1x Bonus Pool definition
1x Bonus Pool means the aggregate amount of variable compensation that would accrue under the Plan if the Company earned 100% of the financial target approved by the Committee for the applicable performance year; provided that the foregoing amount shall be adjusted for the actual number of employees who are actually employed by the Company both as of December 31 of the performance year in question and the date that variable compensation under the Plan is actually paid for the performance year in question, their length of service during the performance year in question, and the actual time worked or base pay earned during the performance year in question.
Examples of 1x Bonus Pool in a sentence
Covance Corporate employees shall be awarded a variable compensation amount under the Plan equal to the product of (1) a fraction, (x) the numerator of which is the Bonus Pool and (y) the denominator of which is the 1x Bonus Pool (as hereinafter defined), (2) such Covance Corporate employee's Employee Bonus Target Amount and (3) such employee's bonus payout percentage, determined in accordance with such employee's performance rating.