Common use of Performance Incentive Plan Clause in Contracts

Performance Incentive Plan. As may be determined and authorized from time to time in the sole discretion of the Compensation Committee, and subject to the terms and conditions of any equity compensation plans and award agreements governing the grant of equity awards, the Executive shall be eligible to participate in the Company’s Performance Incentive Plan or successor program (the “PIP”), with a targeted equity award (“TEA”) based upon a percentage of the Executive’s Base Salary. Per the terms of the PIP, after the end of each fiscal year, the Compensation Committee shall make an equity grant to the Executive, the value of which will be based on the Executive’s TEA. Any equity grants made pursuant to the PIP shall be dependent upon the achievement of performance goals, and the vesting and other terms and conditions of such equity grants shall be determined by the Compensation Committee in its sole discretion.