Common use of Bonus Programs Clause in Contracts

Bonus Programs. The Executive shall be eligible to participate in the Company's Annual Incentive Plan (“AIP”) and Long-Term Incentive Plan (“LTIP”). Incentive targets and maximums are set by the Board of Directors and may increase or decrease based upon market data and/or other studies conducted by the Company and the Board, or based on the discretion of the Board of Directors. Subject to review by the FHFA (or successor agency), the Executive's target under the Company's AIP and LTIP will not be set lower than 25% and 35%, respectively, of base salary except as a result of a board decision affecting all named executive officers, such as a nondiscriminatory cost reduction plan applicable to the Company's total compensation budget.

Bonus Programs. The Executive shall be eligible to participate in the Company's Annual Incentive Plan (“AIP”) and Long-Term Incentive Plan (“LTIP”). Incentive targets and maximums are set by the Board of Directors and may increase or decrease based upon market data and/or other studies conducted by the Company and the Board, or based on the discretion of the Board of Directors. Subject to review by the FHFA (or successor agency), the Executive's target under the Company's AIP and LTIP will not be set lower than 2535% and 3540%, respectively, of base salary except as a result of a board decision affecting all named executive officers, such as a nondiscriminatory cost reduction plan applicable to the Company's total compensation budget.

Bonus Programs. The Executive shall be eligible to participate in all incentive plans (“Incentive Plans”) approved from time to time by the Company's Annual Incentive Plan (“AIP”) and Long-Term Incentive Plan (“LTIP”)Board of Directors. Incentive targets and maximums are set by the Board of Directors and may increase or decrease based upon market data and/or other studies conducted by the Company and the Board, or based on the discretion of the Board of Directors. Subject to review by the FHFA (or successor agency), the Executive's target under the Company's AIP and LTIP an Incentive Plan that is effective for 2012 or any year thereafter will not be set lower than 2560% and 35%, respectively, of base salary except as a result of a board decision affecting all named executive officers, such as a nondiscriminatory cost reduction plan applicable to the Company's total compensation budget.