Average Annual Performance Bonus definition

Examples of Average Annual Performance Bonus in a sentence

• For illustration purposes, if Employee earned 40%, 100% and 70% of Employee’s target Performance Bonus in each of the three full calendar years prior to termination, and Employee’s current target Performance Bonus was 100% of Base Salary, and Base Salary was $450,000.00, then Employee’s Average Annual Performance Bonus would equal $315,000.00.

• In addition, in the situations described in Section 5.7, Employee will be paid, solely in consideration of services rendered by Employee prior to termination, an additional bonus with respect to Employer’s fiscal year in which the termination date occurs, equal to the greater of Employee’s Average Annual Performance Bonus (as defined in Section 5.4) or Employee’s bonus for the year immediately preceding Employee’s termination.

• For purposes of this Agreement, "Average Annual Performance Bonus" shall be equal to the Employee's then applicable Base Salary multiplied by a percentage obtained by averaging the quotients of the Performance Bonus paid to Employee for the three (3) full calendar years prior to the termination date divided by the Employee's Base Salary in effect for the calendar year for which the Performance Bonus relates.

• The term "Average Annual Performance Bonus," as used herein, will be calculated as of ▇▇.

• In addition, in the situations described in Section 5.7, Employee will be paid, solely in consideration of services rendered by Employee prior to termination, an additional bonus with respect to Employer’s fiscal year in which the termination date occurs, equal to 1.5 times the greater of Employee’s Average Annual Performance Bonus (as defined in Section 5.4) or Employee’s bonus for the year immediately preceding Employee’s termination.

• For purposes of calculating Average Annual Performance Bonus, any portion of an annual performance bonus earned but (i) deferred or (ii) settled in stock or stock-based awards shall be considered to have been paid (x) for the year for which such annual performance bonus was earned and (y) in an amount equal to the amount Executive would have received if such portion had not been deferred or settled in stock or stock-based awards and instead had been paid in cash.

• In addition, in the situations described in Section 5.7, Employee will be paid, solely in consideration of services rendered by Employee prior to termination, an additional bonus with respect to Employer’s fiscal year in which the termination date occurs, equal to 1.5x the greater of Employee’s Average Annual Performance Bonus (as defined in Section 5.4) or Employee’s bonus for the year immediately preceding Employee’s termination.

• For illustration purposes, and assuming Employee had been employed through April 1, 2022 at the time of his termination, if Employee earned 40%, 100% and 70% of Employee’s target Performance Bonus in each of the three full calendar years prior to termination, and Employee’s current target Performance Bonus was 100% of Base Salary, and Base Salary was $450,000.00, then Employee’s Average Annual Performance Bonus would equal $315,000.00.

• For purposes of this Agreement, the Executive's Average Annual Performance Bonus shall be equal to the greater of (y) the Performance Bonus paid to the Executive for the last full fiscal year before employment termination, and (z) the average of the annual Performance Bonus paid the to the Executive for each of the last three full fiscal years before employment termination.

• The term "Average Annual Performance Bonus," as used herein, will be calculated as of Mr. Rossell's last date of e▇▇▇▇▇▇▇▇▇ ▇▇▇ will mean the higher of (i) Mr. Rossell's annual perform▇▇▇▇ ▇▇▇▇▇▇▇ averaged from the date of this Agreement, or (ii) the average of his three most recent annual performance bonuses.