Common use of Short-Term Bonuses Clause in Contracts

Short-Term Bonuses. In addition to the Annual Base Salary, the Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to the annualized amount of the pre-established maximum short-term bonus(es) that may be earned by the Executive under the Company’s short-term incentive plan(s), or any comparable bonus under any predecessor or successor plan(s), including, without limitation, the Company’s Performance Incentive Compensation Plan and the Executive Incentive Compensation Plan, in each case, as in effect from time to time (the “Short-Term Bonus Plans”), for the fiscal year in which the Effective Date occurs or, if no short-term bonus(es) are established for such year, the fiscal year immediately preceding the fiscal year in which the Effective Date occurs (the “Maximum Annual Bonus”). Each such Annual Bonus shall be paid no later than 30 days after the end of the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus pursuant to an arrangement that meets the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).