Common use of Prorated Payout of Short Term Bonus Clause in Contracts

Prorated Payout of Short Term Bonus. Executive shall be entitled to payment in full of Executive’s prorated bonus for the fiscal year in which the Termination occurs. The prorated bonus amount shall be calculated as Executive’s Target Bonus for the fiscal year in which the Termination occurs, or, if greater, the actual bonus awarded to Executive under any short-term incentive plan(s) of the Company for the fiscal year immediately preceding the fiscal year in which the Termination occurs, divided by 365 and multiplied by the number of calendar days in said year immediately up to the day on which the Termination occurs. The payment described in this section shall be subject to any valid deferral election which was made prior to that time by the Executive under any Company qualified pension plan, nonqualified pension plan, 401(k), excess 401(k) or non-qualified deferred compensation plan then in effect. The payment of such prorated short-term bonus shall also be taken into consideration for purposes of computation of benefits under any qualified and/or nonqualified employee pension benefit plans or employee welfare benefit plans then maintained by the Company, and, if applicable, any agreement entered into between the Executive and the Company which is then in effect, in accordance with the terms and conditions of such plans and/or agreements.