Annualized Performance Bonus definition
Annualized Performance Bonus means an annual bonus amount for the year in which any Termination Date occurs, based on an estimate of VSE’s performance for the period before the Termination Date, as determined by the Compensation Committee and approved by the Board, and the terms and conditions of the VSE’s Executive Officer Incentive Compensation Plan, and prorated to reflect the number of days out of 365 during which Executive was employed by VSE during the year of the Termination Date, including the Termination Date; provided that the estimate of VSE’s performance for the period before the Termination Date shall be reconciled with VSE’s actual performance for the entire year in which the Termination Date occurs and the Board shall make any necessary adjustment in the amount payable. In the event of an underpayment or overpayment to Executive hereunder based on such above-mentioned reconciliation of the Annualized Performance Bonus, VSE shall promptly pay to Executive (or Executive’s legal representatives in the event of his death) the amount of any underpayment or, as the case may be, Executive (or Executive’s legal representatives in the event of his death) shall promptly pay to VSE the amount of any overpayment.
Annualized Performance Bonus means an annual bonus amount for the year in which any Termination Date occurs, based on an estimate of VSE's performance for the period before the Termination Date, as determined by the Board's Compensation Committee, and the terms and conditions of the VSE's annual bonus or incentive plan, and prorated to reflect the number of days out of 365 during which Executive was employed by VSE during the year of the Termination Date, including the Termination Date; provided that the estimate of VSE's performance for the period before the Termination Date shall be reconciled with VSE's actual performance for the entire year in which the Termination Date occurs and the Board's Compensation Committee shall make any necessary adjustment in the amount payable. In the event of an underpayment or overpayment of the Annualized Performance Bonus based on such reconciliation, VSE shall promptly pay to Executive (or Executive's legal representatives in the event of his death) the amount of any underpayment or, as the case may be, Executive (or Executive's legal representatives in the event of his death) shall promptly pay to the Company the amount of any overpayment.
Examples of Annualized Performance Bonus in a sentence
In the event of Executive's death or Disability, Executive (or his surviving spouse or estate) will be paid (i) his Base Salary then in effect for 365 days following the date of death or Disability and (ii) a lump sum equal to the Annualized Performance Bonus for the year of termination.
In the event of Executive’s death or Disability during the Term , Executive (or his surviving spouse or estate) will be paid (i) his Base Salary then in effect for 365 days following the date of death or Disability and (ii) a lump sum equal to the Annualized Performance Bonus for the year of termination.