Incentive Awards a) The Executive shall participate in the Company's annual incentive plan for senior-level executives as in effect from time to time, subject to the performance standards set by the Compensation Committee. Payment of any annual incentive award shall be made at the same time that such awards are paid to other senior-level executives of the Company. The Executive's annual incentive award target shall be set by the Compensation Committee.
Incentive Awards. As additional compensation, Executive will be eligible to receive discretionary annual bonuses and/or long term incentive compensation (“Incentive Awards”) pursuant to the terms and conditions of Inspire’s annual bonus plan and/or Inspire’s long term incentive plan (jointly, “Incentive Plans”) which may be adopted, amended, supplemented, terminated and/or replaced by Inspire from time to time. With reference to the Incentive Plans, the parties understand as follows:
Incentive Awards. On or about the Effective Date (or previously), the Company will make (or has made) a grant of restricted stock, stock options, restricted stock units, stock appreciation rights and/or similar stock-based awards to Executive as a long-term incentive for performance and in consideration for entering into this Agreement. Executive shall be entitled to further grants of incentive awards as determined by the Compensation Committee.
Incentive Awards. In the Compensation Committee’s discretion, the Company may provide the Executive with annual equity grants, or cash awards in lieu of such grants, which shall be comparable to the grants or awards made to similarly situated executives of the Company.
Incentive Awards. In addition to Annual Base Salary, the Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual incentive award (the “Annual Incentive Award”) and a long-term incentive award (which may be designated as a performance unit award)(the “Long-Term Cash Incentive Award” and together with the Annual Incentive Award, the “Incentive Awards”) in cash at least equal to the average annualized (for any fiscal year consisting of less than twelve full months or with respect to which the Executive has been employed by the Company for less than twelve full months) annual incentive award and long-term cash incentive award, respectively, paid or payable, including by reason of any deferral, to the Executive by the Company and its affiliated companies in respect of the three fiscal years immediately preceding the fiscal year in which the Effective Date occurs (together, the “Recent Incentive Awards”); provided, however, that for any year of such three-year period in which the actual incentive awards were less than the target level of such incentive awards, then the target levels of such incentive awards shall be used for purposes of the foregoing formula. Each such Annual Incentive Award and Long-Term Cash Incentive Award shall be paid no later than two and one-half months after the fiscal year for which the Annual Incentive Award or the Long-Term Cash Incentive Award, as the case may be, is awarded, unless the Executive shall elect to defer the receipt of such Annual Incentive Award or Long-Term Cash Incentive Award, which deferrals shall be made in accordance with the provisions of Section 409A of the Code.
Incentive Awards. The Executive shall receive a cash payment in a single sum, within 10 days following the Executive’s Date of Termination, and no later than the Last Payment Date, in the amount equal a pro rata portion of the “target” full year’s bonus for the Executive under such bonus plan or program for the portion of the year ending on the date of the termination, with a partial month counted as a completed month.
Incentive Awards. A. During the Term, the Executive shall be eligible to participate in annual and long-term incentive plans applicable to comparable executives of the Company.
Incentive Awards. Provided that the Executive is employed by the Company as of December 31, 2004, the Executive shall be entitled to a fixed bonus for the 2004 calendar year in the amount of $125,000, subject to the review and concurrence of the Compensation Committee after the end of the 2004 calendar year. Starting in 2005, the Executive shall be entitled to receive an annual cash incentive bonus for each calendar year during the Term of this Agreement consistent with a bonus policy adopted by the Board or the Compensation Committee for each calendar year (which bonus policy shall be adopted during the first 90 days of each calendar year) containing individual performance goals for participants and corporate performance goals set at Threshold, Target, Superior and Outperformance levels, and allocating each participant's annual cash incentive bonus on a percentage basis between individual and corporate performance goals (the "Bonus Policy"). The Board or the Compensation Committee shall meet during the first 90 days of each calendar year to determine the relevant goals for the current calendar year and to reach determination regarding bonus entitlement for the prior calendar year. For each calendar year, the annual incentive bonus shall be determined under the Bonus Policy in effect for such calendar year with reference to the Executive's attainment of his individual performance goals and the Company's attainment of the overall corporate goals, as follows: total annual incentive bonus = individual performance bonus + corporate performance bonus where: individual performance bonus = individual performance level achieved (Threshold, Target, Superior or Outperformance percentage) × individual goals allocation percentage (20%) × Base Salary corporate performance bonus = corporate performance level achieved (Threshold, Target, Superior or Outperformance percentage) × corporate goals allocation percentage (80%) × Base Salary
Incentive Awards. If any of the events described in Section 1 hereof constituting a change in control shall have occurred, then any award you have received under the 1994 Incentive Award Plan or a successor plan will be vested and any restrictions placed on such awards will lapse as of the date the change in control is completed ("Change in Control Date").
Incentive Awards. Paraprofessionals II shall be entitled to annual Incentive Awards in accordance with the following schedule. It is understood that these Incentive Awards will only continue so long as the employee continues to periodically take refresher courses.
