Formula Bonus definition

Formula Bonus means the bonus described in Section 4(a).

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Formula Bonus means the performance bonus determined under the Bonus Allocation Formula.

Formula Bonus means the greater of:

Examples of Formula Bonus in a sentence

• For each Bonus Period that begins on or after November 1, 2000 during the Term of Employment, the Executive shall be paid an annual formula bonus (the "Formula Bonus") during the Term of Employment equal to the greater of (i) the Minimum Annual Bonus, or (ii) the bonus determined pursuant to a formula (the "Formula") established by the Board at the beginning of each Bonus Period that commences during the Term of Employment.

• To establish the Formula, within the first three (3) months of each Bonus Period for which a Formula Bonus may be payable pursuant to this Section 3.2 the Board shall (x) assign the Executive a percentage of his Base Salary that may be earned as a bonus (the "Target Award Percentage"), which shall not be less than 100%, and (y) assign reasonable financial performance targets for the Company by which to measure the Executive's performance.

• In the event it is determined that Executive is entitled to a Formula Bonus, it shall be paid to Executive in a single sum cash payment within ten (10) business days of the date such determination is made.

• In the event of Employee's death during the term of this Agreement, this Agreement shall terminate immediately and Employee's legal representative shall be entitled to receive Employee's accrued and unpaid Base Salary up to the date of Employee's death and the pro rata Formula Bonus for the year in which the death occurs, at the same time as when it would otherwise become payable hereunder.

• Executive shall annually defer 30% of such compensation, exclusive of the Formula Bonus, into Parent's Executive Deferred Compensation Plan.

• Under no circumstances shall the Base Salary of the Executive be less than 110% of the President and Chief Financial Officer's Base Salary nor shall the Cumulative Formula Bonus and Additional Discretionary Bonus of the Executive be less than 110% of said bonus of the President and Chief Financial Officer.

• For each year of the Term, 80% of Executive's Bonus shall be calculated based on achievement of non-discretionary criteria (the "Formula Bonus") established by the Compensation Committee of the Board (the "Compensation Committee") for the applicable year and 20% shall be determined at the end of the applicable year in the discretion of the Compensation Committee.

• Any prepayments by Executive (through the earning of a Formula Bonus or otherwise) shall be applied first to interest, then principal.

• For example, Year 2000 FFO per share = 2.35 Base Year (1999) FFO per share = 1.95 Percentage Increase ((2.35 - 1.95) divided by 1.95) = 20.5% Percent Increase above Threshold Percentage = 5.5% Divided by .15 = 36.67% (not to exceed 50%) Annual Base Salary = $156,000 Formula Bonus = $57,205 The Formula Bonus calculation shall be performed as soon as practicable after the FFO per share for a particular year of Reit has been determined.

• During each full calendar year of the Term (and for the 9-month period ending December 31, 1998), Executive's total cash compensation, exclusive of the Formula Bonus, shall not be less than $1,500,000 on an annualized basis (the "Guarantee").

More Definitions of Formula Bonus

Formula Bonus means, for each Performance Period, an Incentive Bonus per individual for such Performance Period as set by the Committee, which shall be the following percentage of the Pool:

Formula Bonus is that sum computed as a bonus based upon the formulas provided herein and before applying any dollar limitations thereto.

Formula Bonus means, for each Performance Period, a maximum Incentive Bonus of 0.75% of the Adjusted Operating Income per individual for such Performance Period. Notwithstanding the foregoing, (i) with respect to any Participant the Committee may in its sole discretion substitute within the applicable time frame described in Section 3 below a percentage smaller than 0.75% for purposes of this definition, and (ii) in no event shall the amount awarded under the Plan for any Participant on account of any Fiscal Year exceed $12,000,000.

Formula Bonus means the amount to be paid depending upon any increase or decrease the Company's earnings per share (adjusted to exclude compensation payable to Executive) for the preceding twelve month period. If the Company's earnings per share have increased by five percent (5%), the amount of the Formula Bonus shall be equal to One Million Four Hundred Thousand Dollars ($1,400,000) (the "Target Bonus"). The Formula Bonus shall be increased proportionately above the Target Bonus up to a maximum of two (2) times the Formula Bonus if the increase in earnings per share is more than five percent (5%) up to a maximum increase for calculation purposes of twenty percent (20%). The Formula Bonus shall be decreased proportionately below the Target Bonus to a minimum of a zero if the change in earnings per share is less than five percent (5%) to a maximum change for calculation purposes of a decrease of ten percent (10%). In the event that at any time during the Basic Employment Period, Executive is able to, and elects to, participate in a performance-based executive bonus plan which has been approved by the Company's shareholders, the Executive's right to receive the Formula Bonus provided for in this subsection for the remainder of the Basic Employment Period shall be governed by such a plan.