Common use of Executive Incentive Plan Clause in Contracts

Executive Incentive Plan. You will be eligible for the 2013 Executive Incentive Plan (“EIP”). Your EIP bonus opportunity will be prorated from your effective hire date and your target incentive amount will be equal to 70% of your annualized base salary. The EIP plan can payout anywhere between zero and 150% of target if the company’s performance exceeds the performance goals. The actual amount of any such bonus will be determined in accordance with the terms of the EIP. You must be employed on the last day of the bonus year to be eligible for any bonus payout, where applicable. Additional information regarding the 2013 program will be made available to you in March. For the 2013 EIP, you will receive the greater of 50% of your target incentive amount ($175,000) or the actual amount earned in accordance with the actual plan results for the year. This payout would occur in the same time frame as other incentive payments.