EICP definition
Examples of EICP in a sentence
If a bonus for the prior calendar year has not been paid under EICP as of the Executive’s Covered Termination Date, then Executive will be entitled to the actual amount of the bonus determined under the EICP for such prior calendar year (such amount to be determined without the exercise of any downward discretion), in a lump sum in cash at the same time such bonus is paid to other EICP participants.
If a bonus is paid under the EICP after Executive’s Covered Termination Date occurs for the immediately preceding calendar year, then Executive will be entitled to an amount equal to the product of (A) the Salary and (B) the Target Bonus Percentage (or, if greater, the actual amount of the bonus determined under the EICP for such prior calendar year), in a lump sum in cash at the later of (i) the 60th day after the Covered Termination Date and (ii) the time such bonus is paid to other EICP participants.
For purposes of this Agreement, all references to long-term incentive features refer to any performance shares, performance units, stock grants, or other long-term incentive arrangements under the 1995 EICP or other plans of the Company and any successor or replacement to the 1995 EICP or other plans of the Company.
In the event that one or more executives are added to the number sharing the EICP and the sum of the percentages of the added executives exceeds the unallocated six percent of the EICP; or in the event that one or more executives are removed from sharing in the EICP, an equitable adjustment shall be made in the size of the EICP so that no executive then sharing in the EICP is disadvantaged or benefited by such change in the number sharing in the EICP.
An amount equal to two (2) times the sum of (i) the Salary, and (ii) Executive’s target award under the EICP for the year in which the Covered Termination Date occurs, in a lump sum in cash on the 60th day after the Covered Termination Date.