Pro-Rated Bonus Payment. Executive will receive a lump-sum severance payment equal to one hundred percent (100%) of Executive’s target bonus as in effect for the fiscal year in which Executive’s termination occurs, pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days from and including the first day of such fiscal year through and including the date of Executive’s termination, and the denominator of which shall be three-hundred and sixty-five (365).
Appears in 20 contracts
Samples: Severance and Change of Control Agreement, Severance and Change in Control Agreement (Shutterstock, Inc.), Severance and Change in Control Agreement (Shutterstock, Inc.)
Pro-Rated Bonus Payment. Executive will receive a lump-sum severance payment as soon as practicable following termination equal to one hundred percent (100%) of Executive’s full target bonus bonus] as in effect for the fiscal year in which Executive’s termination occurs, pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days from and including the first day of such fiscal year through and including the date of Executive’s termination, and the denominator of which shall be three-hundred and sixty-five (365).
Appears in 3 contracts
Samples: Severance and Change in Control Agreement (Resonant Inc), Severance and Change in Control Agreement (Resonant Inc), Severance and Change in Control Agreement (Resonant Inc)
Pro-Rated Bonus Payment. Executive will receive a lump-sum severance payment equal to one hundred percent (100%) of Executive’s target bonus expected bonus, as determined by reviewing partial-year progress against goals, as in effect for the fiscal year in which Executive’s termination occurs, pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days from and including the first day of such fiscal year through and including the date of Executive’s termination, and the denominator of which shall be three-hundred and sixty-five (365).
Appears in 1 contract
Pro-Rated Bonus Payment. Executive will receive a lump-sum severance payment (payable on the effective date of the release as provided in Section 4(a)) equal to one hundred percent (100%) of Executive’s target bonus as in effect for the fiscal year in which Executive’s termination occurs, pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days from and including the first day of such fiscal year through and including the date of Executive’s termination, and the denominator of which shall be three-hundred and sixty-five (365).
Appears in 1 contract
