Average Performance Bonus definition

Average Performance Bonus means the average of the annual performance bonuses, if any, for the three most recent years for which the amount of the annual performance bonus has been determined (or such fewer number of years for which such amount has been determined and specifically excluding any special bonus or cash award, such as any retention bonus or sign-on bonus), provided that if the Covered Executive was not eligible to receive a performance bonus with respect to all of the prior three fiscal years, such amount shall be calculated based on the Target Bonus.

Average Performance Bonus means the average Performance Bonus (or, for years prior to 2010, the annual bonus) payable to the Executive with respect to the three years preceding the year in which the Executive's termination of employment occurs; provided that, if the Executive was not an employee of MFA during one or more of such three preceding years, such year(s) shall not be taken into account in calculating the Average Performance Bonus. For purposes of determining the Average Performance Bonus, if any portion of the Performance Bonus (or annual bonus for years prior to 2010) was paid in the form of equity, the full amount of such Performance Bonus (or annual bonus) shall be taken into account as if paid entirely in cash.

Average Performance Bonus means the average Performance Bonus payable to the Executive with respect to the three years preceding the year in which the Executive's termination of employment occurs. For purposes of determining the Average Performance Bonus, if any portion of the Performance Bonus was paid in the form of equity, the full amount of such Performance Bonus (valued, for the avoidance of doubt, as of the date such equity was granted) shall be taken into account as if paid entirely in cash.

Examples of Average Performance Bonus in a sentence

• The Average Performance Bonus shall mean the average of the Performance Bonuses the Employee has received during the last three complete calendar years for which Employee was an employee of the Company.

• Maximum (LGM); age durations for intervals are given in Appendix A.

• If there occurs a Change in Control, as defined in Exhibit A, then and in that case only, (i) all Employee’s stock options and restricted stock then outstanding shall immediately vest, (ii) Employee will receive on the date of the Change in Control a lump sum equal to the sum of(A) 1.5 times his Base Salary and (B) 1.5 times his Average Performance Bonus and (iii) shall continue to receive normal benefits as set out in Section 4(b).

• If Employee’s employment hereunder is terminated for the reason set forth in Section 11(d) or Section 11(e), then (i) Employee will receive his Base Salary, his Average Performance Bonus (as defined below) and benefits set forth in Section 4(b) hereof (collectively, with the payment of the Base Salary and Average Performance Bonus, the “Severance Benefits”), over a period of twelve (12) months from the date of termination (the “Severance Period”).

• If this Agreement is terminated for the reason set forth in Section 11(d) orSection 11(e), then (i) Employee will receive his Base Salary, his Average Performance Bonus (as defined below), and benefits set forth in Section 4(b) hereof (collectively, with the payment of the Base Salary and Average Performance Bonus, the “Severance Benefits”), over a period of twelve (12) months from the date of termination (the “Severance Period”).

More Definitions of Average Performance Bonus

Average Performance Bonus means the average of the Performance Bonuses the Employee has received during the last three complete calendar years for which Employee was an employee of the Company. Notwithstanding the foregoing, the performance bonus paid to Employee in 2023 with respect to the 2022 calendar year, if applicable, shall be treated as a Performance Bonus for purposes of determining the Average Performance Bonus. The Severance Benefit shall be payable in accordance with the Company’s payroll procedures and subject to applicable withholdings, and subject to Employee complying with the obligations set forth in Sections 6, 7 and 8. Any Severance Benefits payable to Employee also shall be conditioned upon Employee’s execution of a general release of claims in a form to be provided by the Company, and the release becoming effective within 45 days after the date on which Employee’s employment terminates. Payment of any Severance Benefits shall be delayed until the 46th day following the date on which Employee’s employment terminates (the “Payment Commencement Date”), and any Severance Benefits that are so delayed shall be paid on the Payment Commencement Date.