Common use of Target Incentive Payment Plan Clause in Contracts

Target Incentive Payment Plan. During the Term, the Company shall maintain and the Executive shall be entitled to participate in an annual incentive payment plan open to senior employees and certain other employees of the Company (the “Target Incentive Payment Plan”), which will provide for the payment of lump sum cash incentive payments to participants after the end of the calendar year to which such cash incentive payments relate (and in any event no later than March 15 of the year following the calendar year to which such cash incentive payments relate). Under the Target Incentive Payment Plan, the Executive will be eligible to earn a target incentive payment (the “Target Incentive Payment”) each year of not less than $2,500,000 (the “Target Incentive Payment Amount”). Criteria for earning the Target Incentive Payment Amount will be established by the Compensation Committee based on the Company’s financial performance, the Executive’s contributions to the Company and other appropriate factors. The actual amount of the Target Incentive Payment earned will be based on the performance of the Company and the Executive against such criteria as well as other factors deemed relevant by the Compensation Committee. The establishment of such criteria and the necessary standards of performance for partial or full earning of the Target Incentive Payment Amount shall be at the sole discretion of the Compensation Committee.

Target Incentive Payment Plan. During the Term, the Company shall maintain and the Executive shall be entitled to participate in an annual incentive payment plan open to senior employees and certain other employees of the Company (the “Target Incentive Payment Plan”), which will provide for the payment of lump sum cash incentive payments to participants after the end of the calendar year to which such cash incentive payments relate (and in any event no later than March 15 of the year following the calendar year to which such cash incentive payments relate). Under the Target Incentive Payment Plan, the Executive will be eligible to earn a target incentive payment (the “Target Incentive Payment”) each year of not less than $2,500,000 2,000,000 (the “Target Incentive Payment Amount”). Criteria for earning the Target Incentive Payment Amount will be established by the Compensation Committee based on the Company’s financial performance, the Executive’s contributions to the Company and other appropriate factors. The actual amount of the Target Incentive Payment earned will be based on the performance of the Company and the Executive against such criteria as well as other factors deemed relevant by the Compensation Committee. The establishment of such criteria and the necessary standards of performance for partial or full earning of the Target Incentive Payment Amount shall be at the sole discretion of the Compensation Committee.

Target Incentive Payment Plan. During the Term, the Company shall maintain and the Executive shall be entitled to participate in an annual incentive payment plan open to senior employees and certain other employees of the Company (the “Target Incentive Payment Plan”), which will provide for the payment of lump sum cash incentive payments to participants after the end of the calendar year to which such cash incentive payments relate (and in any event no later than March 15 of the year following the calendar year to which such cash incentive payments relate). Under the Target Incentive Payment Plan, the Executive will be eligible to earn a target incentive payment (the “Target Incentive Payment”) each year of not less than $2,500,000 600,000 (the “Target Incentive Payment Amount”). Criteria for earning the Target Incentive Payment Amount will be established by the Compensation Committee based on the Company’s financial performance, the Executive’s contributions to the Company and other appropriate factors. The actual amount of the Target Incentive Payment earned will be based on the performance of the Company and the Executive against such criteria as well as other factors deemed relevant by the Compensation Committee. The establishment of such criteria and the necessary standards of performance for partial or full earning of the Target Incentive Payment Amount shall be at the sole discretion of the Compensation Committee.

Target Incentive Payment Plan. During the Term, the Company shall maintain and the Executive shall be entitled to participate in an annual incentive payment plan open to senior employees and certain other employees of the Company (the “Target Incentive Payment Plan”), which will provide for the payment of lump sum cash incentive payments to participants after the end of the calendar year to which such cash incentive payments relate (and in any event no later than March 15 of the year following the calendar year to which such cash incentive payments relate). Under the Target Incentive Payment Plan, the Executive will be eligible to earn a target incentive payment (the “Target Incentive Payment”) each year of not less than $2,500,000 230% of the Executive’s Base Salary for such year (the “Target Incentive Payment Amount”). Criteria for earning the Target Incentive Payment Amount will be established by the Compensation Committee based on the Company’s financial performance, the Executive’s contributions to the Company and other appropriate factors. The actual amount of the Target Incentive Payment earned will be based on the performance of the Company and the Executive against such criteria as well as other factors deemed relevant by the Compensation Committee; provided, however, that the Executive shall receive a Target Incentive Payment each year equal to not less than 5% of the maximum Target Incentive Payment. The establishment of such criteria and the necessary standards of performance for partial or full earning of the Target Incentive Payment Amount shall be at the sole discretion of the Compensation Committee.

Target Incentive Payment Plan. During the Term, the Company shall maintain and the Executive shall be entitled to participate in an annual incentive payment plan open to senior employees and certain other employees of the Company (the “Target Incentive Payment Plan”), which will provide for the payment of lump sum cash incentive payments to participants after the end of the calendar year to which such cash incentive payments relate (and in any event no later than March 15 of the year following the calendar year to which such cash incentive payments relate). Under the Target Incentive Payment Plan, the Executive will be eligible to earn a target incentive payment (the “Target Incentive Payment”) each year of not less than $2,500,000 3,000,000 (the “Target Incentive Payment Amount”). Criteria for earning the Target Incentive Payment Amount will be established by the Compensation Committee based on the Company’s financial performance, the Executive’s contributions to the Company and other appropriate factors. The actual amount of the Target Incentive Payment earned will be based on the performance of the Company and the Executive against such criteria as well as other factors deemed relevant by the Compensation Committee. The establishment of such criteria and the necessary standards of performance for partial or full earning of the Target Incentive Payment Amount shall be at the sole discretion of the Compensation Committee.