Pro Rated Bonus means, a bonus equal to the product of (i) the bonus Employee did not receive but would have received under Section 1.4(b) if he had remained an employee through the end of the Employment Term, it being understood that the amount of such bonus Employee would have received shall be determined by reference to the average amount of bonus actually awarded to other officers who were at the same or comparable level of responsibility as Employee immediately prior to his termination, and (ii) a fraction, the denominator of which is 365 and the numerator of which is the number of days in the fiscal year being considered through the date of death, determination of disability or notice of termination of employment, whichever is applicable. In the event that a majority of SCI officers do not receive a bonus for the fiscal year being considered, then the Pro Rated Bonus shall not be applicable and Employee shall not be entitled to a Pro Rated Bonus. The Pro Rated Bonus, if any, payable to Employee shall be paid within 90 days after the date that bonuses, if any, are awarded for a majority of SCI officers for the year being considered.
Pro Rated Bonus means the portion of the bonus that is arrived at by using the number of days the Executive was employed by the Company in the year of termination as the numerator of a fraction of which 365 is the denominator and then multiplying the bonus the Executive was otherwise eligible to receive by such fraction.
Pro Rated Bonus means the bonus that would have been payable to you had you remained employed by the Company throughout the bonus period and based on the actual performance of the Company for the entire bonus period, pro-rated by multiplying such amount by a fraction, the numerator of which is the number of days during the bonus period which occurred prior to the date of your termination of employment, and the denominator of which is the number of days in the bonus period (e.g., 365 days for an annual bonus plan, 182.5 days for a semi-annual bonus plan, etc.). The Pro-Rated Bonus will not include any amount for a bonus plan, if any, that is based on individual performance criteria or financial performance criteria other than the Company’s overall financial performance.
Examples of Pro Rated Bonus in a sentence
Payment of the Pro Rated Bonus, paid to Executive no later than March 15 of the calendar year next succeeding the year of termination of employment, after deduction of all amounts required to be deducted or withheld under applicable law.
If Executive’s employment hereunder terminates as a result of Executive’s Disability or death, promptly after such termination Company shall pay to Executive: (i) the Accrued Obligations; (ii) any accrued and unpaid Annual Performance Bonus for the prior fiscal year; and (iii) the Pro Rated Bonus (as defined below), and shall have no further obligations with respect to any benefit or compensation under this Agreement to Executive hereunder.
In the event that a majority of SCI officers do not receive a bonus for the fiscal year being considered, then the Pro Rated Bonus shall not be applicable and Employee shall not be entitled to a Pro Rated Bonus.
The Pro Rated Bonus, if any, payable to Employee shall be paid during the period between January 1st and March 14th of the calendar year immediately following the date Employee ceases to be employed by the Company.
More Definitions of Pro Rated Bonus
Pro Rated Bonus means, for purpose of Section 3(f)(ii), the amount of the Executive’s annual bonus for the fiscal year of termination of his employment, determined based on actual results as if he had remained employed for the entire required service period, but pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall equal the number of days the Executive was employed during such fiscal year and the denominator of which is equal to 365.
Pro Rated Bonus means the product of (A) the quotient of (x) the number of full calendar months you are employed by the Company during the Company’s fiscal year in which your Separation occurs divided by (y) twelve (12) months multiplied by (B) your target annual bonus opportunity for the year in which your Separation occurs. For the purposes of calculating the number of months you are employed by the Company during a fiscal year, you shall be deemed to have been employed by the Company for the entire month during which your Separation occurs regardless of when your Separation occurs during such calendar month.
Pro Rated Bonus means $50,000 multiplied by a fraction, the numerator of which is the number of days in the current fiscal year through the Change in Control, and the denominator of which is 365.
Pro Rated Bonus means a bonus payment for the year during which Executive’s employment terminates, pro-rated based on the number of days Executive was employed during such bonus period. Such bonus shall be determined based on the same criteria that would have applied absent Executive’s cessation of employment and shall be payable at such time as the bonus would have normally been paid. Notwithstanding the forgoing, in the event Executive’s employment ceases due to a Discharge Without Cause, or Termination For Good Reason, in connection with a Change in Control or during the twenty four (24) month period following a Change in Control, then Executive shall instead receive a prorated bonus based on the most recent bonus the Company paid to Executive prior to the date of such cessation of employment, and such bonus shall be payable within 10 days following such termination.
Pro Rated Bonus means, with respect to any Participant, such Participant’s target annual bonus for the calendar year in which the Participant incurs a Qualifying Termination, pro-rated based on the length of such Participant’s employment with the Company or its Subsidiaries during the calendar year of such Participant’s Qualifying Termination.
Pro Rated Bonus has the meaning set forth in Section 4(b)(ii).
Pro Rated Bonus means the Bonus that you otherwise would have received had you continued to be employed through the end of the applicable Bonus Period in which your Termination Date occurs, payable based on the actual performance results for such Bonus Period, multiplied by a fraction, the numerator of which is the number of days from the beginning of such applicable Bonus Period through your Termination Date and the denominator of which is the total number of days in such applicable Bonus Period.