Bonus Severance. Executive will receive a lump-sum payment, payable in accordance with the Company’s regular payroll procedures, equal to the portion of the Executive’s Target Bonus as in effect for the fiscal year in which Executive’s termination of employment occurs prorated based on the actual amount of time Executive was employed by the Company during the fiscal year (or the relevant performance period if something different than a fiscal year) during which the termination occurs.
Appears in 11 contracts
Samples: Executive Employment Agreement (Otonomy, Inc.), Executive Employment Agreement (Otonomy, Inc.), Executive Employment Agreement (Otonomy, Inc.)
Bonus Severance. Executive will receive a lump-sum payment, payable in accordance with the Company’s regular payroll procedures, equal to the portion 100% of the Executive’s Target Bonus target bonus as in effect for the fiscal year in which Executive’s termination of employment occurs occurs. For avoidance of doubt, the amount paid to Executive pursuant to this Section 4(a)(ii) will not be prorated based on the actual amount of time Executive was is employed by the Company during the fiscal year (or the relevant performance period if something different than a fiscal year) during which the termination occurs.
Appears in 1 contract
Bonus Severance. Executive will receive a lump-sum payment, payable in accordance with the Company’s regular payroll procedures, equal to the portion one-hundred percent (100%) of the Executive’s Target Bonus target bonus as in effect for the fiscal year in which Executive’s termination of employment occurs occurs. For avoidance of doubt, the amount paid to Executive pursuant to this Section 7(a)(ii) will not be prorated based on the actual amount of time Executive was is employed by the Company during the fiscal year (or the relevant performance period if something different than a fiscal year) during which the termination occurs.
Appears in 1 contract
