Managers' Bonus Rate

Managers' Bonus Rate. The average for all Managers of X/Y where X is the actual bonus paid for the year in which a termination occurs or the Reference Year, as appropriate, and Y is the target bonus for such year; but including only those Managers who were employed for the entire year; provided that if there were no Managers employed for the entire year, then the Managers' Bonus Rate shall equal the Executive's Bonus Rate