Merit Bonus definition

Merit Bonus shall equal the Merit Bonus that would have been earned in the year of termination, calculated based upon the Company's performance levels as of the date of the Executive's termination, projected through the end of the year in which the Executive's termination occurs), (ii) the Company's cost of medical/dental coverage for himself and his eligible dependants under the Company's plans then in effect for a one (1) year period following the Executive's termination; provided the Executive timely pays the Executive portion of the monthly premiums and (iii) the 2001 Guaranteed Bonus, if then unpaid; provided in no event during the third year of the Executive's employment shall payments to the Executive pursuant to subclause (i) be less than a lump-sum payment equal to twelve (12) months Base Salary and Merit Bonus, in each case calculated pursuant to the preceding clause (the aggregate amounts owed to the Executive pursuant to subclause (i), plus the value of the medical coverage and the 2001 Guaranteed Bonus, if then unpaid, shall be referred to as "Contract Severance"). If the Executive accepts any full time or part time employment, consulting relationship or self-employment during the balance of the Initial Term of Employment, the Company may reduce from amounts owed under this Agreement all W-2 compensation (whether in cash or in kind, including any bonus, stock or other form of compensation) amounts earned by the Executive from such employment and the Executive shall be obligated to promptly inform the Company of any such compensation received by him from alternative employment for the balance of the Initial Term of Employment. As a condition of the Executive's receipt of the Contract Severance, the Executive shall be required to execute a release (the "Release") of all claims arising out of the Executive's employment, the termination thereof, or otherwise arising on or prior to the date on which the Executive executes said release, including, but not limited to, any claim of discrimination under state or federal law (other than claims relating to any vested and accrued benefits Executive may have under any option or benefit plan or arrangement).
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Examples of Merit Bonus in a sentence

  • The Merit Bonus Program funds shall be dedicated to providing one-time, lump- sum bonuses awarded in recognition of above average performance on a project, recognition of one-time or special project performance, for members of a team in recognition of their performance as a team based on criteria established by the campus, above average performance in general, or other significant contributions to the campus and/or CSU community.

  • The Merit Bonus Program funds shall be dedicated to providing one-time, lump-sum bonuses awarded in recognition of above average performance on a project, recognition of one-time or special project performance, for members of a team in recognition of their performance as a team based on criteria established by the campus, above average performance in general, or other significant contributions to the campus and/or CSU community.

  • In addition, the Board may take into account any unusual or non-recurring items of the Company during such fiscal year deemed appropriate by the Board in determining any Merit Bonus.

  • On or before January 31, 2009, Facet shall deliver to PDL the list of Facet Employees and Terminated Transition Employees who have earned a 2008 Merit Bonus, along with any supporting documentation requested by PDL, which list shall set forth opposite each such person's name the amount of the 2008 Merit Bonus recommended for each such Facet Employee or Terminated Transition Employee (the “Merit Bonus List”).

  • The Board shall provide ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, as part of her compensation, with the following benefit of a Merit Bonus as listed: In accordance with the provisions of N.J.A.C. 6A:23A-3.1(e) 10.

  • The parties agree that for Fiscal Years 2022/23 and 2023/24, the Merit Bonus pool created in Fiscal years 2005/06 and Fiscal Year 2006/07 ($762,300) will be added to the monies available for the Budget Shortfall Mitigation (BSM) Bonus.

  • The parties agree that for Fiscal Years 2017/18; 2018/19 and 2019/20, the Merit Bonus pool created in Fiscal years 2005/06 and Fiscal Year 2006/07 ($762,300) will be added to the monies available for the Budget Shortfall Mitigation (BSM) Bonus.

  • Commencing with the fiscal year ending January 31, 2002, the Board may, but is not obligated to, award a bonus to Executive following the end of each fiscal year based upon the Company's operating results for and Executive's performance during such fiscal year and such other performance targets and criteria as the Board and Executive may establish and adjust for such fiscal year (the "Merit Bonus").

  • The Merit Bonus Program is designed to recognize exceptional performance within an employee’s own classification, the performance of work associated with a higher-level classification for an extended period of time, or for the execution of special projects in which an employee participates.

  • The amount of the Merit Bonus payable under this Section shall be equal to the product obtained by multiplying the amount determined under Section 5.2.

Related to Merit Bonus

  • Annual Bonus shall have the meaning set forth in Section 4(b) hereof.

  • Earned Bonus means the bonus paid, if any, pursuant to the Company’s incentive compensation plans in effect from time to time. Earned Bonus shall be prorated based on the ratio of the number of days during such year that Executive was employed to 365.

  • Target Bonus means Executive’s annual (or annualized, as applicable) target bonus in effect immediately prior to Executive’s Qualifying Termination or, if Executive’s Qualifying Termination occurs during the Change in Control Period and the amount is greater, Executive’s annual (or annualized, if applicable) target bonus in effect immediately prior to the Change in Control.

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.

  • Cash Bonus means an award of a bonus payable in cash pursuant to Section 10 hereof.