Example Definitions of "Prorated Bonus Equivalent"
Prorated Bonus Equivalent. (1) An amount equal to (i) an Eligible Employee's Base Pay multiplied by the target percentage assigned to the Eligible Employee under Paragraph B of Exhibit A to the Lockheed Martin Corporation 2006 Management Incentive Compensation Plan (2006) (or any successor plan) ("MICP") and (ii) then multiplying the product obtained under (i) by the number of full weeks for which the Eligible Employee was employed by the Company in the Plan Year in which the Executive Layoff Event occurs. (2)... Notwithstanding the foregoing, with respect to Eligible Employees who are not Officers, the Prorated Bonus Equivalent shall be the greater of (i) the amount described in (r)(1) above, and (ii) an amount equal to (a) an Eligible Employee's Base Pay multiplied by the target percentage assigned to the Eligible Employee under Paragraph B of Exhibit A of the MICP, and (b) then multiplying (in the manner described in under Exhibit A of the MICP) the product obtained under (a) by the most recent organizational and individual factors that were approved by the Company's Board of Directors under the MICP prior to the Executive Layoff Event, and (c) then multiplying the product obtained under (b) by the number of full weeks for which the Eligible Employee was employed by the Company in the Plan Year in which the Executive Layoff Event occurs.View More
Prorated Bonus Equivalent. (1) An amount equal to (i) an Eligible Employee's Base Pay multiplied by the target percentage assigned to the Eligible Employee under Paragraph B of Exhibit A to the Lockheed Martin Corporation 2006 Management Incentive Compensation Plan (2006) (or any successor plan) ("MICP") and (ii) then multiplying the product obtained under (i) by the number of full weeks for which the Eligible Employee was employed by the Company in the Plan Year in which the Executive Layoff Event occurs. occurs for... which the Eligible Employee was paid by the Company for at least one day. (2) Notwithstanding the foregoing, with respect to Eligible Employees who are not Officers, the Prorated Bonus Equivalent shall be the greater of (i) the amount described in (r)(1) above, and (ii) an amount equal to (a) an Eligible Employee's Base Pay multiplied by the target percentage assigned to the Eligible Employee under Paragraph B of Exhibit A of the MICP, and (b) then multiplying (in the manner described in under Exhibit A of the MICP) the product obtained under (a) by the most recent organizational and individual factors that were approved by the Company's Board of Directors under the MICP prior to the Executive Layoff Event, and (c) then multiplying the product obtained under (b) by the number of full weeks for which the Eligible Employee was employed by the Company in the Plan Year in which the Executive Layoff Event occurs. occurs for which the Eligible Employee was paid by the Company for at least one day.. For the purposes of this Section 1(r), no week may be counted twice. View More
Prorated Bonus Equivalent. (1) An amount equal to (i) an Eligible Employee's Base Pay multiplied by the target percentage assigned to the Eligible Employee under Paragraph B of Exhibit A to the Lockheed Martin Corporation 2006 Management Incentive Compensation Plan (2006) (or any successor plan) ("MICP") plan), and (ii) then multiplying the product obtained under (i) by the number of full weeks for which the Eligible Employee was employed by the Company in the Plan Year in which the Executive Layoff Event occurs. (2)... Notwithstanding the foregoing, with respect to Eligible Employees who are not Officers, the Prorated Bonus Equivalent shall be the greater of (i) the amount described in (r)(1) above, and (ii) an amount equal to (a) an Eligible Employee's Base Pay multiplied by the target percentage assigned to the Eligible Employee under Paragraph B of Exhibit A of the MICP, and (b) then multiplying (in the manner described in under Exhibit A of the MICP) the product obtained under (a) by the most recent organizational and individual factors that were approved by the Company's Board of Directors under the MICP prior to the Executive Layoff Event, and (c) then multiplying the product obtained under (b) by the number of full weeks for which the Eligible Employee was employed by the Company in the Plan Year in which the Executive Layoff Event occurs.View More
Prorated Bonus Equivalent. (1) An amount equal to (i) an Eligible Employee's Base Pay multiplied by the target percentage assigned to the Eligible Employee under Paragraph B of Exhibit A to the Lockheed Martin Corporation 2006 Management Incentive Compensation Plan (2006) (or any successor plan) ("MICP") plan), and (ii) then multiplying the product obtained under (i) by the number of full weeks for which the Eligible Employee was employed by the Company in the Plan Year in which the Executive Layoff Event occurs. (2)... Notwithstanding the foregoing, with respect to Eligible Employees who are not Officers, the Prorated Bonus Equivalent shall be the greater of (i) the amount described in (r)(1) above, and (ii) an amount equal to (a) an Eligible Employee's Base Pay multiplied by the target percentage assigned to the Eligible Employee under Paragraph B of Exhibit A of the MICP, and (b) then multiplying (in the manner described in under Exhibit A of the MICP) the product obtained under (a) by the most recent organizational and individual factors that were approved by the Company's Board of Directors under the MICP prior to the Executive Layoff Event, and (c) then multiplying the product obtained under (b) by the number of full weeks for which the Eligible Employee was employed by the Company in the Plan Year in which the Executive Layoff Event occurs.View More
