Prorated Bonus. The term “Prorated Bonus” shall mean an amount equal to the sum of the following with respect to each contingent bonus or incentive compensation award made to the Executive for all uncompleted periods as of the Termination Date: (i) the value of such award, calculated as if the goals with respect to such award had been attained (at the target level, if applicable), multiplied by a fraction, the numerator of which is the number of days that have elapsed from the first day of the period to which the award relates to the Termination Date and the denominator of which is the total number of days in the period to which the award relates (without regard to the Termination Date), reduced by (ii) any amounts previously paid with respect to such award or that will be paid (without regard to this Agreement).
Prorated Bonus a prorated bonus based the number of months that you were actively rendering services during the calendar year prior to your termination. The actual bonus amount shall be determined in a manner consistent with other Company executives with such bonus paid in the year following the year such bonus compensation is earned, but no later than February 28th of such year.
Prorated Bonus. An amount equal to a prorated portion of Executive’s Target Bonus (disregarding any reduction in Target Bonus that would constitute Good Reason) for the fiscal year in which the Termination Date occurs (the “Prorated Bonus”) shall be paid in cash in a single lump sum on the next regular payroll date following the later of the expiration of the Release Execution Period or the consummation of the Change in Control (but in no event later than the lapsing of the Short-Term Deferral Period). Such prorated portion shall be determined by multiplying the foregoing Target Bonus by a fraction, the numerator of which is equal to the number of days between the start of such fiscal year and the Termination Date and the denominator of which is equal to 365. The actual annual incentive bonus for the fiscal year of Executive’s termination of employment shall be forfeited, and Executive shall not be entitled to any payment thereof, other than the severance benefit payment described in this Section 3.1(b)(i).
Prorated Bonus. The Company will pay to you a lump sum payment equal to your Target Bonus in the year of the Involuntary Termination, as such Target Bonus shall be pro-rated on a daily basis for the number of days of the performance year in which your employment terminated, which payment will be made to you at the time such bonuses are paid to other participants, or, if earlier, by March 15 of the year following the year of the Involuntary Termination;
Prorated Bonus. Verso will pay the Prorated Bonus to Employee, less all applicable reductions, taxes and other withholdings, when payment of the applicable incentive bonus would have been paid to Employee in the normal course if Employee had remained employed with Verso through the end of the applicable year.
Prorated Bonus. The Company shall pay to Executive a prorated bonus (the “Prorated Bonus”) for the calendar year of termination of Executive’s employment, calculated as the Bonus Executive would have received in such year based on actual performance multiplied by a fraction, the numerator of which is the number of business days during the calendar year of termination that Executive was employed and the denominator of which is the total number of business days during the calendar year of termination. The Prorated Bonus shall be payable when annual bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the calendar year following the later of (aa) the calendar year in which the Bonus is earned or (bb) the calendar year in which the Bonus is no longer subject to a substantial risk of forfeiture within the meaning of Section 409A.
Prorated Bonus. Subject to your satisfactory provision of your Transition Duties (as described on Exhibit B hereto) through the Separation Date, as determined by the Board of Directors in its discretion and in good faith, GPH shall pay you a pro-rata 2005 annual bonus of $16,900 pursuant to Section 2(B) of the Employment Agreement and the Separation and Release Agreement, subject to a pro-rata increase if employment is extended beyond August 19, 2005.
Prorated Bonus. Executive also shall remain eligible to receive a prorated bonus under the Executive Bonus Plan for the fiscal year in which Executive’s employment terminates. Such bonus shall be equal to (A) the bonus otherwise earned by and payable to Executive for the fiscal year in which Executive’s employment terminates, (B) multiplied by the number of days Executive worked in the year of Executive’s employment termination, (C) divided by 365 days (the “Prorated Bonus”). The Prorated Bonus shall be paid in cash (A) if the Company’s fiscal year in which Executive’s employment terminates ends in December of a calendar year, during the period beginning on January 1 of the next succeeding calendar year and ending on the date that is 2 ½ months after the end of such fiscal year; or (B) if the Company’s fiscal year in which Executive’s employment terminates ends in January of a calendar year, during the 2 ½-month period beginning on the first day of the next succeeding fiscal year. Notwithstanding the foregoing, if (x) the Prorated Bonus is not exempt from Code Section 409A, and (y) the Prorated Bonus is payable (based on the payment timing hereinabove) within the six-month period immediately following the date of Executive’s Section 409A Separation from Service, the payment of the Prorated Bonus will be delayed and will be made in a single lump-sum cash payment upon the day after the six-month anniversary of Executive’s Section 409A Separation from Service. Any bonus amounts that Executive had previously earned from the Company but which may not yet have been paid as of the date of termination shall not be affected by this provision.
Prorated Bonus. If this Agreement is terminated in accordance with Section 6(a), the Company shall have no further obligation to Employee under this Agreement except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus an amount equal to the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7(c) shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (the “Prorated Bonus”); provided, however, that no Prorated Bonus shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below).
Prorated Bonus. In accordance with the terms and conditions of Sections 5.a. and d. of the Employment Agreement, the Company shall pay Employee a prorated bonus for the fiscal year of the Termination Date (the "Prorated Bonus"), if in cash, in one lump sum payment, minus applicable withholdings and deductions as solely determined by the Company. The Prorated Bonus, if payable, shall be paid to the Employee in accordance with the Company's normal payroll practices as in effect from time to time during the next fiscal year after the Termination Date; if the annual bonus is in equity grant, Company shall award Employee the Pro-rated Bonus in the form of such equity grant as approved by the Board in such form (i.e., options and/or Restricted Shares) and such vesting schedule as approved by the Board. For purposes of this Agreement, the Prorated Bonus shall be calculated in accordance with the formula set forth in Section 5 of the Employee’s Employment Agreement (e.g., calculated as the value of the annual bonus (in cash or equity) for the fiscal year of the Termination Date, if approved by the Board, multiplied by a fraction, the numerator of which is equal to the number of days the Executive worked for the Company in such fiscal year, and the denominator of which is equal to the total number of days in such fiscal year).
