SPB Bonus definition
SPB Bonus means the annual bonus payable to Executive pursuant to Section 3(b) of the SPB Agreement.
Examples of SPB Bonus in a sentence
During the SPB Period, for a given fiscal year, prior to any reductions required under Section 7 of this Agreement the HRG Bonus shall be reduced, but not below zero, by the amount of the SPB Bonus in the following order of priority: (i) Vested HRG Cash Bonus; (ii) Unvested HRG Cash Bonus; (iii) Vested HRG Equity Award; (iv) Unvested HRG Equity Award; (v) vested HRG Options and (vi) unvested HRG Options.
No portion of the HRG Bonus shall be paid or granted (as applicable) with respect to a given fiscal year until the corresponding SPB Bonus for such fiscal year has been paid and SPB Equity Award has been granted for such fiscal year; provided that, for each fiscal year the HRG Bonus shall not be unreasonably delayed .