Common use of Incentive Based Compensation Clause in Contracts

Incentive Based Compensation. Provided Executive is employed as of December 31 in a year for which incentive based compensation is to be paid, Executive shall be eligible to receive incentive based compensation (the “Incentive Based Compensation”) pursuant to the terms of an incentive plan to be established and approved by the Compensation Committee for each year of the Term (the “Annual Incentive Plan”). For calendar year 2024 of the Term, the Annual Incentive Plan shall be established and approved on or before May 31, 2024. For all other years of the Term, the Annual Incentive Plan shall be established on or before March 31 of the year to which the Annual Incentive Plan applies. Each Annual Incentive Plan shall be provided to Executive promptly following its approval. Incentive Based Compensation earned pursuant to an Annual Incentive Plan shall be paid to Executive on or before February 28 of the year following the year in which the Incentive Based Compensation was earned.