Catch-Up Bonus

Example Definitions of "Catch-Up Bonus"
Catch-Up Bonus. A bonus payable pursuant to either Section 7(a) or (b) in an amount equal to the value of any unvested stock option and/or of any restricted stock award in which the restrictions are not yet fully lapsed. For purposes of any unvested stock option, value shall be determined by subtracting the exercise price of such option from the average closing price and multiplying such result by the number of unvested shares subject to such option. For purposes of any restricted stock award where all... restrictions are not yet lapsed, value shall be determined by multiplying the average closing price by the number of shares that are still restricted in such award. Average Closing Price means the average of the daily closing price of a share of Bancorp's common stock reported over NASDAQ Global Market during the ten (10) consecutive trading days immediately preceding Executive's death or Disability, as the case may be View More
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