Incentive Payment

Incentive Payment. Means a payment under this Plan made in cash to a Participant, subject to Section 4 hereof.

Incentive Payment. In the event of a Change in Control, Executive shall be entitled to receive an "Incentive Payment." Subject to the terms hereof, such payment will be made in a lump-sum sixty (60) days following the date of the Change in Control or as soon as administratively practicable thereafter but in no event later than 21⁄2 months after the close of the year in which the Change in Control occurs. The Incentive Payment shall equal the sum of Executive's bonus and incentive compensation otherwise payable... under the terms of the Company's Short-Term and Long-Term Incentive Plans determined on a pro rata basis for Executive's services and performance to the date of the Change in Control and based on full and immediate vesting as of the date of the Change in Control. Notwithstanding any provision herein to the contrary, in the event an Incentive Payment is deferred compensation under Section 409A of the Code, such Incentive Payment shall be fully vested with respect to the pro rata portion for Executive's services and performance to the date of the Change in Control and paid out pursuant to the terms of the awards and underlying plans. View More