Target Incentive means the Incentive Award that may be earned if level performance for each performance measure is satisfied ("Target Performance"), subject to Committee discretion. Target performance is based upon historical data and management's best judgement as to expected performance during an applicable performance period.
During the Extended Employment Period, any annual incentive compensation payable to Executive shall be paid in accordance with the Company's usual practices with respect to payment of incentive compensation of senior executives, including, without limitation, the Company's Senior Management Target Incentive Plan and Salaried Employee Incentive Plan (except to the extent deferred).
The Executives target Incentive Payment opportunity under the incentive plan applicable to the Executive for each fiscal year during the Employment Period shall be determined by the Compensation Committee in its discretion with respect to each such fiscal year of the Company (the Target Incentive Payment).
The Employee shall be entitled to receive a percentage of the Employees Target Incentive for the calendar year in which such termination occurs.
Beginning with the Companys current fiscal year and for each fiscal year thereafter during the term of this Agreement, the Employee shall be eligible to receive an annual bonus under the Companys annual incentive plan (the Annual Incentive) based upon performance targets approved by the Compensation Committee of the Board (the Target Incentive) in its sole discretion.
This prorated Target Incentive Payment shall be paid in a single lump sum no later than March 15 of the calendar year following the calendar year in which the Termination Date occurs.