Target Incentive Payment definition

Target Incentive Payment shall, with respect to each Specified Executive, have the meaning set forth in the Specified Executive Agreement of such individual.

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Target Incentive Payment means, with respect to a Participant, the amount set forth as the Participant’s “Target Incentive Payment” in the Participant’s Award Notice.

Target Incentive Payment means the target annual incentive opportunity expressed as a percentage of the Executive’s Annual Base Salary under the Company’s 2013 Omnibus Compensation Plan (or any predecessor or successor plan thereto) as in effect for the year in which the Date of Termination occurs, or, if higher, or if no Target Incentive Payment has been established for such year, the annual incentive payment paid or payable (in cash or equity) to the Executive in respect of the fiscal year of the Company ending immediately prior to the year in which the Change in Control occurs.

Examples of Target Incentive Payment in a sentence

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.
The establishment of such criteria and the necessary standards of performance for partial or full earning of the Target Incentive Payment Amount shall be at the sole discretion of the Compensation Committee.
The Executive’s estate shall be entitled to receive a prorated Target Incentive Payment for the calendar year in which the Executive’s death occurs, equal to the highest Target Incentive Payment that the Executive could have earned in such year multiplied by a fraction, the numerator of which is the number of days from the first day of such calendar year through date of the Executive’s death and the denominator of which is 365.
Criteria for earning the Target Incentive Payment Amount will be established by the Compensation Committee based on the Company’s financial performance, the Executive’s contributions to the Company and other appropriate factors.
The actual amount of the Target Incentive Payment earned will be based on the performance of the Company and the Executive against such criteria as well as other factors deemed relevant by the Compensation Committee.
The actual Annual Incentive Payment may be higher or lower than the Target Incentive Payment based on actual performance as determined by the Compensation Committee in accordance with the Visa Inc.
The Chief Executive Officer, Board, or the Board’s Compensation Committee, shall reasonably determine the extent to which the Target Incentive Payment has been earned and shall ensure that the Target Incentive Payment complies with Sound Incentive Compensation Planning Guidelines and other restrictions applicable to financial institutions.
Under the Target Incentive Payment Plan, the Executive will be eligible to earn a target incentive payment (the “Target Incentive Payment”) each year of not less than $2,500,000 (the “Target Incentive Payment Amount”).
The Target Incentive Payment shall be reviewed annually by the Compensation Committee pursuant to its normal performance review policies for senior executives and may be increased but not decreased.
The Chief Executive Officer, or his designee, shall reasonably determine the extent to which the Target Incentive Payment has been earned and shall ensure that the Target Incentive Payment complies with Sound Incentive Compensation Planning Guidelines and other regulations or restrictions applicable to financial institutions.

More Definitions of Target Incentive Payment

Target Incentive Payment means the amount equal to the product of (i) the Participant’s Annual Base Salary and (ii) the target incentive payment percentage applicable to the Participant under the Visa Inc. Incentive Plan (or any substitute or successor plan thereto) for the fiscal year of the Company in which the Date of Termination occurs (if no such target percentage has been established for such fiscal year, the target incentive payment percentage applicable to the Participant for the immediately preceding fiscal year of the Company), or, following a Change of Control, for the fiscal year of the Company ending immediately prior to such Change of Control if use of this percentage results in a higher amount.