Target IBT definition
Target IBT means, for each Fiscal Year, the forecasted amount of IBT to be earned by the Company pursuant to a budgetary forecast or financial plan which shall be prepared annually by the Executive in consultation with senior executives of the Company and approved by resolution of the Board of Directors annually prior to the beginning of such Fiscal Year (or such later date as shall be approved by the Board of Directors) in order to establish levels of Incentive Bonus Compensation with respect to such Fiscal Year in accordance with ss.5(b) of the Agreement.
Target IBT means, for each of 1999 and 2000, the amounts set forth on Exhibit I hereto.
Examples of Target IBT in a sentence
For any Fiscal Year, in the event that Target IBT exceeds the Target Adjustment Amount, the amount of Incentive Bonus Compensation payable for such Fiscal Year shall be adjusted by multiplying the amount calculated as set forth in clauses (i), (ii) and (iii) of Section 5(c) above by a fraction, the numerator of which is the Target Adjustment Amount and the denominator of which is the Target IBT less one-half of the amount by which the Target IBT exceeds the Target Adjustment Amount.