Prorated Bonus Amount means an amount equal to (a) times (b), in which (a) equals the Executive’s Annual Base Salary multiplied by the higher of (i) the target bonus percentage in effect for the Executive under Invacare’s bonus plan during the fiscal year immediately preceding the fiscal year in which the Change of Control occurs, or (ii) the target bonus percentage in effect for the Executive under Invacare’s bonus plan during the fiscal year in which the Termination Date occurs; and (b) equals a quotient, in which the numerator is the number of days the Executive was employed by Invacare during the year in which the Termination Date occurs and the denominator is 365.
Prorated Bonus Amount means the actual amount of the Annual Bonus, if any, that the Employee would have been entitled to receive for a particular fiscal year of the Company, as if the Employee had been employed by the Company for such full fiscal year, multiplied by a fraction, the numerator of which is the number of days in the period for which the Prorated Bonus Amount is to be determined, and the denominator of which is 365.
Prorated Bonus Amount means an amount equal to Executive’s Target Bonus for the Company’s fiscal year in which the Change in Control occurs (or, if earlier, the Company’s fiscal year in which Executive’s Involuntary Termination occurs) multiplied by a fraction, the numerator of which is the number of days during the period beginning on the first day of the Company’s fiscal year in which Executive’s Involuntary Termination occurs and ending on the date of such Involuntary Termination, and the denominator of which is 365.
Examples of Prorated Bonus Amount in a sentence
In addition, Invacare shall pay to the Executive, on the sixtieth (60th) day after the Termination Date, an amount equal to the Executive’s Prorated Bonus Amount.
The Prorated Bonus Amount shall be paid in a lump sum in the following calendar year after the payout under the Bank’s annual cash incentive compensation plan has been determined and at the same time as bonus payments are paid to other Bank executives pursuant to such incentive plan.
In addition, the Employee (or his estate) shall be entitled to receive the Prorated Bonus Amount, if any, for the year in which the termination occurs, which shall be payable at such time as the Annual Bonus for such year would have been payable to the Employee under Section 4(b) hereof.
The Prorated Bonus Amount shall be payable on the same day as the final Salary Continuation Payment.
The Prorated Bonus Amount shall be paid at the time annual incentive cash bonuses are paid to other executives for the year in which the Qualifying Termination occurs, and no later than March 15 after the end of such year, subject to applicable tax withholding.
More Definitions of Prorated Bonus Amount
Prorated Bonus Amount means, for each Terminated Employee, an amount equal to the sum of (v) any unpaid compensation, including bonus compensation, for years ending prior to the year in which the Closing occurs; plus (w) the product of (i) the payment percentage listed opposite such Terminated Employee’s name on Section 9.5(a) of the Xxx Disclosure Letter, (ii) such Terminated Employee’s annual base salary as of the Closing Date and (iii) a fraction, the numerator of which equals the number of calendar days during the calendar year in which the Closing Date occurs that have elapsed through the Closing Date, and the denominator of which equals 365; plus (x) as applicable, a “make-whole” payment amount related to the discontinuation of benefits under Leo’s supplemental executive retirement plan equal to the product of (i) the payment percentage listed opposite each Terminated Employee’s name on Section 9.5(a) of the Xxx Disclosure Letter and (ii) the positive difference (if any) of (1) such Terminated Employee’s total base salary and bonus received in cash during the year in which the Closing occurs, including the bonuses referenced in clauses (v) and (w) above; minus (2) the annual compensation limit under Section 401(a)(17) of the Code for the year in which the Closing occurs; plus (y) as applicable, a contribution to the Xxx Savings Plan for those employees who are eligible to receive a Retirement Contribution, as defined therein, equal to the product of (i) the payment percentage listed opposite each eligible Terminated Employee’s name on Section 9.5(a) of the Xxx Disclosure Letter and (ii) such Terminated Employee’s year-to-date total base salary; plus (z) as applicable, payment in respect of any accrued salaries, employer matching contributions under the Xxx Savings Plan and earned but unused vacation as of the Closing Date.
Prorated Bonus Amount. “Prorated Bonus Amount” means an amount equal to (a) times (b), in which (a) equals the Executive’s Annual Base Salary multiplied by the higher of (i) the target bonus percentage in effect for the Executive under Invacare’s bonus plan during the fiscal year immediately preceding the fiscal year in which the Change of Control occurs, or (ii) the target bonus percentage in effect for the Executive under Invacare’s bonus plan during the fiscal year in which the Termination Date occurs; and (b) equals a quotient, in which the numerator is the number of days the Executive was employed by Invacare during the year in which the Termination Date occurs and the denominator is 365.
Prorated Bonus Amount means the Bonus Amount, multiplied by a fraction, the numerator of which is the number of days in the calendar year until the date of death or determination of Disability of Employee, and the denominator of which is 365.
Prorated Bonus Amount means, for each Terminated Employee, an amount equal to the sum of (v) any unpaid compensation, including bonus compensation, for years ending prior to the year in which the Closing occurs; plus (w) the product of (i) the payment percentage listed opposite such Terminated Employee’s name on Section 9.5(a) of the Leo Disclosure Letter, (ii) such Terminated Employee’s annual base salary as of the Closing Date and (iii) a fraction, the numerator of which equals the number of calendar days during the calendar year in which the Closing Date occurs that have elapsed through the Closing Date, and the denominator of which equals 365; plus (x) as applicable, a “make-whole” payment amount related to the discontinuation of benefits under Leo’s supplemental executive retirement plan equal to the product of (i) the payment percentage listed opposite each Terminated Employee’s name on Section 9.5(a) of the Leo Disclosure Letter and (ii) the positive difference (if any) of (1) such Terminated Employee’s total base salary and bonus received in cash during the year in which the Closing occurs, including the bonuses referenced in clauses (v) and (w) above; minus (2) the annual compensation limit under Section 401(a)(17) of the Code for the year in which the Closing occurs; plus (y) as applicable, a contribution to the Leo Savings Plan for those employees who are eligible to receive a Retirement Contribution, as defined therein, equal to the product of (i) the payment percentage listed opposite each eligible Terminated Employee’s name on Section 9.5(a) of the Leo Disclosure Letter and (ii) such Terminated Employee’s year-to-date total base salary; plus (z) as applicable, payment in respect of any accrued salaries, employer matching contributions under the Leo Savings Plan and earned but unused vacation as of the Closing Date.
Prorated Bonus Amount means an amount equal to the product of (a) multiplied by (b), in which (a) equals the Executive’s Base Salary multiplied by the higher of (i) the target annual bonus percentage in effect for the Executive under the annual bonus plan maintained by the Company or its subsidiaries during the fiscal year immediately preceding the fiscal year of the Effective Date or (ii) the Target Bonus percentage in effect for the Executive during the fiscal year in which the Termination Date occurs and (b) equals a quotient, of which the numerator is the number of days the Executive was employed by the Company during the fiscal year in which the Termination Date occurs and the denominator of which is 365.
Prorated Bonus Amount means the annual incentive cash bonus amount the Eligible Employee would have received for the year in which the Qualifying Termination or Change in Control Termination, as applicable, occurs had the Qualifying Termination or Change in Control Termination, as applicable, not occurred, prorated for the calendar year through the date of the Qualifying Termination or Change in Control Termination, as applicable; provided that, in the event of a Change in Control Termination, the Talent and Compensation Committee of the Board may determine that the Prorated Bonus Amount shall be determined based on a proration of the Eligible Employee’s target annual incentive cash bonus for the year of the Change in Control Termination, instead of the amount the Eligible Employee would have received based on performance.
Prorated Bonus Amount means the aggregate amount of prorated cash bonuses payable to the recipients who would be eligible if the bonus cycle ended as of the Closing Date, which amount shall be calculated based on the bonus amount accrued as of or allocable to the period prior to the Closing Date in the ordinary course of business of the Acquired Companies, and prorated for the period of time from the last date each such eligible recipient received their corresponding bonus amount for the prior bonus cycle to the Closing Date.