Average Annual Performance Bonus definition

Average Annual Performance Bonus means an amount equal to the average of the percentage of the Performance Bonus target achieved by Employee for the three (3) full calendar years prior to the termination date (or such lesser period as Employee may have been employed by Employer), and calculated based on Employee’s Base Salary and Target Bonus in Employee’s current position. For illustration purposes, if Employee earned 40%, 100% and 70% of Employee’s Target Bonus in each of the three full calendar years prior to termination, and Employee’s current Target Bonus was 100% of Base Salary, and Base Salary was $450,000.00, then Employee’s Average Annual Performance Bonus would equal $315,000.00. ((40%+ 100% + 70%) / 3 x 100% x $450,000.00 = $315,000.00).
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Average Annual Performance Bonus as used herein, shall mean the higher of (i) Mr. XxXxxxxx'x xxxual performance bonuses averaged from the date of this Agreement or (ii) the average of his previous three annual performance bonuses excluding any year a performance bonus wage was not paid.
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Average Annual Performance Bonus shall be equal to the average of the percentage of the Performance Bonus target achieved by (or provided to) Employee for the three (3) calendar years (including the partial 2020 year) prior to the termination date (or such lesser period as Employee may have been employed by Employer), and calculated based on Employee’s Base Salary and target Performance Bonus in Employee’s current position. For illustration purposes, if Employee earned 40%, 100% and 70% of Employee’s target Performance Bonus in each of the three full calendar years prior to termination, and Employee’s current target Performance Bonus was 100% of Base Salary, and Base Salary was $1,000,000.00, then Employee’s Average Annual Performance Bonus would equal $700,000.00. ((40%+ 100% + 70%) / 3 x 100% x $1,000,000.00 = $700,000.00).
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Examples of Average Annual Performance Bonus in a sentence

  • For illustration purposes, if Employee earned 40%, 100% and 70% of Employee’s target Performance Bonus in each of the three full calendar years prior to termination, and Employee’s current target Performance Bonus was 100% of Base Salary, and Base Salary was $450,000.00, then Employee’s Average Annual Performance Bonus would equal $315,000.00.

  • In addition, in the situations described in Section 5.7, Employee will be paid, solely in consideration of services rendered by Employee prior to termination, an additional bonus with respect to Employer’s fiscal year in which the termination date occurs, equal to the greater of Employee’s Average Annual Performance Bonus (as defined in Section 5.4) or Employee’s bonus for the year immediately preceding Employee’s termination.

  • For purposes of this Agreement, "Average Annual Performance Bonus" shall be equal to the Employee's then applicable Base Salary multiplied by a percentage obtained by averaging the quotients of the Performance Bonus paid to Employee for the three (3) full calendar years prior to the termination date divided by the Employee's Base Salary in effect for the calendar year for which the Performance Bonus relates.

  • In addition, in the situations described in Section 5.7, Employee will be paid, solely in consideration of services rendered by Employee prior to termination, an additional bonus with respect to Employer’s fiscal year in which the termination date occurs, equal to 1.5 times the greater of Employee’s Average Annual Performance Bonus (as defined in Section 5.4) or Employee’s bonus for the year immediately preceding Employee’s termination.

  • The term "Average Annual Performance Bonus," as used herein, will be calculated as of Xx. Xxxxxxx'x last date of employment and will mean the higher of (i) Xx. Xxxxxxx'x annual performance bonuses averaged from the date of this Agreement, or (ii) the average of his three most recent annual performance bonuses.

  • For purposes of calculating Average Annual Performance Bonus, any portion of an annual performance bonus earned but (i) deferred or (ii) settled in stock or stock-based awards shall be considered to have been paid (x) for the year for which such annual performance bonus was earned and (y) in an amount equal to the amount Executive would have received if such portion had not been deferred or settled in stock or stock-based awards and instead had been paid in cash.

  • In addition, in the situations described in Section 5.7, Employee will be paid, solely in consideration of services rendered by Employee prior to termination, an additional bonus with respect to Employer’s fiscal year in which the termination date occurs, equal to 1.5x the greater of Employee’s Average Annual Performance Bonus (as defined in Section 5.4) or Employee’s bonus for the year immediately preceding Employee’s termination.

  • The term "Average Annual Performance Bonus," as used herein, will be calculated as of Mr. Rossell's last date of exxxxxxxxx xxx will mean the higher of (i) Mr. Rossell's annual performxxxx xxxxxxx averaged from the date of this Agreement, or (ii) the average of his three most recent annual performance bonuses.

  • For illustration purposes, and assuming Employee had been employed through April 1, 2022 at the time of his termination, if Employee earned 40%, 100% and 70% of Employee’s target Performance Bonus in each of the three full calendar years prior to termination, and Employee’s current target Performance Bonus was 100% of Base Salary, and Base Salary was $450,000.00, then Employee’s Average Annual Performance Bonus would equal $315,000.00.

  • The term "Average Annual Performance Bonus," as used herein, will be calculated as of Xx. Xxxxxxxxxx'x last date of employment and will mean the higher of (i) Xx. Xxxxxxxxxx'x annual performance bonuses averaged from the date of this Agreement, or (ii) the average of his three most recent annual performance bonuses.


More Definitions of Average Annual Performance Bonus

Average Annual Performance Bonus means the average of the annual performance bonuses paid to Executive by the Company for the last three full fiscal years prior to the Date of Termination (or in the event that Executive was not employed by the Company for the whole of such three fiscal years, such fewer number of fiscal years during which Executive was employed by the Company prior to the Date of Termination). For purposes of calculating Average Annual Performance Bonus, any portion of an annual performance bonus earned but (i) deferred or (ii) settled in stock or stock-based awards shall be considered to have been paid (x) for the year for which such annual performance bonus was earned and (y) in an amount equal to the amount Executive would have received if such portion had not been deferred or settled in stock or stock-based awards and instead had been paid in cash. (b) “Cause” shall mean that Executive: (i) committed an act constituting a misdemeanor involving dishonesty or moral turpitude or a felony under the laws of the United States or any state or political subdivision thereof; (ii) violated laws, rules or regulations applicable to banks, investment banks, broker-dealers, investment advisors or the banking and securities industries generally, or becomes ineligible to serve as an executive officer of a depository institution, depository institution holding company, or a publicly-traded company; (iii) committed an act constituting gross negligence or willful misconduct causing harm to the Company; Exhibit 10.1
Sample 1
Average Annual Performance Bonus means the average of the annual performance bonuses paid to Executive by the Company for the last three full fiscal years prior to the Date of Termination (or in the event that Executive was not employed by the Company for the whole of such three fiscal years, such fewer number of fiscal years during which Executive was employed by the Company prior to the Date of Termination). For purposes of calculating Average Annual Performance Bonus, any portion of an annual performance bonus earned but (i) deferred or (ii) settled in stock or stock-based awards shall be considered to have been paid (x) for the year for which such annual performance bonus was earned and (y) in an amount equal to the amount Executive would have received if such portion had not been deferred or settled in stock or stock-based awards and instead had been paid in cash.
Sample 1
Average Annual Performance Bonus shall be equal to (i) the average of the Performance Bonus paid to Employee in Employee’s current position for the three (3) full calendar years prior to the termination date or (ii) in the event that a three (3) year average cannot be determined, Employee’s bonus in Employee’s current position for the year immediately preceding Employee’s termination. Upon payment of the amounts specified under this Section 5.4 and Section 5.11, Employer shall have no further obligation under this Agreement.
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Average Annual Performance Bonus as used herein, will be calculated as of Mr. Smith's last date of empxxxxxxx xxx will mean the higher of (i) Mr. Smith's annual performanxx xxxxxxx averaged from the date of this Agreement, or (ii) the average of his three most recent annual performance bonuses.
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Related to Average Annual Performance Bonus

  • Average Annual Bonus means the average of the annual bonuses (if any) from the Company earned by the Executive with respect to the Bonus Fiscal Years during all or any portion of which the Executive was employed by the Company; and, provided, further, that, if the Executive was not employed by the Company during all or any portion of any of the Bonus Fiscal Years, “Average Annual Bonus” means zero.

  • Average Annual Compensation shall be an amount equal to the annual average of the sums of (x) the Executive’s annual Base Salary from the Company plus (y) the amount of Incentive Awards accrued by TNS for the Executive, in each case for the three calendar years that ended immediately before (or, if applicable, coincident with) the Change in Control Date;

  • Target Bonus Percentage means, with respect to any Executive, the target bonus percentage specified for such Executive in his or her Employment Agreement.

  • Pro Rata Annual Bonus means the amount of Annual Bonus, multiplied by a fraction, the numerator of which is the number of days in such year during which the Executive was actually employed by the Company (or its predecessor) and the denominator of which is 365.

  • Target Annual Bonus has the meaning set forth in Subsection 3b.

  • Target Bonus Amount means Executive’s target annual bonus amount in effect at the time of Executive’s Qualifying Termination (disregarding any decrease in such target annual bonus amount that constitutes a Good Reason event).

  • Average annual payroll means the average of the annual

  • Performance Bonus means the performance bonus in respect of each Class payable to the General Partner by the Partnership which will be equal to 20% of the product of: (a) the number of Units of that Class outstanding on the Performance Bonus Date; and (b) the amount by which the Net Asset Value per Unit of that Class on the Performance Bonus Date (prior to giving effect to the Performance Bonus) plus the aggregate value of all distributions per Unit of that Class during the Performance Bonus Term exceeds $25.00.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Average Bonus means the average of the bonuses paid to Employee over the last two years (or such lesser number of years in which Employee was eligible to receive a bonus) in which the Employee was eligible to receive a bonus.

  • Target Bonus means the target Bonus established for Executive, whether expressed as a percentage of Base Salary or a dollar amount.

  • Performance Year means the calendar year prior to the year in which an Annual Award is made by the Committee.

  • Average Annual Debt Service means, at the time of calculation, the sum of the Annual Debt Service for the remaining years of the loan to the last scheduled maturity of the loan divided by the number of those years.

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • Performance Percentage means the factor determined pursuant to a Performance Schedule that is to be applied to a Target Award and that reflects actual performance compared to the Performance Target.

  • Performance Measurement Period has the meaning set forth in Section 3.1(e)(ii).

  • Bonus Amount means the greater of (i) the average annual incentive bonus earned by Executive from the Company (or its affiliates) during the last three (3) completed fiscal years of the Company immediately preceding Executive's Date of Termination (annualized in the event Executive was not employed by the Company (or its affiliates) for the whole of any such fiscal year), and (ii) the Executive's target annual incentive bonus for the year in which the Date of Termination occurs.

  • Annual Bonus shall have the meaning set forth in Section 4(b) hereof.

  • Cash Bonus means an award of a bonus payable in cash pursuant to Section 10 hereof.

  • Incentive Bonus means a bonus opportunity awarded under Section 9 pursuant to which a Participant may become entitled to receive an amount based on satisfaction of such performance criteria as are specified in the Award Agreement.

  • Payout Period means the time frame during which certain benefits payable hereunder shall be distributed. Payments shall be made in monthly installments commencing on the first day of the month following the occurrence of the event which triggers distribution and continuing for a period of one hundred eighty (180) months. Should the Executive make a Timely Election to receive a lump sum benefit payment, the Executive's Payout Period shall be deemed to be one (1) month.

  • Achievement Percentage means the percentage of achievement determined by the Committee after the end of the Performance Cycle in accordance with Section 4 that reflects the extent to which the Company achieved the Performance Goals during the Performance Cycle.

  • Bonus Payment means a cash payment in an amount equal to the sum of (i) all Excise Taxes payable by the Executive, plus (ii) all additional Excise Taxes and federal or state income taxes to the extent such taxes are imposed in respect of the Bonus Payment, such that the Executive shall be in the same after-tax position and shall have received the same benefits that he would have received if the Excise Taxes had not been imposed. For purposes of calculating any income taxes attributable to the Bonus Payment, the Executive shall be deemed for all purposes to be paying income taxes at the highest marginal federal income tax rate, taking into account any applicable surtaxes and other generally applicable taxes which have the effect of increasing the marginal federal income tax rate and, if applicable, at the highest marginal state income tax rate, to which the Bonus Payment and the Executive are subject. An example of the calculation of the Bonus Payment is set forth below. Assume that the Excise Tax rate is 20%, the highest federal marginal income tax rate is 40% and the Executive is not subject to state income taxes. Further assume that the Executive has received an excess parachute payment in the amount of $200,000, on which $40,000 ($200,000 x 20%) in Excise Taxes are payable. The amount of the required Bonus Payment is thus computed to be $100,000, i.e., the Bonus Payment of $100,000, less additional Excise Taxes on the Bonus Payment of $20,000 (i.e., 20% x $100,000) and income taxes of $40,000 (i.e., 40% x $100,000), yields $40,000, the amount of the Excise Taxes payable in respect of the original excess parachute payment.

  • Incentive Payment means the payment to a STGU, including an AOBC Generation Unit, for RPS class I Renewable Generation Attributes and/or Environmental Attributes produced by these units, calculated pursuant to Section 7.0 below.

  • Highest Average Compensation means the average Compensation for the three (3) consecutive years of Service with the Employer that produces the highest average. A Year of Service with the Employer is the twelve (12) consecutive month period identical to the Plan Year.

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.