Common use of Annual Bonus Program Clause in Contracts

Annual Bonus Program. Within 15 calendar days following the Closing Date, Parent will, or will cause the Surviving Corporation to, make a payment to each participant in the Company’s 2011 annual bonus program (the “Annual Bonus Program”) in an amount equal to the greater of (i) the actual amount due to such employee under the terms of the Annual Bonus Program based on performance through the Closing Date, assuming (A) full achievement of all individual performance goals, (B) full payment in respect of the discretionary component of such bonus, (C) without regard to any negative discretion under the Annual Bonus Program to adjust the bonus amount, and (D) without regard to any charges relating to, or arising from, the Transactions contemplated by this Agreement, and (ii) the participant’s target bonus amount under the Annual Bonus Program (the “2011 Annual Bonus Amount”). The 2011 Annual Bonus Amount will be pro rated (determined by the number of days between January 1, 2011 and the Closing Date over 365). Section 6.7(e) of the Company Disclosure Letter provides information regarding the number of participants in the Company’s Annual Bonus Program and the estimated aggregate target bonus amount. Within 15 calendar days following the date of this Agreement, the Company will provide to Parent a list that sets forth the name of each participant in the Annual Bonus Program and such participant’s target bonus amount under the Annual Bonus Program.