Target Performance Bonus definition

Target Performance Bonus means either: (i) the target performance bonus then in effect for the Eligible Employee for the year in which the Covered Termination occurs, (ii) if, on or prior to the date of the Covered Termination, the Company shall not have approved a target performance bonus applicable to such Eligible Employee for the year in which such Covered Termination occurs, but a target performance bonus applicable to such Eligible Employee exists for the year immediately preceding the year in which such Covered Termination occurs, the target performance bonus amount in effect for the Eligible Employee for such immediately preceding year, or (iii) if there is no target performance bonus in effect for the Eligible Employee for either the year in which such Covered Termination occurs or the immediately preceding year, the largest maximum target performance bonus payable to any other Company officer with an employment title equivalent to or below the employment title of such Eligible Employee for the year that includes such Covered Termination.

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Target Performance Bonus means the dollar amount which results from multiplying the Participant's Target Bonus Percent for the Bonus Period by the Participant's Compensation for the Bonus Period.

Target Performance Bonus means the target amount of an Eligible Individual’s annual Performance Bonus for the year that includes the Date of Termination; provided, however, that for purposes of Section 5(c)(ii), Target Performance Bonus means the target amount of an Eligible Individual’s annual Performance Bonus in effect immediately prior to the Change in Control, as determined by the Committee or the officers of the Company, as applicable; provided, further, that in the event that an Eligible Individual has no target amount established for his or her annual Performance Bonus for the year that includes the Date of Termination, such Eligible Individual’s “Target Performance Bonus” shall mean the Eligible Individual’s average Performance Bonus amounts for the three full calendar years preceding the

Examples of Target Performance Bonus in a sentence

• The amount of and Executive’s eligibility for the Target Performance Bonus shall be determined in the sole discretion of the Board (or the compensation committee thereof, as such determination may be delegated by the Board to the compensation committee).

• If earned, any Target Performance Bonus shall be paid to Executive, less authorized deductions and applicable withholdings, on or before the February 15th following the calendar year during which such bonus was earned.

• Except as provided in Sections 3.2 and 4.2, Executive shall be eligible to earn the Target Performance Bonus only if Executive is actively employed and in good standing with the Company on both the determination and payment dates for the Target Performance Bonus.

• As used in this Section 4, “Pro Rated Bonus” shall mean an amount in cash equal to the Target Performance Bonus for which Executive would have been eligible with respect to the year in which termination of Executive’s employment occurs multiplied by a fraction, the numerator of which is the number of days during which Executive is employed by the Company during the year of termination and the denominator of which is 365.

• Except as provided in Section 3.2, Executive shall be eligible to earn the Target Performance Bonus only if Executive is actively employed with the Company on both the determination and payment dates for the Target Performance Bonus.

• The Target Performance Bonus, if earned, shall be paid on or before March 15th of the calendar year after the applicable bonus year.

• The Company may increase the Target Performance Bonus in its sole discretion.

• Following the close of each calendar year, the Company shall determine whether Executive has earned a Target Performance Bonus, and the amount of any such bonus, based on the achievement of such objectives.

• If earned, any Target Performance Bonus shall be paid to Executive, less authorized deductions and applicable withholdings, on or before the February 15th following the applicable bonus year.

• The Target Performance Bonus shall be based upon the Company’s assessment of Executive’s attainment of written Company and individual objectives as set by the Company in its sole discretion.

More Definitions of Target Performance Bonus

Target Performance Bonus means, (a) for any Performance Metric measured as of the Emergence Date and each Performance Metric measured during a Quarterly Performance Period starting on or before the Emergence Date, the “target performance bonus” for each Participant as specified in the Participant’s Participation Agreement and (b) to the extent the Company implements an equity incentive plan following the Emergence Date and the Participant is granted an award thereunder in accordance with allocation schedule set forth in the Plan of Reorganization, then, for each Performance Metric measured during a Quarterly Performance Period starting after the date on which such award is granted, the Participant’s annual target bonus opportunity for 2019, as set forth in the Participation Agreement.

Target Performance Bonus means the Participant’s target performance bonus set forth in Appendix A hereto.