Definition of PMIP Incentive Pay

  1. PMIP Incentive Pay means bonus and/or incentive compensation payable to eligible managers employed at the Hotel as of the Closing Date payable in the 2013 calendar year that is based on the performance of the Hotel in the 2012 calendar year in accordance with Employers' policies and procedures for calculating and paying such bonus and/or incentive compensation.

Examples of PMIP Incentive Pay in a sentence

  1. The PMIP Incentive Pay and SIP Incentive Pay shall be prorated as of the Cut-Off Time between Seller and Purchaser.

Definition of PMIP Incentive Pay in Purchase and Sale Agreement

PMIP Incentive Pay means bonus and/or incentive compensation payable to eligible managers employed at the Hotel as of the Closing Date payable in the 2013 calendar year that is based on the performance of the Hotel in the 2012 calendar year in accordance with Employers' policies and procedures for calculating and paying such bonus and/or incentive compensation.