Definition of Target Annual Bonus Award


Target Annual Bonus Award means, for any fiscal year, the amount of money determined by multiplying the Executives bonus target percentage with respect to his Annual Bonus Award by the Executives then Base Salary. For example, if the Executives Base Salary is $100,000.00 and the Executives bonus target percentage with respect to his Annual Bonus Award is 25%, then the Executives Target Annual Bonus Award is $25,000.00.
Sample 1

Examples of Target Annual Bonus Award in a sentence

On or around July 1, 2006, CenterPoint shall pay Executive a cash bonus based upon Executives Target Annual Bonus Award and performance multiple as of June 30, 2006, times fifty percent (50%).
During the Employment Term, Executive shall be eligible to participate in CenterPoints annual bonus plan with a target annual cash bonus award (the Target Annual Bonus Award), as set forth on Schedule A, which may be increased or decreased (but not decreased below the Target Annual Bonus Award on the Effective Date), based on the recommendation of the Compensation Committee, and as determined by the Board in its sole discretion.
The actual amount paid based on the Target Annual Bonus Award will be based on Executives performance and the results of CenterPoint with respect to annual goals, as recommended by the Compensation Committee and as determined by the Board in its sole discretion (the Actual Annual Bonus Award).
Notwithstanding the foregoing, the Company shall be obligated to pay to the Executive the following: (a) Base Salary through the Effective Date of Termination within thirty (30) days following such Effective Date of Termination; (b) Subject to the Executives estate signing and not revoking a release of claims satisfactory to the Company (a Release) within sixty (60) days following the Effective Date of Termination, the Prorated Target Annual Bonus Award.
Notwithstanding the foregoing, the Company shall be obligated to pay to the Executive the following: (a) Base Salary through the Effective Date of Termination (subject to an offset for any disability payments that the Executive receives during this period) within thirty (30) days following such Effective Date of Termination; (b) Subject to the Executive signing and not revoking a Release within sixty (60) days following the Effective Date of Termination, the Prorated Target Annual Bonus Award.