Annual Incentive Amount definition
Annual Incentive Amount shall have the meaning set forth in Section 6.2.1(2) of this Agreement.
Annual Incentive Amount means the amount that would have been payable to the Senior Officer under the EnPro Industries, Inc. Senior Executive Annual Performance Plan or Management Annual Performance Plan, as applicable, at the conclusion of the year in which the Qualifying Termination occurs had the Senior Officer remained employed through the end of such year, based upon the Company’s actual financial results for such year, not to exceed the amount that would have been paid had Target Performance Levels been achieved for such year.
Annual Incentive Amount is defined as (i) an amount equal to the average of the aggregate annual short-term incentive amounts earned by Executive pursuant to the President’s Incentive Plan in respect of the three (3) consecutive calendar years ending on the December 31 last preceding the date of the CICA Severance Termination, or such lesser number of consecutive calendar years as Executive has been employed by the Bank following the Effective Date and (ii) an amount equal to the average of the aggregate long-term incentive amounts earned by Executive pursuant to the EPUP in respect of the three (3) consecutive calendar years ending on the December 31 last preceding the date of the CICA Severance Termination, or such lesser number of consecutive calendar years as Executive has be employed by the Bank following the Effective Date. For purposes of determining Executive’s Annual Incentive Amount, (i) if Executive received no annual short-term incentive amounts in respect of a calendar year due to a failure to meet applicable performance objectives, such calendar year will nevertheless be taken into account (using Zero (0) as the applicable amount) in calculating Executive’s Annual Incentive Amount, and (ii) if Executive was employed during a portion of a calendar year only and received a prorated short-term annual incentive amount taking into account his or her employment for only a portion of the year, the amount so received shall be annualized for purposes of calculating Executive’s Annual Incentive Amount. If any portion of the short-term annual incentive amount or long-term incentive amount earned by Executive consisted of securities or other property, the value of that portion of the incentive for purposes of this Agreement shall be the fair market value thereof determined in good faith by the Board. For the period beginning on the date of CICA Severance Termination and ending on the one hundred eightieth (180th) calendar day following the first anniversary of the date of termination (or, if earlier, the date on which Executive accepts employment with another employer that provides comparable benefits in terms of cost and scope of coverage), the Bank shall pay for and provide Executive and his or her dependents with healthcare and life insurance benefits which are substantially the same as the benefits provided to Executive immediately prior to the date of termination; provided that Executive's right to continued healthcare and life insurance benefits following his Termination ...
Examples of Annual Incentive Amount in a sentence
For purposes of this Section 7(b)(i) and Section 7(b)(iv), the "Severance Annual Incentive Amount" shall be 50% of the current annual base salary referred to above.
If the aggregate of the Quarterly Incentive Amounts received by the Advisor for such year (but not taking into account any prior years) is less than the Annual Incentive Amount, then the Company shall pay the Advisor such shortfall (the "Remaining Amount").
On the other hand, if the aggregate of the Quarterly Incentive Amounts received by the Advisor during such year (but not taking into account any prior years) exceeds the Annual Incentive Amount, then the Advisor shall pay the Company such excess (the "Advisor Refund").
Officer who experiences a Qualifying Termination shall be entitled to receive a pro-rata portion of the Senior Officer’s Annual Incentive Amount (based upon the period of time from the beginning of the applicable performance period through the Senior Officer’s termination date) in a lump sum cash payment made no later than March 15 of the year following termination of the Senior Officer’s employment.
The term of this Agreement shall end, and the payment of the Annual Incentive Amount to the Company, shall terminate, at the End of the Term, as defined in the Plan.
On the other hand, if the aggregate of the Quarterly Incentive Amounts received by the Manager during such year (but not taking into account any prior years) exceeds the Annual Incentive Amount, then the Manager shall pay the Company such excess (the “Manager Refund”).
If the aggregate of the Quarterly Incentive Amounts received by the Manager for such year (but not taking into account any prior years) is less than the Annual Incentive Amount, then the Company shall pay the Manager such shortfall (the “Remaining Amount”).
More Definitions of Annual Incentive Amount
Annual Incentive Amount means an amount equal to the average of the aggregate annual short-term incentive amounts earned by Executive, pursuant to the [President's Incentive Plan/Executive Incentive Plan] in respect of the three (3) consecutive calendar years ending on the December 31 last preceding the date of termination of Executive's employment, or such lesser number of consecutive calendar years ending on such date during which Executive was employed by the Bank if Executive was not employed by the Bank during each of those three (3) calendar years. For purposes of determining Executive's Annual Incentive Amount, (i) if Executive received no annual short-term incentive amounts in respect of a calendar year due to a failure to meet applicable performance objectives, such calendar year will nevertheless be taken into account (using zero (0) as the applicable amount) in calculating Executive's Annual Incentive Amount, and (ii) if Executive was employed during a portion of a calendar year only and received a prorated short-term annual incentive amount taking into account his or her employment for only a portion of the year, the amount so received shall be annualized for purposes of calculating Executive's Annual Incentive Amount. If any portion of the short-term annual incentive amount earned by Executive consisted of securities or other property, the value of that portion of the incentive for purposes of this Agreement shall be the fair market value thereof determined in good faith by the Board.
Annual Incentive Amount. Annual Incentive Amount" means an amount equal to the average of the aggregate annual short-term incentive amounts earned by Executive, pursuant to the [President's Incentive Plan/Executive Incentive Plan] in respect of the three (3) consecutive calendar years ending on the December 31 last preceding the date of termination of Executive's employment, or such lesser number of consecutive calendar years ending on such date during which Executive was employed by the Bank if Executive was not employed by the Bank during each of those three (3) calendar years. For purposes of determining Executive's Annual Incentive Amount, (i) if Executive received no annual short-term incentive amounts in respect of a calendar year due to a failure to meet applicable performance objectives, such calendar year will nevertheless be taken into account (using zero (0) as the applicable amount) in calculating Executive's Annual Incentive Amount, and (ii) if Executive was employed during a portion of a calendar year only and received a prorated short-term annual incentive amount taking into account his or her employment for only a portion of the year, the amount so received shall be annualized for purposes of calculating Executive's Annual Incentive Amount. If any portion of the short-term annual incentive amount earned by Executive consisted of securities or other property, the value of that portion of the incentive for purposes of this Agreement shall be the fair market value thereof determined in good faith by the Board.
Annual Incentive Amount is defined as an amount equal to the average of the aggregate EIP Annual Awards (including the short- and long-term components), in respect of the three (3) consecutive calendar years ending on the December 31 last preceding the date of the termination of employment, or such lesser number of consecutive calendar years as Executive has participated in the EIP. For purposes of determining Executive's Annual Incentive Amount, (i) if Executive received no EIP Annual Award for a calendar year due to a failure to meet applicable performance objectives, such calendar year will nevertheless be taken into account (using Zero (0) as the applicable amount) in calculating Executive’s Annual Incentive Amount, and (ii) if Executive was employed during a portion of a calendar year only and received a prorated EIP Annual Award taking into account the Executive’s employment for only a portion of the year, the amount so received shall be annualized for purposes of calculating Executive’s Annual Incentive Amount. If any portion of the EIP Annual Awards earned by Executive consisted of securities or other property, the value of that portion of the incentive for purposes of this Agreement shall be the fair market value thereof determined in good faith by the Board; and
Annual Incentive Amount means the amount of Eleven Thousand Eight Hundred Forty-Six Dollars and Fifty Cents ($11,846.50) for each Measurement Year.
Annual Incentive Amount means the amount that would have been payable to the Senior Officer under any annual bonus plan of the Company at the conclusion of the fiscal year in which the Qualifying Termination occurs had the Senior Officer remained employed through the end of such fiscal year and based upon Target Performance Levels for such year (without regard to the Company’s actual performance).