Annual Bonus Award means the target bonus under the annual incentive plan in effect for an Eligible Employee on the date of his or her termination of employment. If there is no annual incentive plan in place at the time of the Eligible Employee's termination, the bonus award amount will be equal to his or her target bonus under the last annual incentive plan in which the Eligible Employee participated, provided such plan was in effect within the six months prior to the Eligible Employee's termination date.
Examples of Annual Bonus Award in a sentence
The Executive acknowledges that the amount of annual short-term incentive, if any, to be awarded shall be at the sole discretion of the Board or Compensation Committee, may be less or more than the Targeted Annual Bonus Award, and will be based on a number of factors set in advance by the Board or Compensation Committee for each calendar year, including the Companys performance and the Executives individual performance.
You will also be eligible to receive an annual incentive bonus in an amount up to 50% of your base salary (the Annual Bonus Award Percentage) in accordance with the SSCGP Incentive Bonus Plan then in effect, subject to the Companys review and adjustment in the ordinary course of business.
In addition to Annual Base Salary, the Executive may be awarded, for each fiscal year or portion thereof during the Employment Period, an Annual Bonus (the "Annual Bonus"), in an amount comparable to the Annual Bonus Award to other Company executives, taking into account Executive's position and responsibilities with the Company, prorated for any period consisting of less than 12 full months.
The amount of the Annual Bonus Award, if any, with respect to any fiscal year shall be based upon performance targets and award levels determined by the Committee in its sole discretion, in accordance with the Companys annual incentive compensation plan as in effect for executives from time to time.
The Executive shall be eligible to receive, in addition to his Base Salary and Annual Bonus Award, a Long-Term Incentive Award for services rendered during an Award Period established by the Committee.