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.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.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.
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.
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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.
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