Common use of Merger Bonus Clause in Contracts

Merger Bonus. On or about 45 days following the Closing Date, you will receive a merger implementation and retention bonus (a "Merger Bonus") equal (before withholding of applicable taxes) to one times the sum of (i) your base annual salary as of the Closing Date and (ii) the prior three-year average corporate rating (as of the date of shareholder approval of the Merger) under GTE's Executive Incentive Plan ("EIP") for your grade level as of the Closing Date multiplied by an amount equal to 100% of norm for that grade level under EIP.

Merger Bonus. On or about 45 days following the Closing Date, you will receive a merger implementation and retention bonus (a "Merger Bonus") equal (before withholding of applicable taxes) to one and one half times the sum of (i) your base annual salary as of the Closing Date and (ii) the prior three-year average corporate rating (as of the date of shareholder approval of the Merger) under GTE's Executive Incentive Plan ("EIP") for your grade level as of the Closing Date multiplied by an amount equal to 100% of norm for that grade level under EIP.