Examples of Eligible Office in a sentence
However, under no circumstances shall a retiring or terminated holder of an Eligible Office, who seeks and/or enters employment with a business that competes with NPSI or any of NPSI’s subsidiaries, be considered a Participant for any portion of the Bonus Determination Period, either prior to or after retirement or termination.
If the Termination Event occurs prior to determination of the Q1 Accrued Bonus Funding and the Eligible Office is not subject to Section 162(m) of the Code, the amount of the Pro Rata Bonus shall be determined based on the Eligible Executive’s then current annual target bonus, prorated for the number of days employed during the fiscal year of the Termination Event divided by 360.
If a person retires from an Eligible Office or is terminated therefrom during the Bonus Determination Period and does not seek and/or enter employment with any business that competes with NPSI or any of NPSI’s subsidiaries, the retiring or terminated person shall be considered a Participant for the portion of the Bonus Determination Period prior to retirement or termination and his/her bonus shall be determined in accordance with Paragraphs 3, 5 and 7 of this Bonus Plan.
If a person retires from an Eligible Office or is terminated therefrom during the Bonus Determination Period and does not seek and/or enter employment with any business that competes with NPSI or any of NPSI’s subsidiaries, the retiring or terminated person shall be considered a Participant for the portion of the Bonus Determination Period prior to retirement or termination and his/her bonus shall be determined in accordance with Paragraphs 3, 5 and 6 of this Bonus Plan.