Common use of Pro-Rata Bonus Payment Clause in Contracts

Pro-Rata Bonus Payment. In addition to any bonus Executive has earned but not yet been paid (e.g., for an annual bonus, with respect to a termination made following year-end but prior to payment), Executive will receive a lump-sum payment equal to the greater of (x) 75% of Executive’s most recent annual bonus actually paid, or (y) 75% of Executive’s on-target annual bonus for the year of termination, in either case of (x) or (y) pro-rated for the partial year of service. EXAMPLE: Executive receives an annual bonus of $125,000 in February 2014 for the 2013 Company fiscal year. Executive’s base salary in 2013 is $250,000 and in 2014 is increased to $300,000. Executive’s on-target annual bonus for 2014 is 50% of base salary, or $150,000. The Company is acquired in a Change in Control on June 30, 2014, and Executive is terminated without Cause on June 30, 2014. Subject to Sections 6(a) and (b) and Section 7 hereof, under Section 4(a)(i) of this Agreement Executive is due a lump-sum payment of $337,500 ($225,000 for nine months of annual base salary and $112,500 for 75% of on-target annual bonus). Subject to Sections 6(a) and (b) and Section 7 hereof, under Section 4(a)(ii) of this Agreement Executive is due a lump-sum payment of $75,000 (50% of $150,000, reflecting pro-ration for the half-year of service).

Pro-Rata Bonus Payment. In addition to any bonus Executive has earned but not yet been paid (e.g., for an annual bonus, with respect to a termination made following year-end but prior to payment), Executive will receive a lump-sum payment equal to the greater of (x) 75100% of Executive’s most recent annual bonus actually paid, or (y) 75100% of Executive’s on-target annual bonus for the year of termination, in either case of (x) or (y) pro-rated for the partial year of service. EXAMPLE: Executive receives an annual bonus of $125,000 in February 2014 for the 2013 Company fiscal year. Executive’s base salary in 2013 is $250,000 and in 2014 is increased to $300,000. Executive’s on-target annual bonus for 2014 is 50% of base salary, or $150,000. The Company is acquired in a Change in Control on June 30, 2014, and Executive is terminated without Cause on June September 30, 2014. Subject to Sections 6(a) and (b) and Section 7 hereof, under Section 4(a)(i) of this Agreement Executive is due a lump-sum payment of $337,500 450,000 ($225,000 300,000 for nine 12-months of annual base salary Aerohive – Executive Change of Control (non-CEO)(A&R A Amrod 4-1-2018) and $112,500 150,000 for 75100% of on-target annual bonus). Subject to Sections 6(a) and (b) and Section 7 hereof, under Section 4(a)(ii) of this Agreement Executive is also due a lump-sum payment of $75,000 112,5000 (5075% of $150,000, reflecting pro-ration for the half-year nine (9) months of serviceservice through September 30, 2014).

Pro-Rata Bonus Payment. In addition to any bonus Executive has earned but not yet been paid (e.g., for an annual bonus, with respect to a termination made following year-end but prior to payment), Executive will receive a lump-sum payment equal to the greater of (x) 75% of Executive’s most recent annual bonus actually paid, or (y) 75100% of Executive’s on-target annual bonus for the year of termination, in either case of (x) or (y) pro-rated for the partial year of service. EXAMPLE: Executive receives an annual bonus of $125,000 250,000 in February 2014 for the 2013 Company fiscal year. Executive’s base salary in 2013 is $250,000 450,000 and in 2014 is increased to $300,000500,000. Executive’s on-target annual bonus for 2014 is 5060% of base salary, or $150,000300,000. The Company is acquired in a Change in Control on June 30, 2014, and Executive is terminated without Cause on June 30, 2014. Subject to Sections 6(a) and (b) and Section 7 hereof, under Section 4(a)(i) of this Agreement Executive is due a lump-sum payment of $337,500 800,000 ($225,000 for nine months of 500,000 in annual base salary and $112,500 for 75% of 300,000 in on-target annual bonus). Subject to Sections 6(a) and (b) and Section 7 hereof, under Section 4(a)(ii) of this Agreement Executive is also due a lump-sum payment of $75,000 150,000 (50% of $150,000300,000, reflecting pro-ration for the half-year of serviceservice through June 30, 2014).