Common use of Pro-Rated Target Bonus Payment Clause in Contracts

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.