
In accordance with Section 2 of this agreement, the Employee shall be entitled to receive a pro rata portion of the target bonus under the Annual Incentive Plan in respect of year 2024 based on the number of days the Employee was employed with the Company from the first date of the Annual Incentive Plan year through the Separation Date over 365.
Such prorated target bonus will be payable at the same time bonuses under the Annual Incentive Plan are paid to other senior executive of the Company (and in all events no later than March 15, 2025).
Employee will be entitled to participate in the Bank’s employee benefit plans, including the Amended 2004 Annual Incentive Award Plan or its successor, 401(k) savings plan, medical, dental, vision, long-term disability, and short term disability benefits or insurance programs on the same basis as any of those benefits or insurance programs are available generally to other officers of similar position under the Bank’s then current personnel policies.
The Target Bonus in respect of the year 2024 will be payable at the time bonus amounts are payable to other employees of the Company Group and will be in lieu of any other amount payable to the Employee under the Annual Incentive Plan in respect of the year 2024.