Prorated Amount Sample Clauses
A Prorated Amount clause defines how payments or obligations are calculated proportionally based on the actual period of service or usage, rather than a full term. For example, if a contract is terminated partway through a billing cycle, the party responsible for payment would only owe for the days or months services were actually provided, not the entire period. This clause ensures fairness by aligning payment obligations with the actual duration of service, preventing overpayment or underpayment when agreements do not run their full course.
Prorated Amount. An employee covered by this Agreement who is on the payroll as of April 1 of the Payment Year and who attains their third anniversary of employment during the Payment Year is eligible to receive a prorated portion of the annual clothing and equipment allowance. The prorated amount shall be calculated based on the number of months in the period from such anniversary date through December 31 of the Payment Year divided by 12.
Prorated Amount. At the end of the twelve‐month waiting period, the employee is eligible to receive a pro‐rated amount of vacation time which is based on the months remaining in the calendar year. For example, if the employee's waiting period ends in October, there are two months remaining in the calendar year. The employee would receive 2/12 of the yearly vacation amount and must use that vacation time by December 31st of that year. The same system will apply to anniversary increases that fall during the calendar year.
Prorated Amount. The Prorated Amount shall be the number of Restricted Stock Units granted hereunder multiplied by the quotient of (a) the number days that the Executive served as Interim CEO of the Company between his start date on April 30 and the last day he serves in such role, up to a maximum of 365 days, divided by (b) 365.