Final Year Bonus Sample Clauses

Final Year Bonus. The Company will pay to Executive a pro rata Annual Bonus for the year in which the termination of employment occurs, which shall be determined based on Executive’s actual Annual Bonus earned for the year in which termination of employment occurs (if any), based on actual performance, multiplied by a fraction, the numerator of which is the number of days in which Executive was employed by Company during the year in which the termination of employment occurs, and the denominator of which is three hundred sixty-five (365). The pro rata Annual Bonus described in this subsection 3(f)(ii) will be paid at the same time and under the same terms and conditions and on the same schedule as bonuses are paid to other executives of the Company, subject to Section 5(b) below.
Sample 1Sample 2Sample 3
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Final Year Bonus. The Company will pay to Executive a pro rata portion of the annual bonus for fiscal year (the “Final Year Pro Rata Bonus”). The Final Year Pro Rata Bonus shall be calculated and paid in accordance with Section 5(a)(2) of Executive’s Employment Agreement with the Company, dated as of , 2016 (the “Employment Agreement”).
Sample 1
Final Year Bonus. For calendar year 2004, Executive shall receive a final ----------------- year bonus calculated as follows: For the preceding six (6) calendar years, a sum shall be calculated equal to two percent (2%) of Net Profits in excess of one percent (1%) of gross sales calculated for such period (as calculated, the "FINAL YEAR BONUS BASE"). For example: ABC Gross Sales (1998-2003) $10,000,000,000.00 ABC Net Profits: $ 280,000,000.00 Threshold (1% of gross sales) $ 100,000,000.00 Net Profits Over Threshold $ 180,000,000.00 Final Year Bonus Base (2% of Net Profits Over Threshold) $ 3,600,000.00 For his Final Year Bonus, Executive shall be paid the greater of (i) the sum of ten percent (10%) of Net Profits in excess of one (1%) percent of gross sales in calendar year 2004 in excess of the Final Year Bonus Base, or (ii) the Annual Bonus Part A and the Annual Bonus Part B if it had been calculated for calendar year 2004. An illustration follows using the previous example: ABC Gross Sales (2004) $ 2,200,000,000.00 ABC Net Profits $ 100,000,000.00 Threshold (1% of gross sales) (less than)$ 22,000,000.00(greater than) Net Profits over Threshold $ 78,000,000.00 10% of Net Profits Over Threshold $ 7,800,000.00 Final Year Bonus Base $ 3,600,000.00 ------------------ Final Year Bonus $ 4,200,000.00 The Annual Bonus Parts A and B calculated for 2004 would be a maximum of $1,560,000 (2% of $78,000,000). Therefore, in this example, the Final Year Bonus would equal the higher sum of $4,200,000. No bonus will be due for the period from January 1, 2005 to April 30, 2005. The foregoing examples (including the dates and amounts referenced therein) are for illustrative purposes only and are not intended to represent any particular result. The Company makes no representation or warranty with respect to the income earned in the past or projected to be earned at any time, and the Company makes no representation or warranty that Executive will receive any amount of Annual Bonus or Final Year Bonus. The calculations of Net Profits and any bonuses due hereunder shall be made in the reasonable discretion and in accordance with generally accepted accounting principles by the Company's Chief Financial Officer. From time to time, the Company may change its accounting principles and tax status as determined by its Board of Directors.
Sample 1

Related to Final Year Bonus

  • Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

  • Annual Cash Bonus During the Term, Executive may be eligible to receive an annual cash bonus, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.

  • Cash Bonus Executive shall be entitled to a fraction of any Cash Bonus for the fiscal year of the Company within which Executive’s termination of employment occurs which, based upon the criteria established for such Cash Bonus, would have been payable to Executive had he remained employed through the date of payment, the numerator of which is the number of days of such fiscal year prior to his termination of employment and the denominator of which is three hundred and sixty-five (365);

  • Pro-Rated Bonus Pro Rated Bonus" shall mean, a bonus equal to the product of (i) the bonus Employee did not receive but would have received under Section 1.4(b) if he had remained an employee through the end of the Employment Term, it being understood that the amount of such bonus Employee would have received shall be determined by reference to the average amount of bonus actually awarded to other officers who were at the same or comparable level of responsibility as Employee immediately prior to his termination, and (ii) a fraction, the denominator of which is 365 and the numerator of which is the number of days in the fiscal year being considered through the date of death, determination of disability or notice of termination of employment, whichever is applicable. In the event that a majority of SCI officers do not receive a bonus for the fiscal year being considered, then the Pro Rated Bonus shall not be applicable and Employee shall not be entitled to a Pro Rated Bonus. The Pro Rated Bonus, if any, payable to Employee shall be paid within 90 days after the date that bonuses, if any, are awarded for a majority of SCI officers for the year being considered.

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% 64 0%

  • Annual Bonuses For each fiscal year during the term of employment, the Executive shall be eligible to receive a bonus in the amount, if any, as may be determined from time to time by the Board in its discretion.

  • Annual Bonus Opportunity Your annual target bonus opportunity following the Effective Date will be 50% of your annual base salary (the “Target Bonus”). The Target Bonus shall be subject to review and may be adjusted based upon the Company’s normal performance review practices. Your actual bonuses shall be based upon achievement of performance objectives to be determined by the Board in its sole and absolute discretion. Bonuses will be paid as soon as practicable after the Board determines that such bonuses have been earned, but in no event will a bonus be paid to you after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company’s fiscal year in which such bonus is earned or (ii) March 15 following the calendar year in which such bonus is earned.

  • Annual Compensation The Executive’s “Annual Compensation” for purposes of determining severance payable under this Agreement shall be deemed to mean the sum of (i) the annual rate of Base Salary as of the Date of Termination, and (ii) the cash bonus, if any, earned by the Executive for the calendar year immediately preceding the year in which the Date of Termination occurs.

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