Termination Bonus. “Termination Bonus” shall mean an amount equal to the product of (a) the Target Bonus and (b) the fraction derived (expressed as a decimal) by dividing (1) the number of days in the year that preceded the date of termination by (2) 365.
Termination Bonus. If an Employee's employment terminates by reason of death, disability, retirement or termination by the Corporation other than under Section 17(b) hereof, the Corporation shall pay to such Employee in consideration of his/her prior services to the Corporation a termination bonus equal to 100% of such Employee's share of the aggregate retained earnings for all completed fiscal years of the Corporation during which such Employee was a Shareholder prior to the date of termination. If an Employee's employment terminates for any other reason, the Corporation shall pay to such Employee in consideration of his/her prior services to the Corporation a termination bonus equal to 50% of such Employee's share of the aggregate retained earnings for all completed fiscal years of the Corporation during which such Employee was a Shareholder prior to the termination date. Each Employee's share of the retained earnings of the Corporation shall be equal to the excess if any of the total of such Employee's share of the increase in retained earnings (net of taxes and dividends declared by the Board of Directors) of the Corporation for each fiscal year in which the Corporation had such an increase in retained earnings and such Employee was a Shareholder over the total of such Employee's share of any decrease in retained earnings (whether such decrease is a result of losses, taxes or dividends declared by the Board of Directors) of the Corporation for each fiscal year in which the Corporation experienced such a decrease in retained earnings and such Employee was a Shareholder. Promptly after each fiscal year of the Corporation, the Board of Directors shall determine each Employee's share of such increase or decrease in retained earnings for such fiscal year in the same manner it determines bonuses for Employees who are Shareholders. The Board of Directors shall report the determination thereof and the cumulative effect of such determination on all prior determinations to the Employee no later than three months following the end of each fiscal year. In the event the Corporation's increase or decrease in retained earnings for any fiscal year is adjusted after the Board of Director's initial determination of any Employee's share and before payment thereof, the Board of Directors may redetermine such Employee's share of the increase or decrease in retained earnings for the fiscal year of the adjustment in a reasonable manner to take into account such adjustment. The Board of Directo...
Termination Bonus. Upon the termination of Officer's employment ----------------- hereunder for any reason other than Cause (including, without limitation, death, Disability, Good Reason, voluntary termination and nonrenewal or expiration of this Agreement), the Employer shall owe to Officer a one-time termination bonus of $1,000,000, in addition to any other amounts or benefits payable to Officer under Section 5. Employer shall pay such bonus to Officer as soon as practicable after the date of such termination.
Termination Bonus. “Termination Bonus” shall mean fifty percent (50%) of the Executive’s Annual Base Salary.
Termination Bonus. Upon termination, an employee may be eligible to receive a portion of his/her accumulated sick leave. Eligibility is determined by the employee’s years of service and qualification for a pension as described below. The following benefits are mutually exclusive.
Termination Bonus. Where the Executive is entitled to a Termination Bonus as a result of the operation of Sections 3.2(b), 3.3, 3.4, or 3.5, the Termination Bonus shall be calculated as:
Termination Bonus. Should Employee be terminated for any reason other than those as set forth in Section 5 of this Agreement, the Employee shall be entitled to receive a termination bonus from Company in the sum of $120,000.00. The Company shall pay this bonus to Employee, in cash, within five (5) days of any termination.
Termination Bonus. If the Company terminates Executive’s employment without Cause or if Executive terminates for Good Reason within eighteen (18) months of the Effective Date, Executive will be entitled to any bonus compensation Executive would otherwise have been eligible to receive for the twelve-month period following termination (whether or not any applicable performance measures are achieved). If the Company terminates Executive’s employment for Cause during the Term, Executive will not be entitled to payment of any bonus compensation for the year in which the termination occurred. If Executive’s employment terminates for any other reason during the Term, Executive will at a minimum be entitled to payment of the annual bonus compensation pro rated to the effective date of the termination.
Termination Bonus. Pursuant to Section 2(b) of the Retention Agreement dated August 1, 2011, between Executive and the Company’s predecessor (“Retention Agreement”), Executive will receive a termination bonus in the amount of $153,894 to be paid no later than thirty (30) days after the Termination Date.
Termination Bonus. 7.1 The PTI Termination Bonus Plan will be eliminated as of the Effective Time.
