Annual Corporate Bonus. Employee is eligible for an annualized on-target bonus of 80% of annual salary, subject to the Rackspace Corporate Cash Bonus Plan (the “Plan”) as approved by the board of directors or compensation committee. However, with respect to a 2019 bonus, the parties agree that Employee’s potential bonus, if earned and approved under the Plan, will be based on a hypothetical employment start date of April 1, 2019; in
Annual Corporate Bonus. Employee is eligible for an annualized on-target bonus of 90% of annual salary, subject to the Rackspace Corporate Cash Bonus Plan (the “Plan”) as approved by the board of directors or compensation committee. The parties agree that Employee’s potential 2019 bonus, if earned and approved under the Bonus Plan, will not be reduced to a pro rata amount on account of his start date in 2019. This means, for the sake of clarity, that Employee would be eligible to receive a 12-month bonus payment for Initials: LSD Company: Employee: SV 2019 on the ordinary bonus payment date if he is employed on such payout date and is otherwise eligible for a bonus under the achievement requirements and other terms of the Bonus Plan.
Annual Corporate Bonus. With respect to each calendar year that ends during the Employment Period, Employee shall be eligible to receive an annual cash bonus (the “Annual Bonus”), with a target Annual Bonus amount equal to 100% of Annual Base Salary (“Target Bonus”), with a maximum potential amount of 200% of Annual Base Salary, and with the actual bonus determined pursuant to the Rackspace Corporate Cash Bonus Plan (or any successor plan) and as approved by the Company’s board of directors (the “Board”) or Compensation Committee of the Board (“Compensation Committee”). Employee’s Annual Bonus for the 2020 calendar year will be pro rata based on actual Annual Base Salary paid to Employee during 2020. Each such Annual Bonus shall be payable on such date as is determined by the Board or the Compensation Committee, but in any event within the period required by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and its implementing regulations (“Section 409A”) such that it qualifies as a “short-term deferral” pursuant to Section 1.409A-1(b)(4) of the Department of Treasury Regulations (or any successor thereto). Notwithstanding the foregoing, no Annual Bonus shall be payable with respect to any calendar year (except as provided in Section 8 below) unless Employee remains continuously employed with Company through the payment date.
Annual Corporate Bonus. Employee is eligible for an annualized on-target bonus of 100% of annual base salary, with a maximum potential amount of 150% of annual base salary, subject to the Rackspace Technology, Inc. Annual Cash Incentive Plan, or successor plan, (the "Plan") as approved by the Board of Directors or Compensation Committee of Rackspace Technology, Inc. However, with respect to a 2022 bonus, the parties agree that Employee's potential bonus, if earned and approved under the Plan will be guaranteed at 100% of his target and pro-rated based on the Start Date. The 2022 Annual Corporate Bonus will be paid on the ordinary bonus payment date in 2023 only if Employee is employed on the payout date and is otherwise eligible for a bonus under the achievement requirements and other terms of the Plan. The prorated amount is calculated by multiplying the amount of the Annual Corporate Bonus by a fraction, the numerator of which is the number of complete months Employee is actually employed by the Company during 2022 and the denominator of which is 12.
Annual Corporate Bonus. Employee is eligible for an annualized on-target bonus of 100% of annual base salary, with a maximum potential amount of 150% of annual base salary, subject to the Rackspace Technology, Inc. Annual Cash Incentive Plan, or successor plan, (the "Plan") as approved by the Board of Directors or Compensation Committee of Rackspace Technology, Inc. From time to time the Company will review Employee's Annual Corporate Bonus Target and may provide for an increase as it may deem appropriate its discretion; any such increase shall be deemed thereafter the Annual Corporate Bonus Target for purposes of this agreement. The Annual Corporate Bonus target will not be decreased during the Employment Period without the written consent of Employee.
Annual Corporate Bonus. With respect to each calendar year that ends during the Employment Period, Employee shall be eligible to receive an annual cash bonus (the "Annual Bonus"), with a target Annual Bonus amount equal to 85% of Annual Base Salary ("Target Bonus"), with the actual bonus determined pursuant to the Rackspace Corporate Cash Bonus Plan (or any successor plan) and as approved by the Board or Compensation Committee of the Board ("Compensation Committee"). From time to time the Company will review Employee's Target Bonus percentage and may provide for an increase as it may deem appropriate at its discretion; any such increase shall be deemed thereafter the Target Bonus percentage for purposes of this agreement.
Annual Corporate Bonus. The Company will pay you $393,750.00 which represents the 2023 annual corporate bonus, less all required withholdings and deductions. This annual corporate bonus, which is subject to the sole and absolute discretion of the Company, is being provided to you as additional consideration, and is beyond that to which you would be entitled without signing this Letter Agreement. This payment will be made in the form of a lump sum payment to you in January 2024, no later than 45 calendar days following the date the Letter Agreement becomes irrevocable under its terms (as defined herein), and in accordance with the Company’s normal payroll schedule.
