Existing Long Term Incentive Plan Sample Clauses

Existing Long Term Incentive Plan. The Executive's existing Long Term Incentive Plan Award pursuant to the MFW 2005 Long Term Incentive Plan (the "Prior LTIP") shall be cancelled in exchange for the cash payments in the next sentence. For fiscal year 2006, Executive shall receive a cash payment of $292,357 (based on reported results for 2006) and for fiscal year 2007 Executive shall receive a cash payment in an amount approved by the MFW Compensation Committee (collectively, the "Prior LTIP Payments"). The Prior LTIP Payments shall be paid to Executive as soon as practicable in order to avoid application of an additional or accelerated tax under Section 409A of the Code (as more fully set forth in Section 4.7 herein). For the avoidance of doubt, after Executive receives the Prior Plan Payments, Executive shall have no further right to any payment in respect of his Award under the Prior LTIP and the Prior LTIP shall be cancelled, effective not later than December 31, 2007.