Deemed Bonus definition
Deemed Bonus means an amount equal to the higher of (A) the bonus paid or payable to Employee under the Bonus Program for the fiscal year immediately proceeding the fiscal year in which termination of employment occurs and (B) the maximum bonus payable to Employee under the Bonus Program for the fiscal year in which termination of employment occurs.
Deemed Bonus means the bonus that would have been paid to Executive under the Company's bonus plan with respect to the fiscal year of the Company in which a Covered Termination occurs if one hundred percent (100%) of target performance had occurred, whether or not such bonus at such level of performance has actually been paid to Executive, plus one hundred percent (100%) of sales commissions for such fiscal year.
Deemed Bonus shall be an amount equal to (A) prior to a Change in Control, the average of the Annual Bonus paid to the Executive for the two complete calendar years prior to the Termination Date, or (B) upon or after a Change in Control, the greater of (x) the average of the Annual Bonus paid to the Executive for the calendar year(s) after the Change in Control (including the calendar year in which a Change in Control occurs) or (y) the average of the Annual Bonus paid or payable to the Executive in respect of the two calendar years immediately preceding the calendar year in which the Change in Control occurs.
Examples of Deemed Bonus in a sentence
For purposes of subsections 6.1(a)(i) and (iii), 6.2(a) and 6.3, the amount of the Deemed Bonus shall be the highest Bonus paid to Executive for any year he has been employed by the Company.
Within thirty (30) days following the date of Executive's Covered Termination, Executive shall receive a lump sum cash payment equal to fifty percent (50%) of the sum of Base Pay plus Deemed Bonus, subject to applicable tax withholding.
In addition, for each calendar year within the Severance Period (including the calendar year in which the Termination Date occurs), the Company shall, within thirty (30) days after the end of each such calendar year, pay the Executive a bonus equal to the Deemed Bonus (as defined below).
In calculating such Deemed Bonus, it will be presumed that Executive would have earned a "1.0" score on all measures referenced in the Incentive Bonus formulae.
In no event shall the Deemed Bonus include the amount of any bonus earned but unpaid as of the date of termination, that is paid subsequent to the date of termination pursuant to the provisions of this Section 8.
More Definitions of Deemed Bonus
Deemed Bonus at any time shall mean the greater of (a) the Average Bonus calculated as of such time and (b) if any, the Annual Bonus for the last 12 month period completed as of such time.
Deemed Bonus means the amount of any Incentive Bonus that would have been payable under Section 5(c) hereof if Executive had continued his employment through December 31, 2003. In calculating such Deemed Bonus, it will be presumed that Executive would have earned a "1.0" score on all measures referenced in the Incentive Bonus formulae. In no event shall the Deemed Bonus include the amount of any bonus earned but unpaid as of the date of termination, that is paid subsequent to the date of termination pursuant to the provisions of this Section 8. In the event that Executive's date of termination is on or after January 1, 2004, "Deemed Bonus" shall be zero ($0.00).
Deemed Bonus means an amount equal to the greater of (1) Executive’s Annual Bonus for the fiscal year immediately preceding the fiscal year in which such termination occurred, or (2) 50% of Executive’s Target Annual Bonus relating to the year in which such termination occurs; provided however that if such termination occurs on or before December 31, 2005, the Deemed Bonus shall equal the Guaranteed Bonus.
Deemed Bonus. As of a given date during a Fiscal Year, Deemed Bonus shall mean the product of
Deemed Bonus means seventy-five percent (75%) of the rate of Executive's Annual Base Salary for such year.
Deemed Bonus means 140% of the rate of the Executive's Annual Base Salary for such year. 2 3 (o) "Disability" shall mean any mental or physical illness, condition, disability or incapacity which: (i) prevents the Executive from discharging substantially all of the essential job responsibilities and employment duties, (ii) shall be attested to in writing by a physician or a group of physicians reasonably acceptable to the Company, and (iii) continues for 180 days in any twelve-month period or for a period of 180 consecutive days. A Disability shall be deemed to have occurred on the 180th consecutive day or the last day of such 180-day period, as applicable, and shall be determined in accordance with applicable law relating to disability. (p) "Executive" shall have the meaning set forth in the preamble hereto. (q) "Extension Term" shall have the meaning set forth in Section 2. (r) "Good Reason" shall mean any of the following events which is not cured by the Company within 15 days after written notice thereof is given to the Company by the Executive: any failure to pay the Executive's Base Salary or Bonus when due to the Executive, any other material breach by the Company of any material term of this Agreement or any material adverse change in the Executive's job titles, duties, responsibilities, status or perquisites granted hereunder, or authority without his consent. "Good Reason" shall cease to exist for an event on the 60th day following the later of its occurrence or the Executive's knowledge thereof, unless the Executive has given the Company notice thereof prior to such date. (s) "Grant Date" shall mean the date on which the Committee acts to grant to the Executive the Options described herein. (t) "Incentive Options" shall have the meaning set forth in Section 5(c). (u) "Initial Term" shall have the meaning set forth in Section 2. (v) "Notice of Termination" shall have the meaning set forth in Section 6(b). (w) "Options" shall have the meaning set forth in Section 5(c). (x) "Stock Option Plan" shall mean Fourth Amended and Restated 1992 Stock Option Plan of Global TeleSystems Group, Inc. (y) "Term" shall have the meaning set forth in Section 2. 2.
Deemed Bonus for each fiscal year shall equal the highest cash bonus paid to Employee during the last three fiscal years prior to the Termination Date;