Common use of Prorated Annual Bonus Clause in Contracts

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.