Projected Bonus definition

Projected Bonus means the portion of your Bonus Opportunity the Compensation Committee of the Board determines in good faith to be reasonable compensation for personal services actually rendered by you on or prior to the Date of Termination. When making such determination, the Compensation Committee of the Board shall assess actual performance for the partial year up through and including the Date of Termination relative to the applicable Company and individual performance targets, with such targets being adjusted to reflect the partial performance cycle, and shall consider the seasonality of the Company’s historic performance and such other adjustments for extraordinary events as the Compensation Committee deems appropriate.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Projected Bonus means the product of (i) the Participant’s target annual bonus for the year in which the termination of his or her employment occurs, expressed as a dollar amount and determined without regard to any reduction thereof that would constitute Good Reason, and (ii) the average for the Company’s prior two fiscal years (or such lesser period in which the Participant has been employed by the Company) of the ratios (calculated separately for each year) of the Participant’s actual bonus paid for each such year and the Participant’s target bonus for such year.

Projected Bonus means the Executive's bonus under the Management by Objectives Bonus Plan described in Paragraph 4(b) below for the applicable fiscal year of the Corporation, calculated, for purposes of determining whether the targets contained therein have been met, under the assumption that the results of operations and financial condition of the Corporation (or any applicable subsidiary) as of the Executive's termination date shall continue on the same basis through the end of such fiscal year.

Examples of Projected Bonus in a sentence

• On July 1, 1999, therefore, assuming that the Employee was paid a Bonus Advance of $18,750 with respect to the first quarter, the Employee could elect to be paid an additional Bonus Advance of up to $6,250, or the amount that, when added to the $18,750 Bonus Advance paid with respect to the first quarter, equals 50% of the Projected Bonus for 1999 multiplied by 2/4.

• For example, if as of April 1, 1999, the Company has consummated Qualifying Acquisitions in 1999 representing Pro Forma Acquired Revenue of $20,000,000, the Employee's 1999 Projected Bonus would be $150,000, based on estimated annualized Pro Forma Acquired Revenue of $80,000,000.

• The maximum Bonus Advance payable to the Employee with respect to any fiscal quarter is the amount that, when added to all other Bonus Advances paid made previously to the Employee during that year, equals one-half of his Projected Bonus (as defined below) for the fiscal year in which that quarter falls, multiplied by a fraction, the numerator of which is the number of quarters elapsed to date in that year and the denominator of which is 4.

• The "Projected Bonus" shall mean the Executive's bonus under the Glenayre Incentive Plan described in Paragraph 4(b) below for the applicable fiscal year of the Corporation, calculated, for purposes of determining whether the targets contained therein have been met, under the assumption that the results of operations and financial condition of the Corporation (or any applicable subsidiary) as of the Executive's termination date shall continue on the same basis through the end of such fiscal year.

• For the purpose of this Section 4(a)(2)(ii), "Projected Bonus" for a fiscal year means the Bonus that the Employee would earn with respect to that year if the Pro Forma Acquired Revenue from Qualifying Acquisitions consummated to date in that year were annualized.

• If in the second fiscal quarter of 1999 the Company consummates additional Qualifying Acquisitions representing additional Pro Forma Acquired Revenue of $10,000,000, the Employee's 1999 Projected Bonus would be $100,000, based on estimated annualized Pro Forma Acquired Revenue of $60,000,000.

More Definitions of Projected Bonus

Projected Bonus means one-hundred percent (100%) of the Annual Bonus for the Participant for the fiscal year during which the Termination Date occurs multiplied by the payout percentage reasonably projected in good faith by the Board (or its designee) to be applied to such Annual Bonus as of the Termination Date and prorated for the number of days Participant was employed by the Employer or an Affiliate during the fiscal year of the Employer in which the Termination Date occurs.

Projected Bonus for a fiscal year means the Bonus that the Employee would earn with respect to that year if the Pro Forma Acquired Revenue from Qualifying Acquisitions consummated to date in that year were annualized. For example, if as of April 1, 1999, the Company has consummated Qualifying Acquisitions in 1999 representing Pro Forma Acquired Revenue of $20,000,000, the Employee's 1999 Projected Bonus would be $150,000, based on estimated annualized Pro Forma Acquired Revenue of $80,000,000. In such case, the Employee could elect on April 1, 1999, to be paid a Bonus Advance of up to $18,750 (one-half of $150,000 multiplied by 1/4). If in the second fiscal quarter of 1999 the Company consummates additional Qualifying Acquisitions representing additional Pro Forma Acquired Revenue of $10,000,000, the Employee's 1999 Projected Bonus would be $100,000, based on estimated annualized Pro Forma Acquired Revenue of $60,000,000. On July 1, 1999, therefore, assuming that the Employee was paid a Bonus Advance of $18,750 with respect to the first quarter, the Employee could elect to be paid an additional Bonus Advance of up to $6,250, or the amount that, when added to the $18,750 Bonus Advance paid with respect to the first quarter, equals 50% of the Projected Bonus for 1999 multiplied by 2/4. Each Bonus Advance shall be paid within 30 days after the Employee elects to receive it. All Bonus Advances paid made during a fiscal year shall be deducted from the Bonus to be paid to the Employee after the end of the year with respect to that year. If the aggregate Bonus Advance payments to the Employee during a fiscal year exceed the actual Bonus determined at the end of that year to be payable to him with respect to that year, the Employee shall repay the excess to the Company within 30 days after the end of that year.