Bonus Payment definition
Bonus Payment means a cash payment in an amount equal to the sum of (i) all Excise Taxes payable by Executive, plus (ii) all additional Excise Taxes and federal or state income taxes to the extent such taxes are imposed in respect of the Bonus Payment, such that Executive shall be in the same after-tax position and shall have received the same benefits that he would have received if the Excise Taxes had not been imposed. For purposes of calculating any income taxes attributable to the Bonus Payment, Executive shall be deemed for all purposes to be paying income taxes at the highest marginal federal income tax rate, taking into account any applicable surtaxes and other generally applicable taxes which have the effect of increasing the marginal federal income tax rate and, if applicable, at the highest marginal state income tax rate, to which the Bonus Payment and Executive are subject. An example of the calculation of the Bonus Payment is set forth below: Assume that the Excise Tax rate is 20%, the highest federal marginal income tax rate is 40% and Executive is not subject to state income taxes. Further assume that Executive has received an excess parachute payment in the amount of $200,000, on which $40,000 in Excise Taxes are payable. The amount of the required Bonus Payment is thus $100,000. The Bonus Payment of $100,000, less additional Excise Taxes on the Bonus Payment of $20,000 (i.e., 20% x $100,000) and income taxes of $40,000 (i.e., 40% x $100,000), yields $40,000, the amount of the Excise Taxes payable in respect of the original excess parachute payment.
Bonus Payment shall have the meaning specified in Section 4.5(a).
Bonus Payment means a cash payment in an amount equal to the sum of (i) all Excise Taxes payable by the Executive, plus (ii) all additional Excise Taxes and federal or state income taxes to the extent such taxes are imposed in respect of the Bonus Payment, such that the Executive shall be in the same after-tax position and shall have received the same benefits that he would have received if the Excise Taxes had not been imposed. For purposes of calculating any income taxes attributable to the Bonus Payment, the Executive shall be deemed for all purposes to be paying income taxes at the highest marginal federal income tax rate, taking into account any applicable surtaxes and other generally applicable taxes which have the effect of increasing the marginal federal income tax rate and, if applicable, at the highest marginal state income tax rate, to which the Bonus Payment and the Executive are subject. An example of the calculation of the Bonus Payment is set forth below. Assume that the Excise Tax rate is 20%, the highest federal marginal income tax rate is 40% and the Executive is not subject to state income taxes. Further assume that the Executive has received an excess parachute payment in the amount of $200,000, on which $40,000 ($200,000 x 20%) in Excise Taxes are payable. The amount of the required Bonus Payment is thus computed to be $100,000, i.e., the Bonus Payment of $100,000, less additional Excise Taxes on the Bonus Payment of $20,000 (i.e., 20% x $100,000) and income taxes of $40,000 (i.e., 40% x $100,000), yields $40,000, the amount of the Excise Taxes payable in respect of the original excess parachute payment.
Examples of Bonus Payment in a sentence
The Termination Bonus Payment, if any, shall be paid to Employee on the later to occur of: (x) the date that the Annual Bonus for the Bonus Year in which the Termination Date occurs is paid to other similarly-situated executives (but in no event later than March 15 of the calendar year following the calendar year in which the Termination Date occurs); and (y) the date that the first installment of the Severance Payment is paid to Employee.
To the extent the applicable Bonus Payment becomes payable to the applicable Bonus Recipient pursuant to the terms of the applicable Bonus Plan, Purchaser acknowledges and agrees that Purchaser shall timely pay, or cause to be paid, to such Bonus Recipient, an amount equal to such Bonus Recipient’s Bonus Payment (net of applicable tax withholding and deductions, as applicable), subject to and in accordance with the terms of the applicable Bonus Plan.
Collectively, (i) the Severance Payment, (ii) any Termination Bonus Payment, and (iii) the COBRA Subsidy or the Replacement Payment, as applicable, are referred to herein as the “Termination Benefits”.
More Definitions of Bonus Payment
Bonus Payment means a cash payment equal to the sum of (i) all Excise Taxes payable by Employee plus (ii) any additional Excise Tax or federal or state income taxes imposed with respect to the Bonus Payment.
Bonus Payment shall have the meaning described in Section 7.3 herein.
Bonus Payment means a payment to a Participant pursuant to a Bonus Plan of the Company.
Bonus Payment means a bonus paid on the grant, transfer or assignment of a large-scale mining licence or petroleum licence, but does not include a fee prescribed by the Mines and Minerals Act, 2009 or the Petroleum (Exploration and Production) Act, 2011 or regulations made under those Acts;
Bonus Payment means that portion of any cash bonus you paid based on the percentage of your lease remaining at the time of direct physical loss or damage. It does not mean rent, securities or cash bonuses refunded to you, even if you prepaid the rent or security.
Bonus Payment means a cash payment in an amount equal to the sum of (i) all Excise Taxes payable by Officer, plus (ii) all additional Excise Taxes and federal or state income taxes to the extent such taxes are imposed in respect of the Bonus Payment, such that Officer shall be in the same after-tax position and shall have received the same benefits that he would have received if the Excise Taxes had not been imposed. For purposes of calculating any income taxes attributable to the Bonus Payment, Officer shall be deemed for all purposes to be paying income taxes at the highest marginal federal income tax rate, taking into account any applicable surtaxes and other generally applicable taxes which have the effect of increasing the marginal federal income tax rate and, if applicable, at the highest marginal state income tax rate to which the Bonus Payment and Officer are subject. An example of the calculation of the Bonus Payment is set forth below: Assume that the Excise Tax rate is 20%, that the highest federal marginal income tax rate is 40% and that Officer is not subject to state income taxes. Assume that Officer has received an excess parachute payment in the amount of $500,000, on which $100,000 in Excise Taxes are payable. The amount of the required Bonus Payment would be $250,000. The Bonus Payment of $250,000, less Excise Taxes of $50,000 (20% of $250,000) and income taxes of $100,000 (40% of $250,000), leaves the Officer with $100,000, the amount of the Excise Taxes payable in respect of the excess parachute payment.
Bonus Payment means the sum of (a) a pro-rated portion of your target bonus amount for the year in which your Separation occurs and (b) 100% of your target bonus amount for the year in which your Separation occurs.