Document:

vvi-ex10b4_639.htm

 

Exhibit 10.B4

 

VIAD CORP

MANAGEMENT INCENTIVE PLAN (MIP) 

ADMINISTRATIVE GUIDELINES

 

EFFECTIVE MAY 18, 2017

 

	
PURPOSE:
	
To provide, as contemplated by the 2017 Viad Corp Omnibus Incentive Plan ("Plan"), an annual incentive for key executives and employees to achieve financial and other performance measures established annually by the Human Resources Committee (the “Committee”) of the Board of Directors. 

 

PARTICIPATION:

 

	
Eligibility 
	
Limited to those executives and employees who significantly affect operating results or corporate functions. 

 

	

	
Participants must be recommended at the beginning of each year by Operating Group Presidents or Corporate Staff Officers and be approved by the Viad Corp Chief Executive Officer (“CEO”), with the exception of Section 16 Executive Officers (the “Executive Officers” or “Executive Officer”) who are approved by the Committee.  In all instances where these guidelines refer to the Chief Executive Officer or CEO as being authorized to take action, when the reference is with respect to any awards to Executive Officers, the power to act will be exercised exclusively by the Committee which within Viad serves the purposes of the Compensation Committee referenced in the IRC 162(m) regulations.

 

	
 
	
•
	
Corporate employees with a position reporting directly to an Executive Officer, or occupying salary grade 26 or above.  The participant must be a current employee at the time any award is paid out, subject to the terms of the Plan, unless special arrangements are made via a severance agreement, provided that in the case of an Executive Officer, no agreement shall award any portion of a bonus unless the performance criteria have, in fact, been achieved.

 

	
 
	
•
	
Operating Group employees occupying salary grade 26 or equivalent level or above.  The participant must be a current employee at the time any award is paid out, subject to the terms of the Plan, unless special arrangements are made via a severance agreement, provided that in the case of an Executive Officer, no agreement shall award any portion of a bonus unless the performance criteria have, in fact, been achieved.

 

	
 
	
•
	
Executive Officers' participation and target award levels must be approved by the Committee within 90 days of the beginning of the Plan Year.

 

	
 
	
•
	
May not be a participant in any other annual bonus or incentive plan.

 

	
 
	
•
	
For purposes of 162(m), an Executive Officer's bonus award may be reduced, but may not be increased from the formula/amount achieved and no reduction of another employee’s bonus award will increase the amount otherwise payable to an Executive Officer.

 

	
TERMS:
	
Participation and payment of awards will be subject to such terms, conditions, covenants, forfeiture, repayment and other provisions as may be determined by the Committee.

 

 

 

 

	
PLAN DESIGN:
	
Under MIP, key Operating Group and Corporate executives or employees may earn an incentive bonus based on a combination of Performance Measures selected by the Committee, with such measures to be established by the Committee on an annual basis.

 

	
AWARD APPROVAL: 
	
Recommendations on payment of individual bonus amounts are generally made by the CEO to the Committee for approval in February following the conclusion of a Plan year.

 

Achievement of a Company's financial and other goals alone does not guarantee payment of an incentive award.  The Operating Group President, the CEO and the Committee may use discretion, thereby increasing or decreasing an award to recognize the performance of each individual participant (except Executive Officers, whose awards may only be reduced).

 

The Committee may provide that threshold performance with respect to one or more measures is required before any bonus award can be earned with respect to other measures.

	

	
 

	
TARGET BONUS:
	
Target bonus guidelines are established for each participant, dependent upon organizational reporting relationships and other factors.  At Corporate, the range of bonus as a percent of salary is from 10% to 90%, and at the Operating Group level, the range of bonus as a percent of salary is from 10% to 55%, in each case subject to upward or downward adjustments of percentages by the Committee. 

 

The following tables are to be used as guidelines for target bonus percentages:

 

	
 
	
As a Percentage of Base Salary Earnings based on Company Achievement*
	
 

	
 

Operating Group and Subsidiary Positions**
	
 

Threshold***

(Based on Threshold Company Achievement Level)
	
 

Target

(Based on Target Company Achievement Level)
	
 

Cap 

(Based on Maximum Company Achievement Level)
	
 

 

Maximum Company Achievement Level

	
 
	
 
	
 
	
 
	
 

	
Group President
	
27.5%

 
	
55%

 
	
96.25%

 
	
175.0%

	
 
	
 
	
 
	
 
	
 

	
Company President, Executive Vice President, Senior Vice President, and Other Operating Executives
	
22.5%

20.0%

17.5%
	
45.0%

40.0%

35.0%
	
78.75%

70.0%

61.25%
	
175.0%

175.0%

175.0%

	
 
	
 
	
 
	
 
	
 

	
Vice Presidents
	
 

15.0%

12.5%
	
 

30.0%

25.0%
	
 

45.0%

37.5%
	
 

150.0%

150.0%

	
 
	
 
	
 
	
 
	
 

	
Key Management 
	
12.5%

10.0%

7.5%
	
25.0%

20.0%

15.0%
	
31.25%

25.00%

18.75%
	
125.0%

125.0%

125.0%

	
 
	
5.0%
	
10.0%
	
12.5%
	
125.0%

	
 
	
 
	
 
	
 
	
 

 

	
*
	
Base salary earnings refers to the salary paid to the executive or employee during the performance year, including any adjustments approved by the Committee at a meeting prior to or contemporaneous with establishment of the target bonus percentages for the performance period, even though such adjustments, if any, ordinarily do not take effect until  1st of April each year. 

 

	
**
	
Target Bonus, as determined by the Committee, is dependent upon grade level of position held, organizational reporting level and other factors.

 

2

 

	
***
	
Reflects minimum achievement of all performance targets.

 

	
 
	
As a Percentage of Base Salary Earnings based on Company Achievement*
	
 

	
Corporate Positions
	
 

Threshold***

(Based on Threshold Company Achievement Level)
	
 

Target

(Based on Target Company Achievement Level)
	
Cap

(Based on Maximum

Company Achievement Level)
	
 

Maximum Company Achievement Level

	
President & CEO
	
40.0%
	
90.0%
	
140.0%
	
175%

	
 
	
 
	
 
	
 
	
 

	
Senior Advisory Group
	
30.0%

27.5%

25.0%
	
60.0%

55.0%

50.0%
	
105.0%

96.25%

87.50%

 
	
175%

175%

175%

	
 
	
 
	
 
	
 
	
 

	
Corporate Staff Officers 
	
20.0%

17.5%
	
40.0%

35.0%
	
 70.0%

61.25%
	
175%

175%

	
 
	
 
	
 
	
 
	
 

	
Key Management**
	
 

15.0%

12.5%
	
 

30.0%

25.0%
	
 

 45.0%

 37.5%
	
 

150%

150%

	
 
	
 
	
 
	
 
	
 

	
 
	
10.0%  

7.5%

5.0%
	
20.0%

15.0%

10.0%
	
25.0% 

18.75%

12.5%
	
125%

125%

125%

	
 
	
 
	
 
	
 
	
 

 

	
*
	
Base salary earnings refers to the salary paid to the executive or employee during the performance year, including any adjustments approved by the Committee at a meeting prior to or contemporaneous with establishment of the target bonus percentages for the performance period, even though such adjustments, if any, ordinarily do not take effect until the 1st of April each year.

	
**
	
Target Bonus, as determined by the Committee, is dependent upon grade level of position held, organizational reporting level and other factors.

	
***
	
Reflects minimum of achievement of all performance targets.

 

TARGET AWARD:See example below:

 

	
 
	
•
	
Base Salary Earnings =$100,000

	
 
	
•
	
Target Bonus=30%

	
 
	
•
	
Capped Award=150% of Target Award

 

	
Target

Bonus %
	
 

Cap
	
 
	
 
	
 

	
30%          x
	
150%   
	
=45% of Base Salary Earnings or
	
 

	
 
	
 
	
 
	
 
	
 

	
Base Salary

Earnings
	
Target

Bonus %
	
Target

Award
	
Capped

Award
	
 

	
$100,000  x
	
30%
	
= $30,000  x
	
150%
	
= $45,000 (45% of Base Salary Earnings)

 

3

 

	
BONUS POOL:
	
Bonus accruals occur when the threshold of the goal, as determined by the Human Resources Committee, is achieved and accruals increase ratably with increased achievement.  Operating Group and Corporate bonuses are generally capped at 175% of target for senior executives, 150% of target for senior management and 125% of target for managerial staff. The cap is based upon the target bonus percentage as described below:

 

	
Target Bonus Percentage
	
Cap

	
          10% - 20%
	
          125%

	
          25% - 30%
	
          150%

	
          35% +
	
          175%

 

	

	
Under no circumstances may the aggregate recommended bonuses for an Operating Group or Corporate exceed the total Bonus Pool generated by the formula.  The Pool is derived by taking the sum of all earned bonuses using the following formula:

 

	
 

Base Salary Earnings        x
	
Target

Bonus %       x
	
Company

Achievement

 

	
AWARD LIMIT:
	
The 2017 Viad Corp Omnibus Incentive Plan places a limit on the aggregate dollar amount of cash awards payable to one person in any one Plan Year at $5,000,000.  

 

AWARD

	
CALCULATION:
	
Calculation of financial achievement is made by the Viad Controller's Department, typically by the end of January following the end of the Performance Period and, in the case of Operating Groups, following consultation with Viad's Chief Financial Officer and the Finance and Accounting staff of the Operating Groups.

 

	

	
Human Resources business partners and financial and accounting staff using spreadsheets, prepared by executive compensation Human Resources staff, calculate earned bonus amounts for Operating Group President review/approval.  He or she uses discretion in determining the recommended individual awards based on individual contribution.  These recommendations and calculations are then reviewed and audited by executive compensation Human Resources staff for MIP and Plan compliance and reviewed with the CEO prior to submission to the Committee for review and action.  Achievement of performance goals and the amount of payment, if any, resulting from such achievement must be approved by the Committee prior to any payment to the Executive Officers, and without such written certification, no payment will be made to such employees.

 

	

	
The CEO does not have authority to approve MIP awards.  

 

4vvi-ex10b5_640.htm

 

Exhibit 10.B5

 

VIAD CORP

 

MANAGEMENT INCENTIVE PLAN

 

Pursuant to the 2017 Viad Corp Omnibus Incentive Plan

 

(Effective as of February 27, 2018)

 

I.PURPOSE:

 

The purpose of the Viad Corp Management Incentive Plan (Plan) is to provide key executives of Viad Corp (Viad) and its subsidiaries with an incentive to achieve goals as set forth under this Plan for each calendar year (Plan Year) for their respective companies and to provide effective management and leadership to that end.

 

	
II.
	
PARTICIPATING SUBSIDIARIES, SUBSIDIARY GROUPS AND DIVISIONS:

 

Each subsidiary, subsidiary group, line of business and division of Viad is a “Company” for the purposes of this Plan. Viad may, by action of its Board of Directors or its Human Resources Committee, amend the list of eligible Companies at any time and from time to time.

 

	
III.
	
AWARD LIMIT:

 

The maximum aggregate amount awarded or credited under this Plan and any other Cash-Based Plan may not exceed five million dollars ($5,000,000) to any one Participant in any one Plan Year.  An Executive Officer as defined under Section 16(b) of the Securities Exchange Act cannot be paid Cash-Based Awards in any one Plan Year that exceed in the aggregate the award limit provided in this paragraph, but may be paid less at the discretion of the Committee based on the levels of achievement of performance measures established by the Committee for a Plan Year.

 

	
IV.
	
PERFORMANCE MEASURES:

 

As described in the 2017 Viad Corp Omnibus Incentive Plan, the Company and Viad Corp will adopt Performance Measures from the following list upon which payments or awards will be based on an annual basis:

 

	
 
	
(a)
	
Net earnings or net income (before or after taxes);

	
 
	
(b)
	
Earnings per share;

	
 
	
(c)
	
Net sales or revenue growth;

	
 
	
(d)
	
Net operating profit;

	
 
	
(e)
	
Revenue;

	
 
	
(f)
	
Return measures (including, but not limited to, return on assets, capital, invested capital, equity, sales, or revenue);

	
 
	
(g)
	
Cash flow (including, but not limited to, operating cash flow, free cash flow, cash generation, cash flow return on equity, and cash flow return on investment);

	
 
	
(h)
	
Earnings before or after taxes, interest, depreciation, and/or amortization;

	
 
	
(i)
	
Gross or operating margins;

	
 
	
(j)
	
Productivity ratios;

	
 
	
(k)
	
Share price (including, but not limited to, growth measures and total shareholder return);

1

 

 

	
 
	
(l)
	
Expense targets;

	
 
	
(m)
	
Margins;

	
 
	
(n)
	
Operating efficiency;

	
 
	
(o)
	
Market share;

	
 
	
(p)
	
Customer satisfaction;

	
 
	
(q)
	
Unit volume;

	
 
	
(r)
	
Working capital targets and change in working capital; 

	
 
	
(s)
	
Economic value added or EVA® (net operating profit after tax minus the sum of capital multiplied by the cost of capital); and

	
 
	
(t)
	
Strategic plan development and implementation.

 

Performance Measures may be established for each Company to place increased emphasis on areas of importance to achieving overall Corporate or subsidiary objectives, with the Chief Executive Officer of Viad to recommend to the Committee the measures to be used, the goals to be set and, after the end of the Plan Year, the level of achievement.  In order to be earned, at least one of the predefined financial goals must be achieved and payable (at a minimum threshold level), subject to downward discretion at the recommendation of the Viad Chief Executive Officer.  Any Performance Measure(s) may be used to measure the Performance of the Company, subsidiary and/or affiliate as a whole or any business unit of the Company, subsidiary, and/or affiliate or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Measures as compared to the performance of a group of comparator companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the Company may select Performance Measure (k) above as compared to various stock market indices.

 

	
V.
	
ESTABLISHING GOALS:

 

The goals for the Performance Measures to be employed will be established by the Committee no later than 90 days after the beginning of the Plan Year after receiving the recommendations of the Chief Executive Officer of Viad Corp.  Actual bonus awards will be dependent on Company or Corporate Performance versus the goals established.  Awards will also be capped when stretch Performance levels are achieved.

 

	
VI.
	
EVALUATION OF PERFORMANCE:

 

The Committee, in evaluation of achievement of Performance Measures, may include or exclude any of the following events that occur during a Performance Period, such as:  (a) asset write-downs, (b) litigation or claim judgments or settlements, (c) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results, (d) any reorganization and restructuring programs, (e) unusual or infrequently occurring items as described in ASC Topic 225 and/or in management's discussion and analysis of financial condition and results of operations appearing in the Company's annual report to shareholders for the applicable year, (f) acquisitions or divestitures, and (g) foreign exchange gains and losses.  To the extent such inclusions or exclusions affect Awards to Covered Employees, they shall be prescribed in a form that meets the requirements of Code Section 162(m) for deductibility. 

 

2

 

 

	
VII.
	
PARTICIPATION:

 

	
 
	
A.
	
PARTICIPANT ELIGIBILITY:

 

The Committee will select the eligible Executive Officers (as defined under Section 16(b) of the Securities Exchange Act) for participation in the Plan no later than 90 days after the beginning of the Plan Year.  Participants will be selected in accordance with procedures outlined in the Administrative Guidelines of the Plan.  

 

	
 
	
B.
	
TARGET BONUSES:

 

Threshold, target and cap bonus will be approved by the Committee for each Executive Officer in writing no later than 90 days after the beginning of the Plan Year and will be expressed as a percentage of salary paid during the year.  Target bonuses for other eligible personnel will be established in writing within the parameters set forth in the Administrative Guidelines of the Plan, subject to approval by the Chief Executive Officer of Viad Corp.  Actual bonus awards will be calculated by reference to a target percentage, with a threshold and cap percentage set forth in the Administrative Guidelines.

 

	
 
	
C.
	
BONUS POOL:

 

	
 
	
1.
	
The "Bonus Pool" will be initially established no later than 90 days after the beginning of the Plan Year and will be adjusted from time to time to equal the sum of anticipated bonuses of all designated participants in each Company based upon actual Plan Year salaries, plus 15% of the target bonus amount for Special Achievement Awards.

 

	
 
	
2.
	
The Bonus Pool will accrue in accordance with the Bonus Pool Accrual Formula recommended by the Chief Executive Officer of Viad Corp. 

 

	
 
	
3.
	
Bonus Pool accruals not paid out shall not be carried forward to any succeeding year.

 

	
 
	
D.
	
AWARD DETERMINATION:

 

	
 
	
1.
	
Individual bonus awards will be equal to the product of the target bonus percentage times the weighted average percentage of Bonus Pool accrued as determined in paragraph C above times the individual's actual base salary earnings during the Plan Year, subject to adjustments as follows:

 

	
 
	
a)
	
discretionary upwards or downward adjustment of formula bonus awards by the Committee after considering the recommendation of the Company President or Chief Executive Officer with the approval of the Chief Executive Officer of Viad Corp for those executives not affected by Section 162(m) of the Internal Revenue Code, and

 

	
 
	
b)
	
discretionary downward adjustment of awards by the Committee for those Executive Officers affected by Section 162(m) of the Internal Revenue Code, and

 

3

 

 

	
 
	
c)
	
no individual award may exceed the individual's capped target award or the award limit, and the aggregate recommended bonuses may not exceed the Bonus Pool accrued for other than Special Achievement Awards.

 

	
 
	
2.
	
Bonuses awarded to the participating management staff of subsidiary groups may be paid from funds accrued based upon the target bonus for such participant(s) times the weighted average performance of the Companies in the subsidiary group, subject to adjustments as above.

 

	
VIII.
	
RESTRICTIVE COVENANT, FORFEITURES AND REPAYMENT PROVISIONS:

 

	
 
	
A.
	
NON-COMPETE: 

 

Unless a Change of Control (as defined in the Viad Corp Omnibus Incentive Plan, as amended) shall have occurred after the date hereof:

 

	
 
	
1.
	
In order to better protect the goodwill of Viad and its Affiliates (as defined in the Plan) and to prevent the disclosure of Viad's or its Affiliates' trade secrets and confidential information and thereby help ensure the long-term success of the business, each participant in this Plan, without prior written consent of Viad, will not engage in any activity or provide any services, whether as a director, manager, supervisor, employee, adviser, agent, consultant, owner of more than five (5) percent of any enterprise or otherwise, for a period of eighteen (18) months following the date of such participant's termination of employment with Viad or any of its Affiliates, in connection with the manufacture, development, advertising, promotion, design, or sale of any service or product which is the same as or similar to or competitive with any services or products of Viad or its Affiliates (including both existing services or products as well as services or products known to such participant, as a consequence of such participant's employment with Viad or one of its Affiliates, to be in development):

 

	
 
	
a)
	
with respect to which such participant's work has been directly concerned at any time during the two (2) years preceding termination of employment with Viad or one of its Affiliates, or

 

	
 
	
b)
	
with respect to which during that period of time such participant, as a consequence of participant's job performance and duties, acquired knowledge of trade secrets or other confidential information of Viad or its Affiliates.

 

	
 
	
2.
	
For purposes of the provisions of paragraph VIII A, it shall be conclusively presumed that a participant in this Plan has knowledge of information he or she was directly exposed to through actual receipt or review of memos or documents containing such information, or through actual attendance at meetings at which such information was discussed or disclosed.

 

	
 
	
3.
	
If, at any time within eighteen (18) months following the date of a participant's termination of employment with Viad or any of its Affiliates, such participant engages in any conduct agreed to be avoided in accordance with paragraph VIII A, then all bonuses paid under this Plan to such participant during the last eighteen (18) months of employment shall be returned or otherwise repaid by such participant to Viad.  Participants in this Plan consent to the deduction from any amounts Viad or any of its Affiliates owes to such participants to the extent of the amounts such participants owe Viad hereunder.

4

 

 

 

	
 
	
B.
	
MISCONDUCT: 

Unless a Change of Control shall have occurred after the date hereof, all bonuses paid under this Plan to any participant shall be returned or otherwise repaid by such participant to Viad, if Viad reasonably determines that during a participant's employment with Viad or any of its Affiliates:

 

	
 
	
1.
	
such participant knowingly or grossly negligently engaged in misconduct that causes a misstatement of the financial statements of Viad or any of its Affiliates or misconduct which represents a material violation of any code of ethics of Viad applicable to such participant or of the Always Honest compliance program or similar program of Viad; or

 

	
 
	
2.
	
such participant was aware of and failed to report, as required by any code of ethics of Viad applicable to such participant or by the Always Honest compliance program or similar program of Viad, misconduct that causes a misstatement of the financial statements of Viad or any of its Affiliates or misconduct which represents a material knowing violation of any code of ethics of Viad applicable to such participant or of the Always Honest compliance program or similar program of Viad.

 

Participants in this Plan consent to the deduction from any amounts Viad or any of its Affiliates owes to such participants to the extent of the amounts such participants owe Viad hereunder.

 

	
 
	
C.
	
ACTS CONTRARY TO VIAD: 

 

Unless a Change of Control shall have occurred after the date hereof, if Viad reasonably determines that at any time within two (2) years after the award of any bonus under this Plan to a participant that such participant has acted significantly contrary to the best interests of Viad, including, but not limited to, any direct or indirect intentional disparagement of Viad, then any bonus paid under this Plan to such participant during the prior two- (2) year period shall be returned or otherwise repaid by the participant to Viad.  Participants in this Plan consent to the deduction from any amounts Viad or any of its Affiliates owes to such participants to the extent of the amounts such participants owe Viad hereunder.

 

	
 
	
D.
	
The Corporation’s reasonable determination required under paragraphs VIII B and VIII C shall be made by the Human Resources Committee of the Corporation’s Board of Directors, in the case of Executive Officers of the Corporation, and by the Chief Executive Officer and Corporate Compliance Officer of the Corporation, in the case of all other officers and employees.

 

	
IX.
	
SPECIAL ACHIEVEMENT AWARDS:

 

Special bonuses of up to 15% of base salary for employees (primarily exempt employees) who are not participants in this Plan, including newly hired employees, may be recommended at the discretion of the Chief Executive Officer to the Committee from the separate funds for discretionary awards provided for under paragraph VII C.

 

5

 

 

	
X.
	
APPROVAL AND DISTRIBUTION:

 

The individual incentive bonus amounts and the terms of payment thereof will be fixed following the close of the Plan Year by the Committee.  

 

	
XI.
	
COMPENSATION ADVISORY COMMITTEE:

 

The Compensation Advisory Committee is appointed by the Chief Executive Officer of Viad Corp to assist the Committee in the implementation and administration of this Plan.  The Compensation Advisory Committee shall propose administrative guidelines to the Committee to govern interpretations of this Plan and to resolve ambiguities, if any, but the Compensation Advisory Committee will not have the power to terminate, alter, amend, or modify this Plan or any actions hereunder in any way at any time.

	
XII.
	
SPECIAL COMPENSATION STATUS:

 

All bonuses paid under this Plan shall be deemed to be special compensation and, therefore, unless otherwise provided for in another plan or agreement, will not be included in determining the earnings of the recipients for the purposes of any pension, group insurance or other plan or agreement of a Company or of Viad Corp.  Participants in this Plan shall not be eligible for any contractual or other short-term (sales, productivity, etc.) incentive plan except in those cases where participation is weighted between this Plan and any such other short-term incentive plan.

 

	
XIII.
	
PLAN TERMINATION:

 

This Plan shall continue in effect until such time as it may be canceled or otherwise terminated by action of the Board of Directors of Viad Corp.  While it is contemplated that incentive awards from the Plan will be made, the Board of Directors of Viad Corp may terminate, amend, alter, or modify this Plan at any time and from time to time.  Participation in the Plan shall create no right to participate in any future year's Plan.

 

	
XIV.
	
EMPLOYEE RIGHTS:

 

	

	
No participant in this Plan shall be deemed to have a right to any part or share of this Plan, except as provided in Paragraphs XV and XVI.  This Plan does not create for any employee or participant any right to be retained in service by any Company, nor affect the right of any such Company to discharge any employee or participant from employment.  Except as provided for in administrative guidelines, a participant who is not an employee of Viad Corp or one of its subsidiaries on the date bonuses are paid will not receive a bonus payment.

 

	
XV.
	
EFFECT OF CHANGE OF CONTROL:

 

Notwithstanding anything to the contrary in this Plan, in the event of a Change of Control (as defined in the 2017 Viad Corp Omnibus Incentive Plan) each participant in the Plan shall be entitled to a pro rata bonus award calculated on the basis of achievement of Performance goals through the date of the Change of Control, which shall be paid no later than March 15 of the calendar year following the calendar in which the Change of Control occurs.

 

6

 

 

	
XVI.
	
DEATH, DISABILITY AND RETIREMENT:

 

If a participant ceases to be an employee of Viad or a Company by reason of death or disability, or by reason of normal or early retirement, such participant shall be entitled to a pro rata bonus, if earned, calculated based on the percentage of time such participant was employed by Viad or a Company from the beginning of the Plan Year through the date the participant ceases to be an employee of Viad or a Company, which shall be paid no later than March 15 of the calendar year following the calendar in which the death, disability or retirement occurs.

 

	
XVII.
	
DEFINITIONS:

 

	

	
Capitalized terms used in this Plan which are not defined herein shall have the meaning ascribed to them in the 2017 Viad Corp Omnibus Incentive Plan.

 

	
XVIII.
	
EFFECTIVE DATE:

 

The Plan shall be effective as of May 18, 2017.

7

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