Pro Rata Bonus Amount definition

Pro Rata Bonus Amount as used in Section 9, means an amount equal to a “portion” of the highest cash bonus paid to the Executive in the three calendar years immediately prior to the Change in Control. The “portion” of such cash bonus shall be a fraction, the numerator of which is the number of calendar months or part thereof which the Executive has worked in the calendar year in which the termination occurs and the denominator of which is 12.

Pro Rata Bonus Amount means an amount equal to the annual bonus paid to the Executive for the year prior to the year in which the Executive's employment is terminated, multiplied by a fraction, the numerator of which is the number of days elapsed from the beginning of the bonus period through and including the Termination Date, and the denominator of which is 365.

Pro Rata Bonus Amount means one-twenty-fourth (1/24th) of the greater of (a) the most recent annual cash bonus paid to the Employee prior to the date of his termination, or (b) the average of the three most recent annual cash bonuses paid to the Employee prior to the date of his termination. The rights of the Employee and the obligations of the Company under this Section 10(b) shall remain in full force and effect notwithstanding the expiration of the Employment Period, whether by failure of the Compensation Committee to extend such period or otherwise. (c)

Examples of Pro Rata Bonus Amount in a sentence

• As a condition to receiving the Actual Full Year Bonus Amount, the Actual Pro Rata Bonus Amount and/or any Severance Benefits to which the Employee may otherwise be entitled under Section 6.1, Section 6.2 or Section 6.4, the Employee must execute and not revoke a general release of claims, which will include an affirmation of the restrictive covenants set forth in Section 7, in form and substance satisfactory to the Company (the “Release”).

• In respect of the fiscal year in which Closing occurs, Buyer shall, or shall cause the Company or a Company Subsidiary to, pay the annual bonuses to participating Company Employees in respect of such fiscal year in the ordinary course and based upon actual results for such fiscal year, but not less than the Pro Rata Bonus Amount applicable for each such Company Employee, subject to the Company Employee’s continued employment with the Company or a Company Subsidiary through the bonus payment date.

• Except to the extent the terms of any applicable benefit plan, policy or program provide otherwise, any benefit programs of the Company that take into account the Employee’s income will exclude the Actual Full Year Bonus Amount, the Actual Pro Rata Bonus Amount and/or any Severance Benefits to which the Employee may otherwise be entitled under Section 6.1, Section 6.2 or Section 6.4. 6.7 Exclusive Severance Benefits .

• The Company shall pay the Executive the greater of (I) the Pro Rata Bonus Amount (During a Change in Control Period)and (II) the Target Bonus Amount (During a Change in Control Period), in each case as defined in the Participation Agreement.

• The Company shall pay the Participant the Pro Rata Bonus Amount (During a Change in Control Period) as definedin the Participation Agreement.

More Definitions of Pro Rata Bonus Amount

Pro Rata Bonus Amount means one-twelfth (1/12th) of the greater of (A) the most recent annual cash bonus paid to Executive prior to the date of his termination, or (B) the average of the three most recent annual cash bonuses paid to Executive prior to the date of his termination. The rights of Executive and the obligations of the Company under this Section 7(c) shall remain in full force and effect notwithstanding the expiration of the Term, whether by failure of the Board to extend such Term or otherwise, and the failure of the Board to extend such Term shall be deemed a Termination Without Cause under this Section 7(c).

Pro Rata Bonus Amount has the meaning accorded such term in Section 3.03.

Pro Rata Bonus Amount means one twenty-fourth (1/24) of (x) the portion of the Executive’s annual bonus, as determined by the Compensation Committee, applicable to that portion of the year arising prior to termination of this Agreement in the year in which such Termination Without Cause occurs, plus the greater of (y) the most recent annual cash bonus paid to the Executive prior to the date of his termination or (z) the average of the three most recent annual cash bonuses paid to the Executive prior to the date of his termination.

Pro Rata Bonus Amount means for each Continuing Employee who participated in the USAA Corporate Bonus Plan immediately prior to the Closing that is not otherwise a Retiree Eligible Employee, an amount equal to the target annual incentive bonus applicable to such Continuing Employee for the calendar year in which Closing occurs multiplied by a fraction, the numerator of which is the number of days during such calendar year preceding the Closing Date and the denominator of which is three hundred sixty-five (365).

Pro Rata Bonus Amount means a cash amount determined by multiplying Executive’s target Bonus, if any, for the year in which a termination of employment occurs by a fraction, the numerator of which is the elapsed number of days in such year through such termination date, and the denominator of which is 365.

Pro Rata Bonus Amount means, as to any Eligible Individual, an amount equal to his or her Annual Cash Bonus multiplied by a fraction, the numerator of which is the number of full calendar months that have elapsed since the end of the Fiscal Year Preceding Termination through the Termination Date and the denominator of which is 12. The Pro Rata Bonus shall not duplicate any bonus paid or deferred in respect of the fiscal year in which the Termination Date occurs.

Pro Rata Bonus Amount means for each participant in the 2023 Annual Bonus Plans, an amount equal to the accrued amount as of Closing for each such participant’s annual bonus opportunity in respect of the 2023 fiscal year based on actual performance for the 2023 fiscal year through Closing (determined in the ordinary course of business, consistent with past practice).