pro rata payment

Example Definitions of "pro rata payment"
pro rata payment. Shall be deemed to mean the calculation of a payment by the Company based on the proportion of the calendar year completed, based on the nearest whole number of months of the Executive's employment (for illustrative purposes only, if the Executive was terminated without Cause by the Company on April 13th of a given year, the Executive would be entitled to 1/4 of his Target Cash Bonus for such year under Section 5.4(d).
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