Payment in Lieu of Leadership Performance Plan Incentive Clause Samples

Payment in Lieu of Leadership Performance Plan Incentive. Safeco agrees to pay Employee the sum of Four Hundred Sixty Five Thousand Dollars ($465,000.00) in cash in lieu of any annual incentive payment Employee might have received in 2006 under the Leadership Performance Plan. For the current calendar year, Safeco also agrees to pay Employee his bonus at target in the amount of Four Hundred Thousand Dollars ($400,000) in cash, such sum being in addition to that provided in Section 2.1 above. Employee will not be entitled to any other bonus, incentive payment or other variable pay for past services. The sums specified in the Section shall also be paid in a lump sum within ten (10) business days of the Effective Date of the Agreement (see Paragraph 9.4).
View Source
Payment in Lieu of Leadership Performance Plan Incentive. Safeco agrees to pay Employee the sum of Two Hundred Sixty Two Thousand Five Hundred Dollars ($262,500.00) in cash in lieu of any annual incentive payment Employee might have received in 2007 under the Leadership Performance Plan. Employee will not be entitled to any other bonus, incentive payment or other variable pay for past services. The sums specified in this Section shall also be paid in a lump sum within ten (10) business days of the Termination Date or Effective Date of the Agreement, whichever is later.
View Source
Payment in Lieu of Leadership Performance Plan Incentive. The Company agrees to pay Employee the sum of Three Hundred Fifty Thousand Dollars ($350,000) in lieu of any annual incentive payment Employee might have received in 2004 under the Leadership Performance Plan. Employee shall not be entitled to any other bonus, incentive payment or other variable pay for past services or the current calendar year.
View Source
Payment in Lieu of Leadership Performance Plan Incentive. Safeco agrees to pay Employee the sum of Six Hundred Thousand Dollars ($600,000) in cash in lieu of any annual incentive payment Employee might have received in 2007 under the Leadership Performance Plan. Employee will not be entitled to any other bonus, incentive payment or other variable pay for past services. The sums specified in this Section shall also be subject to withholding and deductions and paid in a lump sum within ten (10) business days of the date of the normal bonus payouts under Safeco’s existing bonus programs, which payout date will be on or about March 9, 2007. Any such payment under this Section 2.2 is contingent upon Employee’s full and complete compliance with the terms, conditions and restrictions set forth in this Agreement.
View Source

Related to Payment in Lieu of Leadership Performance Plan Incentive

  • Long-Term Incentive Awards The Executive shall participate in any long-term incentive awards offered to senior executives of the Company, as determined by the Compensation Committee.

  • Long-Term Incentive Award During the Term, Executive shall be eligible to participate in the Company’s long-term incentive plan, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Long-Term Incentive Program During the Term, the Employee shall participate in all long-term incentive plans and programs of the Group that are applicable to its senior executives in accordance with their terms and in a manner consistent with his position with the Company.

  • Equity Incentive Awards The Executive shall be eligible to receive grants of equity-based long-term incentive awards, which may include options to purchase Company stock, performance or restricted stock units and Company restricted stock contributions to Company’s deferred compensation plan, or other equity-based awards. Such awards shall be determined in the discretion of the Board and the Executive shall be eligible for consideration for such awards in the same manner as other senior executive officers of the Company. In the event of a Change of Control in which the surviving or acquiring corporation does not assume the Executive’s outstanding equity-related awards (including options and equity-based awards granted both before and after the Effective Date) or substitute similar equity-related awards of substantially equivalent value, such equity-related awards shall immediately vest and become exercisable if the Executive’s service with the Company has not terminated before the effective date of the Change of Control; provided, however, that the foregoing provision shall only apply if the Company is not the surviving corporation or if shares of the Company’s common stock are converted into or exchanged for other securities or cash.