Minimum Annual Bonus definition

Minimum Annual Bonus means an amount equal to fifty percent (50%) of the Executive’s then current Target Annual Bonus.
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Minimum Annual Bonus has the meaning set forth in Section 5.5(d).
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Minimum Annual Bonus solely for the period commencing on October 1, 2020 and continuing until September 30, 2021 shall be $200,000.
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Examples of Minimum Annual Bonus in a sentence

  • The amount of any such Annual Cash Bonuses (subject to the requirement to pay the Minimum Annual Bonus) and the annual target performance goals under any cash incentive plan that may be adopted during the Employment Term shall be determined by the Compensation Committee, in its sole discretion, and, subject to the Minimum Annual Bonus requirement, may be based on the Company’s fiscal year.

  • For each Bonus Period that begins on or after November 1, 2000 during the Term of Employment, the Executive shall be paid an annual formula bonus (the "Formula Bonus") during the Term of Employment equal to the greater of (i) the Minimum Annual Bonus, or (ii) the bonus determined pursuant to a formula (the "Formula") established by the Board at the beginning of each Bonus Period that commences during the Term of Employment.

  • In addition, if Employee’s employment is terminated by Employer under §6(c) on or before the end of the Initial Term, Employee shall continue to be paid the Minimum Annual Bonus in the amounts set forth in §5(a)(ii).

  • Further, the Executive Incentive Plan, as such plan is adopted or amended from time to time by the Compensation Committee of the Board, may provide for a bonus in excess of the 2007 Minimum Annual Bonus, the 2008 Minimum Annual Bonus and the 2009 Minimum Annual Bonus.

  • The Minimum Annual Bonus shall be $150,000 and, subject to the Board's approval, may be payable on each July 31, October 31, January 31, and April 30.

  • All such payments shall be made in accordance with Employer’s normal payroll practices except that (x) Minimum Annual Bonus shall be payable as provided in §5(a)(ii).

  • For purposes of clarity, each of the parties hereto acknowledges and agrees that the 2007 Minimum Annual Bonus, the 2008 Minimum Annual Bonus and the 2009 Minimum Annual Bonus are the minimum guaranteed Annual Bonus for such periods and that the Compensation Committee of the Board may, in its discretion, pay a higher amount as an Annual Bonus.

  • Notwithstanding anything herein to the contrary, Employee’s Annual Bonus for each year ending during the Term shall in no event be an amount less than $750,000 (the “Minimum Annual Bonus”), provided, that, for calendar year 2023, the Minimum Annual Bonus shall be equal to $750,000, multiplied by a fraction, the numerator of which is equal to the number of days Employee was employed by the Company during such year through the expiration of the Term and the denominator of which is 365.

  • The Executive’s right to receive payment of any pro-rated Minimum Annual Bonus for the year of termination will be contingent on Executive’s timely execution and delivery to the Company of a general release substantially in the form attached hereto as “Exhibit A” as described in Section 6.1.5 herein and will be subject to payment at the same time as the payments described in Section 6.1.1 that are conditioned upon execution and delivery of a general release.

  • The Company shall pay the Executive an annual bonus (the “Annual Bonus”) for each calendar year ending during the Term of Employment in an amount that will be determined by the Board based on the Executive’s performance; provided, however, that the Annual Bonus for each such calendar year shall be no less than the Minimum Annual Bonus.

Related to Minimum Annual Bonus

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

  • 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.

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

  • 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.

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

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

  • 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).

  • 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 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;

  • Base Annual Salary means the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, directors fees and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Code Sections 125, 132(f), 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.

  • Bonus means the bonus described in the Section 2.3.

  • 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.

  • 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 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.

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

  • Bonus Period means the period for which a Bonus is payable. Unless otherwise specified by the Board, the Bonus Period shall be the fiscal year of the Company.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarially equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or qualified joint and survivor annuity) to which the Member would be entitled under the terms of the plan assuming:

  • Bonus Target means the annual bonus that the Executive would have received in a fiscal year under the AIP Plan and/or the EIC Plan, if the target goals had been achieved.

  • Maximum Annual Debt Service means the largest Annual Debt Service for any Bond Year after the calculation is made through the final maturity date of any Outstanding Bonds.

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Bonus Payments means that portion of the bonus payments received by the

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

  • Annual Award means the cash payment paid or payable to the Executive with respect to a fiscal year under the Corporation's Incentive Compensation Performance Plan.

  • Earned Bonus means the bonus paid, if any, pursuant to the Company’s incentive compensation plans in effect from time to time. Earned Bonus shall be prorated based on the ratio of the number of days during such year that Executive was employed to 365.

  • Density bonus means a floor area ratio bonus over the otherwise maximum allowable density permitted under the applicable zoning ordinance and land use elements of the general plan of a city, including a charter city, city and county, or county of:

  • Semi-Annual Period means each period of six-months, commencing on the first day of a Fiscal Year; provided that the first such period shall begin on July 1, 2013 and end on December 31, 2013.