Estimated Incentive Bonus definition
Estimated Incentive Bonus means the average annual incentive bonuses per annum paid by the Company to Employee in respect of the previously completed fiscal calendar year(s) or, if none, an amount provided in Section 6(a)(ii). Notwithstanding anything to the contrary, in the event that Employee shall breach Section 7 hereof, in addition to any other remedies the Company may have, all of the Company's obligations to make payments pursuant to this Section 5(d) shall cease and Employee's rights thereto shall immediately terminate and shall be forfeited in all respects. Payment made in accordance with this Section 5(d) shall operate to fully discharge and release the Company and its affiliates and agents from any further liability or obligation with respect to Employee's employment and termination of employment. The payment of amounts under this Section 5(d) shall be conditioned upon the delivery by the Employee to the Company of a release in form and substance reasonably satisfactory to the Company.
Examples of Estimated Incentive Bonus in a sentence
In such event, the Employee shall also be entitled to receive an amount equal to one year of the Estimated Incentive Bonus, which amount shall be payable in a lump sum as soon as practicable after the termination of employment.