Prorata Bonus definition

Prorata Bonus means the product of: (i) the greater of (a) the Annual Bonus that Employee received attributable to performance during the full fiscal year immediately prior to the date of Employee’s termination of employment with Employer, or (b) Employee’s target Annual Bonus for the fiscal year in which the date of termination of Employee’s employment with Employer occurred; and (ii) a fraction, the numerator of which is the number of days in the fiscal year in which the date of termination occurs through the effective date of Employee’s termination of employment and the denominator of which is 365.
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Prorata Bonus means the product of: (A) the greater of (x) the Annual Bonus that Employee received attributable to performance during the full fiscal year immediately prior to the date of Employee’s termination of employment with Employer, or (y) Employee’s target Annual Bonus for the fiscal year in which the date of termination of Employee’s employment with Employer occurred; and (B) a fraction, the numerator of which is the number of days in the fiscal year in which the date of termination occurs through the effective date of Employee’s termination of employment and the denominator of which is 365; and (ii) “Prorata Retention Payment” shall mean the product of: (A) that amount equal to fifty percent (50%) of the aggregate amount of the Retention Bonus; and (B) a fraction, the numerator of which is the number of days Employee was employed since the Commencement Date (in the case of a termination of employment on or before the first anniversary of the Commencement Date) or since the first anniversary of the Commencement Date (in the case of a termination of employment following the first anniversary of the Commencement Date), and the denominator of which is 365.
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Prorata Bonus means the product of: (1) the Base Bonus (as defined below); and (2) a fraction, the numerator of which is the number of days in the calendar year in which the date of termination occurs through the effective date of Executive’s termination of employment, and the denominator of which is 365; and (b) “Base Bonus” shall mean the greater of: (1) the Annual Bonus that Executive received attributable to performance during the full calendar year immediately prior to the date of Executive’s termination of employment with Employer (or, if the calendar year immediately prior to the date of Executive’s termination of employment with Employer was a partial calendar year, the annualized Annual Bonus for such partial calendar year); or (2) Executive’s Target Annual Bonus for the calendar year in which the date of termination of Executive’s employment occurred. Subject to Section 4.02(F) below, the Prorata Bonus shall be payable in a lump sum on the next regular paydate following the date that the Release (as defined in Section 4.02(E) below) becomes effective and is no longer subject to revocation.
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Examples of Prorata Bonus in a sentence

  • In addition, the Executive shall be entitled to the Pro-rata Bonus.

  • Accrued Obligations and the Pro-rata Bonus shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination.

  • Accrued Obligations, the Pro-rata Bonus and the Supplemental Salary Payment shall be paid to the Employee’s estate or beneficiary, as applicable, in a lump sum in cash within thirty (30) days of the Date of Termination.

  • Exhibit A hereto sets forth examples of the calculation of the Pro-rata Bonus.

  • An Executive’s “ Bonus Severance” is the product of the Executive’s Applicable Bonus times the Executive’s Applicable Tier Multiplier, together with an additional amount equal to the Executive’s Current Pro-rata Bonus.

  • In addition, Executive shall receive any Prorata Bonus as hereinafter defined.

  • For purposes of a termination described in Section 5(a) or 5(b), such Pro-rata Bonus payment shall be based on the actual results for the completed fiscal year during which the Date of Termination occurs.

  • The Pro-rata Bonus for purposes of a termination described in Section 5(d), shall be determined, as near as practicable, based on actual performance achieved for the fiscal year through the Date of Termination, expressed as a percentage of targeted performance for that period.

  • In the event of Executive’s death, the Executive’s estate (or to the extent a beneficiary has been designated in accordance with a program, the beneficiary under such program) shall be entitled to any Accrued Amounts and a Prorata Bonus (as defined in Section 9(a).

  • If Executive’s employment is terminated by the Company without Cause or the Executive terminates his employment for Good Reason, Executive shall be entitled to receive from the Company all Accrued Amounts through the Date of Termination and a Prorata Bonus (as defined in Section 9(a).


More Definitions of Prorata Bonus

Prorata Bonus means the greater of: (x) Eight Million Dollars ($8,000,000) or (y) the bonus provided for in Section 5(b)(i) computed on the basis of the Average Stock Price on the termination date and multiplied by a fraction of which the numerator is the number of months which have elapsed since the effective date and the denominator is twenty-four (24).
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Related to Prorata Bonus

  • Pro Rata Bonus means an amount equal to the Bonus Amount multiplied by a fraction the numerator of which is the number of days in the fiscal year through the Termination Date and the denominator of which is 365.

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

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Severance Amount means:

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Accrued Obligations means (i) all accrued but unpaid Base Salary through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 7 hereof, and (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein.

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • 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.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Annual Salary means the salary given under this Part.

  • Monthly salary means the portion of a member’s annual compensation which is paid to him or her per month.

  • Accrued Obligation means the sum of (a) Executive’s Annual Base Salary through the Termination Date for periods through but not following his Separation From Service and (b) any accrued vacation pay earned by Executive, in each case, to the extent not theretofore paid.

  • Accrued Amounts means:

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • 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 Base Salary means the amount of Executive's Base Salary which is accrued but not yet paid as of the Date of Termination.

  • Retention Bonus means the amount equal to:

  • Basic Salary shall have the meaning assigned to it in Section 5 of this Agreement.

  • Compensation Accrued at Termination means the following:

  • Accrued Amount has the meaning set forth in Section 3.1(b) of this Agreement.

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

  • 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).