Common use of Bonuses and Incentives Clause in Contracts

Bonuses and Incentives. The Executive shall receive bonus payments from the Association for the thirty-six (36) months following the month in which his employment is terminated in an amount for each month equal to one-twelfth of the average ("Average Bonus") of the bonuses paid to him for the two calendar years immediately preceding the year in which such termination occurs. Any bonus amounts that the Executive had previously earned from the Association but which may not yet have been paid as of the date of termination shall not be affected by this provision. Executive shall also receive a prorated bonus of any uncompleted fiscal year at the date of termination equal to the Average Bonus multiplied by the number of days he worked in such year divided by 365 days. The bonus amounts determined herein (including the Average Bonus, any previously earned but unpaid bonus, and the prorated bonus for any uncompleted fiscal year) shall be paid in a single lump sum payment, to be paid not later than 30 days after termination of employment.

Bonuses and Incentives. The Executive shall receive bonus payments from the Association for the thirtytwenty-six four (3624) months following the month in which his employment is terminated in an amount for each month equal to one-twelfth of the average ("Average Bonus") of the bonuses paid to him for the two calendar years immediately preceding the year in which such termination occurs. Any bonus amounts that the Executive had previously earned from the Association but which may not yet have been paid as of the date of termination shall not be affected by this provision. Executive shall also receive a prorated bonus of any uncompleted fiscal year at the date of termination equal to the Average Bonus multiplied by the number of days he worked in such year divided by 365 days. The bonus amounts determined herein (including the Average Bonus, any previously earned but unpaid bonus, and the prorated bonus for any uncompleted fiscal year) shall be paid in a single lump sum payment, to be paid not later than 30 days after termination of employment.