Common use of Annual Incentive Payment Clause in Contracts

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 100% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 hereof, the Executive shall receive a cash payment of $500,000.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 10050% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 4 hereof, the Executive shall receive a cash payment of $500,000.00 150,000.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 100150% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 hereof, the Executive shall receive a cash payment of $500,000.00 1,125,000.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 10050% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 4 hereof, the Executive shall receive a cash payment of $500,000.00 170,000.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 10050% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 4 hereof, the Executive shall receive a cash payment of $500,000.00 130,000.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 10050% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 4 hereof, the Executive shall receive a cash payment of $500,000.00 147,500.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 10050% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 4 hereof, the Executive shall receive a cash payment of $500,000.00 192,500.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 100150% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 hereof, the Executive shall receive a cash payment of $500,000.00 1,425,000.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 100% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 4 hereof, the Executive shall receive a cash payment of $500,000.00 400,000.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 100% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 4 hereof, the Executive shall receive a cash payment of $500,000.00 565,000.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.

Annual Incentive Payment. The Executive has a target bonus opportunity equal to 10050% of base salary under MONY’s Annual Incentive Compensation Plan (the “AICP”) for the 2003 bonus year. The Executive hereby waives the right to any payment for 2003 under the terms of the AICP. In lieu of such payment, subject to Section 5 4 hereof, the Executive shall receive a cash payment of $500,000.00 175,000.00 (less applicable tax withholdings) upon the Effective Time, provided, however, that, if the Merger does not close before March 2004, the Company, in its sole discretion, may pay any earned amounts under the AICP for the 2003 bonus year. In the event that, pursuant to the proviso in the second sentence of this paragraph 3, MONY elects, in its sole discretion, to make any payment in respect of the AICP for the 2003 bonus year prior to the Effective Time, the amount of such cash payment upon the Effective Time shall be correspondingly reduced.