MICP. The Plan Amount in respect of the Company's Management Incentive Compensation Plans ("MICP") and/or the 1997 Performance Incentive Plan ("1997 PIP") shall consist of an amount equal to the sum of all amounts awarded to the Executive under, but deferred pursuant to, the MICP and/or the 1997 PIP as of the date of the Change of Control and all amounts equivalent to interest creditable thereon up to the date that the Plan Amount is paid. Upon receipt of that Plan Amount, the Executive shall waive his rights to receive any amounts under the MICP and/or the 1997 PIP that were deferred prior to the Change of Control and any interest equivalents thereon.
MICP. The Executive shall be awarded for each fiscal year ending within the Employment Period an annual bonus (the "Annual Bonus") in cash at least equal to the target annual bonus incentive award received by the Executive under the Corporation's Management Incentive Compensation Plan, or any other annual incentive bonus plan maintained by the Corporation from time to time (the "MICP") for the fiscal year in which the Change in Control occurs. Each Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus in accordance with rules established by the Corporation for that purpose.
MICP. The Plan Amount in respect of the Company's Management Incentive Compensation Plans ("MICP") shall consist of an amount equal to the sum of all amounts awarded to the Executive under, but deferred pursuant to, the MICP as of the date of the Change of Control and all amounts equivalent to interest creditable thereon up to the date that the Plan Amount is paid. Upon receipt of that Plan Amount, the Executive shall waive his rights to receive any amounts under the MICP that were deferred prior to the Change of Control and any interest equivalents thereon. Section 2.4.
MICP. The term "MICP" means STERIS's Management Incentive Compensation Plan as in effect for STERIS's 1998 Fiscal Year and any later year and any similar plan that may be implemented in place of the plan from time to time thereafter.
MICP. During each of the Covered Years, (i) all MICP bonuses shall be paid in cash; (ii) if Threshold Net Income is not achieved, no MICP cash bonus will be paid; (iii) if actual net income exceeds Threshold Net Income, but is less than Target Net Income, or exceeds Target Net Income but is less than Maximum Net Income, the percentage of the MICP bonus shall be proportionately increased above the Threshold bonus amount or the Target Bonus amount, as the case may be, and (iv) if actual net income equals or exceeds Maximum Net Income, the Maximum MICP cash bonus will be paid, but no additional cash bonus will be payable under the MICP regardless of the amount by which actual net income in that Covered Year exceeds Maximum Net Income. The following table sets forth information regarding the MICP Net Income Threshold, Target and Maximum and cash bonuses. MICP 2012 2013 2014 THRESHOLD Net Income $ 1,500,000 $ 1,700,000 $ 2,100,000 MICP Cash Bonus $ 70,000 $ 70,000 $ 70,000 (% of Target Bonus) (50 )% (50 )% (50 )% TARGET Net Income $ 2,100,000 $ 2,300,000 $ 2,800,000 MICP Cash Bonus $ 140,000 $ 140,000 $ 140,000 (% of Base Salary) (50 )% (50 )% (50 )% MAXIMUM Net Income $ 2,600,000 $ 2,900,000 $ 3,500,000 MICP Cash Bonus $ 210,000 $ 210,000 $ 210,000 (% of Target Bonus) (150 )% (150 )% (150 )% Notwithstanding the foregoing and the information contained in any of the tables contained in this Exhibit, and regardless of the actual net income achieved by the Company in the first Covered Year, the MICP cash bonus shall not be less than the amount of the MICP cash bonus that would be payable if the Target Net Income was achieved in the first Covered Year (50% of Base Salary).
MICP. Mobile Intensive Care Paramedic. State licensed to provide BLS and ALS level care.
MICP. Purchaser shall cause Composites to maintain, without modification, the ICI Composites Management Incentive Compensation Plan ("MICP") through at least December 31, 1995, and to make the payments due under the MICP for 1995 by March 15, 1996. Effective January 1, 1996, Purchaser may cause Composites to replace the MICP with a new short term bonus plan for the Composites Employees eligible for the MICP on the Closing Date.
MICP. The Plan Amount in respect of the Company's Management Incentive Compensation Plans ("MICP") and/or the 1997 Performance Incentive Plan ("1997 PIP") shall consist of an amount equal to the sum of all amounts awarded to the Executive under, but deferred
MICP. Executive shall be entitled to participate in Employer's Management Incentive Compensation Plan (the "MICP") and shall be entitled to awards granted pursuant to the terms thereof as determined by the Board. 2.3.
MICP. Executive shall be eligible to participate in the Company's Management Incentive Compensation Plan ("MICP") in 1998, 1999, 2000 and 2001 subject to all the terms and conditions in such plan except that (i) his target for each such year shall be set under this Agreement and (ii) if Executive's employment terminates for any reason other than by the Company for Good Cause (as defined in Paragraph 6(a)(3)) after 1998, he shall be treated under Section 14.1 of the MICP as if he had retired. A copy of the MICP as in effect as of the Effective Date is attached to this Agreement as Exhibit A. Executive's target under the MICP for 1998 shall be (i) $490,000, pro rated for the period from the Effective Date through December 31, 1998 but reduced for the portion of any bonus payable under any BetzDearborn Inc. bonus program which is attributable to such proration period; (ii) $490,000 for 1999; (iii) $600,000 for 2000; and (iv) 90% of his Base Salary in effect on January 1, 2001 for 2001; provided, however, 5 that if Executive terminates employment on or after the expiration of the Term but prior to December 31, 2001, payments made to him under MICP for 2001 shall be pro rated.
