Target Annual Incentive definition

Target Annual Incentive. , as of any date, means the amount equal to the product of a Participant’s Base Salary multiplied by the percentage of such Base Salary to which such Participant would be entitled as an annual incentive, based on the terms in effect on such date under any annual incentive plans for the performance period for which the annual incentive is awarded if the performance goals established pursuant to such bonus plan were achieved at the 100% (target) level as of the end of the performance period, but disregarding any reduction in Target Annual Incentive that would constitute Good Reason.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Target Annual Incentive means the award that the Executive would have received under the Senior Officer Annual Incentive Compensation Plan or such other annual incentive compensation plan applicable to such Executive for the year in which the Executive’s termination occurs, if one hundred percent (100%) of the annual target award has been earned. Executives not participating in an annual incentive compensation plan that has predefined target levels will be treated as though they were participants in an annual incentive plan with such targets and will be assigned the same annual target percent as their participating peers in a comparable salary grade.

Target Annual Incentive means (a) with respect to a Participant whose annual target bonus is expressed as a percentage of Annual Base Salary, the Participant’s target annual bonus under the Company’s annual bonus program in which the Participant is covered at the time of his or her Date of Termination or Change in Control, if greater, (b) with respect to a Participant whose annual target bonus is expressed as a fixed target value, the Participant’s fixed target value under the Company’s annual bonus program in which the Participant is covered at the time of his or her Date of Termination or Change in Control, if greater, and (c) with respect to all other Participants, the average of the Participant’s actual annual bonus payouts for each of the two (2) years prior to the year of the Participant’s Date of Termination.

Examples of Target Annual Incentive in a sentence

The actual Annual Incentive earned in any particular year may be greater or lower than the Target Annual Incentive, depending on the level of achievement of the applicable performance goals and the discretion of the Board.
Should the Company elect to increase any element of the Executive's compensation during the Term, the Agreement shall be deemed amended to incorporate the new increased Salary or Target Annual Incentive or Target Long-Term Incentive effective as of the date specified for the increase.
The amount earned by you in respect of your Target Annual Incentive is discretionary and subject to your individual and Company performance, as determined by the Compensation and Personnel Committee of the Board.
For purposes of this Agreement, “Average Incentive Compensation” shall mean the average of the Target Annual Incentive Compensation received by the Executive for the three immediately preceding fiscal years.
As additional severance (and not in lieu of any annual incentive for the fiscal year in which your Date of Termination occurs), a severance payment equal to 1.5 times the sum of your Base Salary and Target Annual Incentive.

More Definitions of Target Annual Incentive

Target Annual Incentive means the Participant’s target annual cash incentive in effect immediately prior to the Change in Control, or, if higher, immediately prior to the Date of Termination.

Target Annual Incentive means the annual incentive amount that would have been payable to the Executive for the Company’s fiscal year in which the Termination occurred under the applicable NIC-sponsored annual incentive or bonus plan(s), program(s), or policy(ies), including, but not limited to, the Company’s Annual Incentive Plan, assuming the “targeted” level of performance required for payment of such annual incentive or bonus was achieved for such fiscal year of Termination and assuming Executive’s employment had not terminated.

Target Annual Incentive means a Participant’s target bonus opportunity under the AIP for the fiscal year in which the Participant’s Qualified Termination occurs.

Target Annual Incentive means the Participant’s target annual incentive (bonus) opportunity pursuant to the Company’s applicable annual incentive plan in effect immediately prior to the Termination Date.

Target Annual Incentive means a Participant’s then-current target Annual Incentive opportunity.

Target Annual Incentive means, with respect to any Participant, the Participant’s target annual incentive opportunity under the annual incentive plan of the Company or a U.S. Affiliate applicable to the Participant for the fiscal year which includes the Date of Termination, or, if no target has been set with respect to the Participant for such fiscal year, the target annual incentive opportunity for the immediately preceding fiscal year; provided that, solely with respect to a Group I Participant, the Participant’s Target Annual Incentive shall be determined prior to any reduction in the Participant’s target annual incentive opportunity that would qualify as a Good Reason termination event.

Target Annual Incentive means the dollar value of the Participant’s target annual incentive opportunity as in effect as of the Date of Termination, and if the Date of Termination occurs during a Change in Control Protection Period, prior to any reduction that would qualify as a Good Reason termination event.