Incentive Date definition
Examples of Incentive Date in a sentence
Notwithstanding the foregoing, if your employment is terminated without “cause” after the First Incentive Date and prior to the Second Incentive Date, you will be entitled to receive a pro-rated amount of the Second Incentive Bonus, provided that you timely execute and do not revoke a Release in accordance with Section 2(C) below.
Notwithstanding the foregoing, if your employment is terminated without “cause” prior to the First Incentive Date, you will be entitled to receive a pro-rated amount of the First Incentive Bonus, provided that you timely execute and do not revoke a Release in accordance with Section 2(C) below.
If your employment is terminated for “cause” or you voluntarily terminate your employment prior to the First Incentive Date, you will not receive any portion of the First Incentive Bonus, even if you are rehired.
If your employment is terminated without “cause” prior to the First Incentive Date or the Second Incentive Date, as applicable, payment of the pro-rated portion of the First Incentive Bonus or the Second Incentive Bonus, as applicable, determined in accordance with Section 2(A) or 2(B), respectively, shall be subject to you signing and not revoking the Release and provided that such Release is effective within sixty (60) days following your termination of employment.
In the event that Employee is employed by the Company or its successor as of the Incentive Date, the Company shall pay to Employee a retention bonus (the “Retention Bonus”), in a lump sum payment, in an amount equal to twenty five percent (25%) of Employee’s annual base salary.
Such lump sum payment(s) shall be made within ten (10) days following the Incentive Date or the Change of Control Date, as applicable.
If your employment is terminated for “cause” or you voluntarily terminate your employment prior to the Second Incentive Date, you will not receive any portion of the Second Incentive Bonus, even if you are rehired.
For purposes of this Section 2, the rate of Employee’s base salary for purposes of determining his or her Retention Bonus and Change of Control Bonus shall be the Employee’s annual base salary as in effect immediately prior to the Incentive Date or the Change of Control Date, as applicable.
Payment of the Second Incentive Bonus shall be made in a lump sum, subject to tax withholding and other authorized deductions, upon a regularly scheduled Company payroll date, within sixty (60) days following the Second Incentive Date.
Notwithstanding the foregoing, if the Executive’s employment is terminated by the Company without Cause on or after January 1, 2012 but prior to the Second Incentive Date, the Executive will be entitled to receive a pro-rated amount of the Second Incentive Bonus, provided that Executive timely executes and does not revoke a Release in accordance with Section III.D.3 below.