Payment of Awards Clause Example with 4 Variations from Business Contracts
This page contains Payment of Awards clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Payment of Awards. (a) As soon as practicable following the end of the Performance Period , the Compensation Committee shall determine the size of each Participant's Earned Award, if any, with respect to the Performance Period (with the date of such determination being referred to as the "Issuance Date"). In no event shall the Issuance Date with respect to the Performance Period be later than 74 days after the end of the Performance Period; provided that (i) in the case of the Performance Period that ends upon a C...hange in Corporate Control, the Issuance Date shall be no later than immediately prior to the consummation of the Change in Corporate Control, and (ii) in the case of a determination required by Section 7(b), the Issuance Date shall be no later than 74 days after the date of the Participant's Qualified Termination. (b) Except as otherwise provided in Sections 6 and 7, on each vesting date described below, the Company shall issue to each Participant (or such Participant's estate or beneficiary, if applicable) a number of shares of Common Stock equal to the vested portion of the Earned Award. Subject to a Participant's continued employment with the Company or a subsidiary and continued compliance with the restrictive covenants set forth in Section 4 through such date, one-third of the shares subject to a Participant's Earned Award shall be vested as of the Issuance Date, one-third of such shares shall become fully vested on December 31, 2020, and one-third of such shares shall become fully vested on December 31, 2021. In addition, on each such vesting date, as applicable (or on the Issuance Date with regard to an Earned Award settled in accordance with Section 6 or 7), the Company shall pay in cash to each Participant (or such Participant's estate or beneficiary, if applicable) an amount equal to the Dividend Value multiplied by the number of shares issued pursuant to Section 6, Section 7 or this Section 8(b) on such date.View More
Variations of a "Payment of Awards" Clause from Business Contracts
Payment of Awards. (a) As soon as practicable following the end of the applicable Restrictive Determination Period: (i) The portion of a Time-Based Award for which the Time Restriction has lapsed shall be settled in shares of Common Stock; and (ii) In the case of a Performance Period , Award, the Compensation Committee shall determine the size amount of each Participant's Earned Award, if any, with respect to the Performance Period (with Period. The date on which such settlement of the date of such determination b...eing Awards occurs shall be referred to herein as the "Issuance Date"). Date". In no event shall the Issuance Date with respect to the Performance end of the Restrictive Determination Period for a Time-Based Award be later than 74 days after the end of the Performance Period; applicable Restrictive Determination Period or on such later date as provided by the Compensation Committee; provided that (i) in the case of the Performance Period (in the case of a Performance Award) or Time Restriction (in the case of a Time-Based Award) that ends upon a Change in Corporate Control, the Issuance Date shall be no later than immediately prior to the consummation of the Change in Corporate Control, and (ii) in the case of a determination required by Section 7(b), the Issuance Date shall generally be no later than 74 days after the date of the Participant's Qualified Termination. Termination or on such later date as provided by the Compensation Committee. (b) Except as otherwise provided in Sections 6 and 7, on each the vesting date described below, the Company shall issue to each Participant (or such Participant's estate or beneficiary, if applicable) with regard to a Performance Award a number of shares of Common Stock equal to the vested portion of the Earned Award. Subject to a Participant's continued employment with the Company or a subsidiary and continued compliance with the restrictive covenants set forth in Section 4 through such date, one-third of the shares subject to a Participant's Earned Award shall be vested as of the Issuance Date, one-third date that the Compensation Committee shall determine the amount of such shares shall become fully vested on December 31, 2020, and one-third of such shares shall become fully vested on December 31, 2021. each Participant's Earned Award, if any, with respect to the Performance Period. In addition, on each such the vesting date, as applicable date (or on the Issuance Date with regard to an Earned Award settled in accordance with Section 6 or 7), the Company shall pay in cash to each Participant (or such Participant's estate or beneficiary, if applicable) an amount equal to the Dividend Value multiplied by the number of shares issued pursuant to Section 6, Section 7 or this Section 8(b) on such date. (c) Except as otherwise provided in Sections 6 and 7, the Company shall issue to each Participant (or such Participant's estate or beneficiary, if applicable) with regard to a Time-Based Award a number of shares of Common Stock equal to the vested portion of the Time-Based Award on the Issuance Date. In addition, on the Issuance Date, the Company shall pay in cash to each Participant (or such Participant's estate or beneficiary, if applicable) an amount equal to the Dividend Value multiplied by the number of shares issued pursuant to Section 6, Section 7 or this Section 8(c) on such date. View More
Payment of Awards. (a) As soon as practicable following the end of the Performance Period , Period, the Compensation Committee shall determine the size of each Participant's Earned Award, if any, with respect to the Performance Period (with the date of such determination being referred to as the "Issuance Date"). In no event shall the Issuance Date with respect to the Performance Period be later than 74 days after the end of the Performance Period; provided that (i) in the case of the Performance Period that ends ...upon a Change in Corporate Control, the Issuance Date shall be no later than immediately prior to the consummation of the Change in Corporate Control, and (ii) in the case of a determination required by Section 7(b), 6(b), the Issuance Date shall be no later than 74 days after the date of the Participant's Qualified Termination. (b) Except as otherwise provided in Sections 6 and 7, on each vesting date described below, On the Issuance Date, the Company shall issue to each Participant (or such Participant's estate or beneficiary, if applicable) a number of shares of Common Restricted Stock equal to the vested portion dollar value of the Earned Award. Subject to a Participant's continued employment with Award divided by the Company or a subsidiary Share Price. Except as otherwise provided in Sections 5 and continued compliance with the restrictive covenants set forth in Section 4 through such date, 6, one-third of the such shares subject to a Participant's Earned Award shall be immediately vested as of the Issuance Date, and nonforfeitable, one-third of such shares shall become fully vested and nonforfeitable on December 31, 2020, 2016, and one-third of such shares shall become fully vested and nonforfeitable on December 31, 2021. In addition, on 2017, subject to continued employment of the Participant through each such vesting date, as applicable (or on date. On the Issuance Date with regard to an Earned Award settled in accordance with Section 6 or 7), for the Performance Period, the Company shall also pay in cash to each Participant (or such Participant's estate or beneficiary, if applicable) an amount equal to the Dividend Value for the Performance Period multiplied by the number of shares issued pursuant to Section 6, Section 7 or this Section 8(b) on such date. the preceding sentence. View More
Payment of Awards. (a) As soon as practicable following the end of the Performance Period , Period, the Compensation Committee shall determine the size of each Participant's Earned Award, if any, with respect to the Performance Period (with the date of such determination being referred to as the "Issuance Date"). In no event shall the Issuance Date with respect to the Performance Period be later than 74 days after the end of the Performance Period; provided that (i) in the case of the Performance Period that ends ...upon a Change in Corporate Control, the Issuance Date shall be no later than immediately prior to the consummation of the Change in Corporate Control, and (ii) in the case of a determination required by Section 7(b), 6(b), the Issuance Date shall be no later than 74 days after the date of the Participant's Qualified Termination. (b) Except as otherwise provided in Sections 6 and 7, on each vesting date described below, On the Issuance Date, the Company shall issue to each Participant (or such Participant's estate or beneficiary, if applicable) a number of shares of Common Restricted Stock equal to the vested portion of the Earned Award. Subject to a Participant's continued employment with the Company or a subsidiary Except as otherwise provided in Sections 5 and continued compliance with the restrictive covenants set forth in Section 4 through such date, 6, one-third of the such shares subject to a Participant's Earned Award shall be immediately vested as of the Issuance Date, and nonforfeitable, one-third of such shares shall become fully vested and nonforfeitable on December 31, 2020, 2018, and one-third of such shares shall become fully vested and nonforfeitable on December 31, 2021. In addition, on 2019, subject to continued employment of the Participant through each such vesting date, as applicable (or on date. On the Issuance Date with regard to an Earned Award settled in accordance with Section 6 or 7), for the Performance Period, the Company shall also pay in cash to each Participant (or such Participant's estate or beneficiary, if applicable) an amount equal to the Dividend Value for the Performance Period multiplied by the number of shares issued pursuant to Section 6, Section 7 or this Section 8(b) on such date. 7(b). View More
Payment of Awards. (a) As soon as practicable following the end of the Performance Period , Period, the Compensation Committee shall determine the size of each Participant's Earned Award, if any, with respect to the Performance Period (with the date of such determination being referred to as the "Issuance Date"). In no event shall the Issuance Date with respect to the Performance Period be later than 74 days after the end of the Performance Period; provided that (i) in the case of the Performance Period that ends ...upon a Change in Corporate Control, the Issuance Date shall be no later than immediately prior to the consummation of the Change in Corporate Control, and (ii) in the case of a determination required by Section 7(b), 6(b), the Issuance Date shall be no later than 74 days after the date of the Participant's Qualified Termination. (b) Except as otherwise provided in Sections 6 and 7, on each vesting date described below, On the Issuance Date, the Company shall issue to each Participant (or such Participant's estate or beneficiary, if applicable) a number of shares of Common Restricted Stock equal to the vested portion of the Earned Award. Subject to a Participant's continued employment with the Company or a subsidiary Except as otherwise provided in Sections 5 and continued compliance with the restrictive covenants set forth in Section 4 through such date, 6, one-third of the such shares subject to a Participant's Earned Award shall be immediately vested as of the Issuance Date, and nonforfeitable, one-third of such shares shall become fully vested and nonforfeitable on December 31, 2020, 2019, and one-third of such shares shall become fully vested and nonforfeitable on December 31, 2021. In addition, on 2020, subject to continued employment of the Participant through each such vesting date, as applicable (or on date. On the Issuance Date with regard to an Earned Award settled in accordance with Section 6 or 7), for the Performance Period, the Company shall also pay in cash to each Participant (or such Participant's estate or beneficiary, if applicable) an amount equal to the Dividend Value for the Performance Period multiplied by the number of shares issued pursuant to Section 6, Section 7 or this Section 8(b) on such date. 7(b). View More
