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. 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. 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. Pursuant to Section 6(b)(ii) of the Change in Control Severance Agreement, the Company shall pay a lump-sum payment in the gross amount of Seventy Six Thousand, One Hundred Seventy-Three Dollars and 00/100 ($76,173.00), subject to all applicable or customary tax withholding requirements.
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. 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. In the event that the Company grants an annual bonus for calendar year 2012 to its Chairman and Chief Executive Officer (the amount of such bonus, the “2012 Annual Bonus”), the Company will pay to Xxxxxxxxx an amount equal to 41.6% of the 2012 Annual Bonus (i.e., a pro rata portion based upon 5 months of Xxxxxxxxx’x employment during 2012), payable in accordance with the Company’s customary payment practices, less all applicable federal and state taxes and withholdings.
Prorated Annual Bonus. The Company shall pay the Executive an amount equal to the product of (A) the Executive’s target Annual Bonus in effect as of the Termination Date 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. Provided that the Release Effective Date has occurred, in the event that the Company or its Subsidiaries make payments under the annual incentive plan in which the Executive participates immediately prior to the Termination Date to participants who remain actively employed by the Company or its Subsidiaries throughout the remainder of the fiscal year in which the Termination Date occurs at a level that exceeds the target level for such participants, the Company shall make an additional payment to the Executive (such payment, an “Additional Annual Bonus Payment”), in an amount equal to the product of (1) the excess of (x) the Annual Bonus the Executive would have received during such fiscal year had he or she remained actively employed and been paid at the same level as such other participants over (y) the Executive’s target Annual Bonus in effect as of the Termination Date and (2) a fraction, the numerator of which is the number of days in the year of termination through the Termination Date, and the denominator of which is 365, in a lump sum at the time payments under such plan are made to such other participants.
Prorated Annual Bonus. In accordance with Section 10(d)(ii)(C) of the Agreement, a prorated annual bonus for fiscal year 2003, based on the actual performance for such year, the amount of which prorated bonus, if any, shall be determined in the same manner as such bonuses are determined for other senior level executives of the Company and shall be paid at the same time that other senior level executives of the Company receive their payment.
