Average Bonus Clause Samples
The Average Bonus clause defines how an employee's bonus is calculated based on an average of previous bonus payments or performance metrics. Typically, this clause applies when determining the bonus amount for a specific period, such as during termination, leave, or in the event of a dispute over bonus entitlements. By specifying an averaging method, the clause ensures fairness and consistency in bonus calculations, preventing disputes and providing clarity for both employer and employee regarding expected compensation.
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Average Bonus. Average Bonus shall mean the highest of the last three (3) bonuses paid to Executive under the Corporation’s Profit Sharing Plan immediately preceding the Change of Control; provided that (i) if Executive has been employed by the Corporation or a Subsidiary for less than three (3) years, Average Bonus shall be the highest bonus paid during that lesser period, and (ii) if Executive has been employed by the Corporation or a Subsidiary for less than one (1) year, Average Bonus shall be Executive’s total guaranteed bonus, if any, for that year.
Average Bonus. “Average Bonus” shall mean the average of the annual cash bonuses earned (regardless of when paid) by Executive during the three fiscal years immediately preceding the fiscal year in which Executive terminated employment; provided, however, if Executive was not eligible to participate in the annual cash bonus program of the Company and its subsidiaries (either due to the fact Executive was not an employee of the Company or its subsidiaries during such fiscal year or any other reason) during each such fiscal year, then Average Bonus shall mean the average of the annual cash bonuses earned (regardless of when paid) by Executive during the fiscal years that Executive was a participant in the annual cash bonus program of the Company and its subsidiaries.
Average Bonus. “Average Bonus” shall mean the average of the annual bonuses received by the Executive for the three most recently completed fiscal years prior to the Termination Date, provided that for purposes of this calculation (a) each such annual bonus amount shall include amounts paid in cash or in restricted stock units if applicable in accordance with the terms of the AIP, and (b) if the Executive receives an LTIP award in lieu of an annual bonus for a given fiscal year pursuant to the terms of the AIP requiring the payment of only the “greater” of the two awards, the Executive’s “annual bonus” for such fiscal year shall be the calculated annual bonus the Executive would have received for such fiscal year based on performance absent such provision.
Average Bonus. “Average Bonus” shall mean the average of the annual cash bonuses earned (regardless of when paid) by Executive during the three fiscal years immediately preceding the fiscal year in which Executive terminated employment; provided, however, if (a) such annual cash bonuses related to a fiscal year prior to the fiscal year in which Effective Date occurred or (b) Executive was not eligible to participate in the annual cash bonus program of the Company and its subsidiaries (either due to the fact Executive was not an employee of the Company or its subsidiaries during such fiscal year or any other reason) during each such fiscal year, then Average Bonus shall mean the average of the annual cash bonuses earned (regardless of when paid) by Executive (x) for fiscal year from and after the fiscal year in which Effective Date occured and (b) during the fiscal years that Executive was a participant in the annual cash bonus program of the Company and its subsidiaries.
Average Bonus. Average Bonus" shall mean the average of the last three (3) annual bonus payments, if any, to Executive under HMI’s Annual Incentive Cash Bonus Plan immediately preceding the Change of Control.
Average Bonus. “Average Bonus” shall mean the average of the annual cash bonuses earned (regardless of when paid) by Executive during the three fiscal years immediately preceding the fiscal year in which Executive terminated employment; provided, however, if Executive was not eligible to participate in the Company’s or the Company’s annual cash bonus program (either due to the fact Executive was not an employee of the Company or the Parent during such fiscal year or any other reason) during each such fiscal year, then Average Bonus shall mean the average of the annual cash bonuses earned (regardless of when paid) by Executive during the fiscal years that Executive was a participant in the Company’s or the Company’s annual cash bonus program; provided further, however, that to the extent Executive receives a pro-rated bonus for any partial year of service during a fiscal year, such pro-rated bonus shall be calculated on an annualized basis in determining the Average Bonus.
Average Bonus. The amount of $178,103, representing the average of Executive’s incentive bonus for the Bank’s fiscal years ended December 31, 2016, and December 31, 2015, and for the fiscal year ended December 31, 2014, as determined in accordance with the incentive plan maintained by Heritage Financial Group, Inc., which amount shall be paid annually during the four year period commencing 2018 and ending 2021, when annual bonuses are paid (or would normally be payable) to other executives of the Bank under the Bank’s annual cash bonus plan.
Average Bonus. The Average Bonus is the average of the bonus payments made in the 12 months from 1 December of one year and 30 November of the next.