Net Bonus Payment definition

Net Bonus Payment means, with respect to a Key Employee, (a) such Key Employee’s Bonus Payment minus (b) any and all amounts otherwise payable pursuant to this Agreement in exchange for his Qualifying Company Options and his Company Common Stock.
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Net Bonus Payment means the Bonus Payment less any withholdings taken by the Company or any Affiliate for taxes and other governmental charges.
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Examples of Net Bonus Payment in a sentence

  • If, prior to December 31, 2003, Employee's employment with the Company and all Affiliates is terminated (i) by the Company or any Affiliate for Cause or (ii) because of Employee's resignation for any reason, then Employee will (A) immediately repay all Net Bonus Payment received and (B) not have any rights to any Bonus Payment.

  • In the event Employee is required to repay any Net Bonus Payment, Employee authorizes the Company and its Affiliates to deduct any amount of such payment from any salary, bonus, vacation pay, commissions or any other compensation earned by Employee and Employee specifically authorizes the Company and its Affiliates to deduct any amount of such payment from Employee's paycheck(s), including Employee's final paycheck (to the extent lawful).

Related to Net Bonus Payment

  • 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 Payments means that portion of the bonus payments received by the

  • Target Bonus Amount means Executive’s target annual bonus amount in effect at the time of Executive’s Qualifying Termination (disregarding any decrease in such target annual bonus amount that constitutes a Good Reason event).

  • Bonus Amount means the greater of (i) the average annual incentive bonus earned by Executive from the Company (or its affiliates) during the last three (3) completed fiscal years of the Company immediately preceding Executive’s Date of Termination (annualized in the event Executive was not employed by the Company (or its affiliates) for the whole of any such fiscal year), and (ii) the Executive’s target annual incentive bonus for the year in which the Date of Termination occurs.

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