Pro Rata Deferred Bonus definition

Pro Rata Deferred Bonus means a pro rata payment of the Deferred Bonus equal to the product of (i) the Deferred Bonus (or, if a portion of the Deferred Bonus has already become vested pursuant to Section 3.4(d)(i) prior to the Termination Date, then the remaining unvested portion of the Deferred Bonus as of the Termination Date), multiplied by (ii) a fraction, the numerator of which is the number of days which have elapsed in the Initial Employment Period through the Termination Date and the denominator of which is the total number of days in the Initial Employment Period.
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Pro Rata Deferred Bonus means a pro rata payment of the Deferred Bonus equal to the product of (i) the Deferred Bonus multiplied by (ii) a fraction, the numerator of which is the number of days which have elapsed in the Initial Employment Period through the Termination Date and the denominator of which is the total number of days in the Initial Employment Period. Notwithstanding the foregoing, in the event the termination of Executive’s employment results from Executive’s death, the Pro Rata Deferred Bonus shall be 100% of the Deferred Bonus. As set forth in Section 1.14 hereof, the calculation of the Pro Rata Deferred Bonus shall not include any installments of the Deferred Bonus which either have not already been credited by the Company, or with respect to which the Company’s obligation to credit such installment(s) has not vested.
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Pro Rata Deferred Bonus means a pro rata payment of the Deferred Bonus equal to the product of (i) the aggregate amount of the Deferred Bonus (or, if a portion of the Deferred Bonus has already become vested pursuant to Section 3.4(c) or 3.4(d)(i) prior to the Termination Date, the remaining unvested portion of the Deferred Bonus as of the Termination Date) multiplied by (ii) a fraction, the numerator of which is the number of days which have elapsed in the Initial Employment Period through the Termination Date and the denominator of which is the total number of days in the Initial Employment Period.
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Examples of Pro Rata Deferred Bonus in a sentence

  • Accordingly, the obligations of the Company to pay either a Deferred Bonus or a Pro Rata Deferred Bonus shall only constitute an unfunded, unsecured promise to pay such amount in the future.

  • Executive shall have no interest whatsoever in any assets of the Company, by virtue of entitlement to either a Deferred Bonus or Pro Rata Deferred Bonus, greater than that of any unsecured general creditor of the Company.

  • If, and when, the Deferred Bonus or the Pro Rata Deferred Bonus is paid to Executive pursuant to the terms hereof, such payment shall be made from the general, unrestricted assets of the Company.

  • Additionally, subject to the terms set forth in Section 4.2(b) hereof, a Pro Rata Deferred Bonus shall be paid provided Executive's death occurred prior to the expiration of the Initial Employment Period.

  • Notwithstanding the foregoing, Executive agrees that payment of any Pro Rata Deferred Bonus is contingent upon the terms of Section 4.2(c) hereof.

  • Payment of the Pro Rata Deferred Bonus is subject to deductions for customary withholdings, including, without limitation, federal, state and local withholding taxes, social security taxes and Medicare taxes.

  • Executive shall not be under any duty to mitigate damages in order to be eligible to receive the Severance Benefit or Pro Rata Deferred Bonus.

  • It is hoped that the necessary consent will be forthcoming shortly (my emphasis).’19 [29] I now turn to the claim in reconvention.

  • Shah is interested in the said resolutions pertaining to his appointment as such and terms of remuneration payable thereof.

  • If the termination of employment occurs during the Initial Employment Period, Executive shall be entitled to receive a Pro Rata Deferred Bonus, payable at the time and manner provided under the Deferred Compensation Plan; provided, however, Executive shall be entitled to receive the Pro Rata Deferred Bonus only if she is not otherwise entitled to receive the entire Deferred Bonus pursuant to Section 3.4(d) hereof as of the Termination Date.


More Definitions of Pro Rata Deferred Bonus

Pro Rata Deferred Bonus means a pro rata payment of the Deferred Bonus equal to the product of (i) the Deferred Bonus multiplied by (ii) a fraction, the numerator of which is the number of days which have elapsed in the Initial Employment Period through the Termination Date and the denominator of which is the total number of days in the Initial Employment Period. Notwithstanding the foregoing, in the event the termination of Executive’s employment results from Executive’s death, the Pro Rata Deferred Bonus shall be 100% of the Deferred Bonus.
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Related to Pro Rata Deferred Bonus

  • 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.

  • Clawback Eligible Incentive Compensation means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable Nasdaq rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Incentive Pay means an annual amount equal to the aggregate annual bonus, in addition to Base Pay, made or to be made in regard to services rendered in any calendar year or performance period pursuant to any bonus plan of the Company.

  • Bonus Deferral means the amount of a Participant’s Bonus Compensation which the Participant elects to have withheld on a pre-tax basis from his Bonus Compensation and credited to his account pursuant to Section 4.1.

  • Deferral Amount means the sum of all of a Participant's Annual Deferral Amounts.

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

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

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • 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.

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.

  • Class A-PO Deferred Amount For any Distribution Date prior to the Subordination Depletion Date, the difference between (A) the sum of (x) the amount by which the sum of the Class A-PO Optimal Principal Amounts for all prior Distribution Dates exceeded the amounts distributed on the Class A-PO Certificates on such prior Distribution Dates pursuant to Paragraph third clause (2) of Section 4.01(a) and (y) the sum of the product for each Discount Mortgage Loan which became a Liquidated Loan at any time on or prior to the last day of the Applicable Unscheduled Principal Receipt Period for Full Unscheduled Principal Receipts for the current Distribution Date of (a) the PO Fraction for such Discount Mortgage Loan and (b) an amount equal to the principal portion of Realized Losses (other than Bankruptcy Losses due to Debt Service Reductions) incurred with respect to such Discount Mortgage Loan and (B) the sum of (x) the sum of the Class A-PO Recoveries for such Distribution Date and prior Distribution Dates and (y) amounts distributed on the Class A-PO Certificates on prior Distribution Dates pursuant to Paragraph fourth of Section 4.01(a). On and after the Subordination Depletion Date, the Class A-PO Deferred Amount will be zero. No interest will accrue on any Class A-PO Deferred Amount.

  • Class PO Deferred Amount As to any Distribution Date, the aggregate of the applicable PO Percentage of each Realized Loss, other than any Excess Loss, to be allocated to the Class PO Certificates on such Distribution Date on or prior to the Senior Credit Support Depletion Date or previously allocated to the Class PO Certificates and not yet paid to the Holders of the Class PO Certificates.

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

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • 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.

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

  • Incentive Payments means any and all federal or state governmental subsidies, payments, transfers or other benefits, whether now or hereafter established, received by the Borrower in any fiscal year aged less than 120 days.

  • Maximum Uncertificated Accrued Interest Deferral Amount With respect to any Distribution Date, the excess of (a) accrued interest at the Uncertificated REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LTZZ for such Distribution Date on a balance equal to the Uncertificated Principal Balance of REMIC 2 Regular Interest LTZZ minus the REMIC 2 Overcollateralization Amount, in each case for such Distribution Date, over (b) the sum of the Uncertificated Accrued Interest on REMIC 2 Regular Interest LTAV1, REMIC 2 Regular Interest LTAV2, REMIC 2 Regular Interest LTAV3, REMIC 2 Regular Interest LTAF1, REMIC 2 Regular Interest LTAF2, REMIC 2 Regular Interest LTAF3, REMIC 2 Regular Interest LTAF4, REMIC 2 Regular Interest LTAF5, REMIC 2 Regular Interest LTAF6, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8 and REMIC 2 Regular Interest LTM9, with the rate on each such REMIC 2 Regular Interest subject to a cap equal to the Pass-Through Rate for the related Corresponding Certificate for the purpose of this calculation; provided, however, that for this purpose, calculations of the Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect to each such REMIC 2 Regular Interest for which the Corresponding Certificate is a Group I Certificate shall be multiplied by a fraction, the numerator of which is the actual number of days elapsed in the related Interest Period and the denominator of which is 30.

  • Deferral Date means the date Fees would otherwise have been paid to the Participant.

  • 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.

  • Incentive Payment means the payment to a STGU, including an AOBC Generation Unit, for RPS class I Renewable Generation Attributes and/or Environmental Attributes produced by these units, calculated pursuant to Section 7.0 below.

  • Deferred Amount With respect to any Distribution Date and each Class of the Subordinate Certificates, the amount by which (x) the aggregate of Applied Loss Amounts previously applied in reduction of the Class Principal Amount thereof exceeds (y) the sum of (1) the aggregate of amounts previously reimbursed in respect thereof and (2) the amount by which the Class Principal Amount of such Class has been increased due to any Subsequent Recovery.

  • Cash Compensation means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer, intermediary, or directly from the consumer.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Pro Rata Bonus means an amount equal to the Bonus Amount multiplied by a fraction the numerator of which is the number of days in the fiscal year through the Termination Date and the denominator of which is 365.