How does bonus work in PEPI if you join mid year? Does the formula still hold true and your salary pro rated?

Say you join at 6 month mark would your comp be: billables x performance rating - (salary/2)
Or: (billables divided by 2) x performance rating - (salary divided by 2)

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You negotiate guaranteed TC for first year or two. It's a guarantee draw system, so if you're utilized over guarantee breakeven, you get more monies.

Thanks!

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