Prorated Annual Bonus. The Company shall pay the Executive an amount equal to the product of (A) the Executive’s target annual bonus for the year in which the Termination Date occurs (assuming all individual and business criteria are met at target levels) and (B) a fraction, the numerator of which is the number of days in the current fiscal year through the Termination Date, and the denominator of which is 365, in a lump-sum payment on the tenth business day after the Release Effective Date.
Prorated Annual Bonus. In addition, you will receive a payment equal to the product of (i) the Annual Bonus that you would have been entitled to receive if corporate and/or individual objectives and milestones were fully achieved for the calendar year in which the Separation Date occurs (less standard payroll deductions and applicable withholdings) and (ii) a fraction, the numerator of which is the number of days you were continuously employed by the Company during the year of termination and the denominator of which is the number of days in such year, to be paid periodically in installments during the CIC Severance Period in accordance with the Company’s normal payroll practices beginning on the first regularly-scheduled payroll date following the sixtieth (60th) day after your Separation from Service, provided the Separation Agreement (as discussed in Section 7.6) has become effective.
Prorated Annual Bonus. Pursuant to Section 6(b)(ii) of the Change in Control Severance Agreement, the Company shall pay Xx. Xxxxxx a lump-sum payment in the gross amount of Fifty Nine Thousand Dollars and 43/100 ($59,000.43), subject to all applicable or customary tax withholding requirements.
Prorated Annual Bonus. With respect to the annual bonus for which the Executive was eligible under the Company’s annual incentive plan for the Fiscal Year in which the Termination Date occurs, the Company shall pay to the Executive an amount equal to the product of (A) the Executive’s Target Annual Bonus and (B) a fraction, the numerator of which is the number of days elapsed in the Fiscal Year in which the Termination Date occurs through the Termination Date, and the denominator of which is 365, in a single lump-sum cash payment within ten business days after the Release Effective Date (or such later date as may be required to comply with the provisions of Section 409A of the Code).
Prorated Annual Bonus. You will be eligible to receive a prorated Annual Bonus (calculated as the Annual Bonus that would have been paid for the entire calendar year multiplied by a fraction, the numerator of which is equal to the number of days you worked in the applicable calendar year, and the denominator of which is equal to the total number of days in such year). The prorated Annual Bonus, if any, will be paid to you, subject to standard payroll deductions and withholdings, at the time such bonus is paid to similarly situated employees.
Prorated Annual Bonus. Payments made under this subparagraph (a) shall constitute full satisfaction to the Executive for the accrued pay and benefits described in this subparagraph.
Prorated Annual Bonus. For fiscal year 2015, Executive shall continue to be eligible to receive a prorated annual bonus based on his service to the Company through May 31, 2015, as determined by the Company’s Board of Directors (the “Board”) upon recommendation by the Compensation Committee of the Board, in accordance with the Company’s standard practices. Any bonus received under this Section 1.b will be paid, less applicable withholdings, to Executive on the date such bonus would have been paid had Executive remained employed by the Company, but in no event later than March 15, 2016.
Prorated Annual Bonus. The Covered Employee will additionally be eligible to a prorated portion of such Covered Employee’s target annual bonus (if any), for the year in which the Covered Termination occurs. Such payment to which the Covered Employee is eligible under this Section 4.1.2 will be calculated (i) assuming all articulated performance goals for such bonus (including, but not limited to, corporate and individual performance, if applicable) for the year of the Covered Termination were achieved at target levels, (ii) by reference to the number of days that elapsed in the year of the Covered Employee’s Covered Termination between the first day of such year and the date of the Covered Termination, divided by 365, and (iii) ignoring any reduction in the Covered Employee’s Base Salary that would give rise to their resignation for Good Reason (such bonus under this Section 4.1.2, the “Prorated Target Bonus”). The Prorated Target Bonus shall be paid, less applicable tax withholdings, in equal installments on the Company’s regular payroll schedule, provided, that no payment shall be made prior to the Initial Payment Date. On the Initial Payment Date, the Company shall pay the Covered Employee in a lump sum the amount of the Prorated Target Bonus that the Covered Employee would have received on or prior to the Initial Payment Date under the original schedule but for the delay while waiting for Initial Payment Date in compliance with Section 409A (as defined below) and the effectiveness of the Release, with the balance of the Prorated Target Bonus being paid as originally scheduled. Notwithstanding the foregoing, the Company may pay the Prorated Target Bonus in the form of a lump sum, which amount will be paid on the Initial Payment Date, but such lump sum payment shall be made only if the Company, in consultation with its advisors, determines that such payment will not result in adverse taxation under Section 409A.
Prorated Annual Bonus. You will be entitled to a prorated annual bonus for fiscal year 2020 based on actual Company financial results and 100% of your individual component. Such bonus will be paid in the first quarter of fiscal year 2021 at the time annual bonuses are paid to continuing employees.
Prorated Annual Bonus. Executive shall receive an annual bonus for the 2023 fiscal year in an amount equal to twenty-five percent (25%) of Executive’s actual annual bonus for the 2022 fiscal year ($180,150), payable when 2023 annual bonuses are paid to executives of the Company generally.
