Common use of 2016 Annual Bonus Clause in Contracts

2016 Annual Bonus. The Company will pay to Executive a pro rata annual bonus for fiscal year 2016, which shall be determined based on Executive’s target bonus for fiscal year 2016 (which target bonus equals 50% of Executive’s base salary), multiplied by a fraction, the numerator of which is fifty-two (52) (representing the number of days in which Executive was employed by Company during fiscal year 2016), and the denominator of which is three hundred sixty-five (365). The pro rata annual bonus for fiscal year 2016 will be paid on the sixtieth (60th) day following the Termination Date.

2016 Annual Bonus. The Company will pay to Executive a pro rata annual bonus for fiscal year 2016, which shall be determined based on Executive’s target actual annual bonus earned for fiscal year 2016 (which target bonus equals 50% of Executive’s base salary)2016, if any, based on actual performance, multiplied by a fraction, the numerator of which is fiftytwenty-two four (5224) (representing the number of days in which Executive was employed by Company during fiscal year 2016), and the denominator of which is three hundred sixty-five (365). The pro rata annual bonus for fiscal year 2016 will be paid at the same time and under the same terms and conditions as bonuses are paid to other executives of the Company, on the sixtieth (60th) day following the Termination Dateor after January 1, 2017 but not later than March 15, 2017.