Pro-Rated Target Bonus Payment. Executive will receive a lump-sum severance payment equal to one hundred percent (100%) of Executive’s full target bonus as in effect for the fiscal year in which Executive’s termination occurs, pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days from and including the first day of such fiscal year through and including the date of Executive’s termination, and the denominator of which shall be three-hundred and sixty-five (365). The target bonus is the amount Executive would be entitled to receive if all of Executive’s baseline goals for the applicable fiscal year are achieved. The pro-rated target bonus will be paid as soon as practicable following Executive’s termination of employment but in no event later than the next pay period after Executive’s termination of employment.
Pro-Rated Target Bonus Payment. The Company will pay you a lump-sum payment of $144,843.75 less applicable state and federal payroll deductions and withholdings, which constitutes the Target Bonus payment set forth in Section 5(a)(ii)(2) of the Employment Agreement. Such payment will be made in accordance with the terms set forth in Section 5(a)(ii)(2) of your Employment Agreement, subject to any delay in psayment required by Section 5(d) of the Employment Agreement.
Pro-Rated Target Bonus Payment. You will also be entitled to an amount equal to a prorated portion of your Target Bonus for the year in which the Covered Termination occurs. The amount of the Target Bonus to which you are entitled under this Section 2(b) will be calculated (1) assuming all articulated performance goals for such bonus (including, but not limited to, corporate and individual performance, if applicable) for the year of the Covered Termination were achieved at target levels, (2) by Name: Xxxxxxx Xxxxx Exhibit 10.2
