Sip definition full#

If such termination occurs prior to the payment of the Executive’s Annual Bonus payable with respect to the immediately preceding calendar year and/or SIP Bonus payable with respect to the most recently completed performance period (as that term is defined in SIP), payment of such Annual Bonus and/or SIP Bonus for such period(s), in the amount(s), and at such time(s), as he would otherwise have been entitled under the terms of the BPP and the SIP, as applicable, had employment not terminated.Ĭash Bonus means an award of a bonus payable in cash pursuant to Section 10 hereof.Īnnual Bonus shall have the meaning set forth in Section 3(b).

In doing so he falsely claimed that he was entitled to receive the SIP Bonus. The old strike price is proportionally reduced by multiplying by a factor of 1000/2000.Įxecutive acknowledges and agrees that the payment of the SIP Bonus is subject to the Company’s stock ownership guidelines for corporate officers, as in effect from time to time, pursuant to which Executive is currently required to own shares of Company stock. Notwithstanding the foregoing, if there is any material change in GAAP during a Program Period that results in a material change in accounting for the revenues or expenses of the Company, the calculations of the SIP Bonus for such Program Period (the “GAAP Change Year”) shall be made as if such change in GAAP had not occurred during the GAAP Change Year.ĭuring the Term, the performance goals to be achieved, and the extent to which those goals have been achieved for purposes of calculating the amount of the actual payment as a percentage of the SIP Bonus, will be determined by the Committee.Įxecutive acknowledges and agrees that the payment of the SIP Bonus is subject to the Company’s stock ownership guidelines for corporate officers, as in effect from time to time, pursuant to which Executive is currently required to own 175,000 shares of Company stock. In determining the SIP Bonus for the year following a GAAP Change Year, the calculation shall be made after taking into account such change in GAAP.

Sip definition full#

During the Term, the Executive’s target SIP Bonus for each full calendar year shall be determined by the Committee in accordance with the terms of the SIP, as in effect from time to time (“Target SIP Bonus”).ĭuring the Term, the performance goals to be achieved, and the extent to which those goals have been achieved for purposes of calculating the amount of the actual payment as a percentage of the SIP Bonus, will be determined by the Committee or as delegated to the Chief Executive Officer.