Common use of Prior Year Bonus Clause in Contracts

Prior Year Bonus. If your Separation from Service occurs prior to your receipt of an Annual Bonus payment for the completed calendar year that immediately precedes the calendar year of the Separation from Service, you shall also receive the Prior Year Bonus. The Prior Year Bonus shall be paid, subject to required and voluntarily authorized payroll deductions and federal and state tax withholdings, in the calendar year following the year to which the Annual Bonus payment relates, at the same time as the annual bonuses for such calendar year are generally paid to other executives; provided, however that if such payment date is prior to the Release Effective Date, the Prior Year Bonus shall instead accrue and be made on the first regular payroll date following the Release Effective Date.