Buy-Out Award Sample Clauses

Buy-Out Award. To recognize that you will forfeit awards granted or to be granted by your former employer as a result of joining Citizens, you will receive a cash award and a restricted stock unit award, with the equity award subject to approval by the Compensation and Human Resources Committee of the Board of Directors or its delegate. The grant of these awards is subject to you providing the following documents to Citizens within 45 days of your start date: (1) Statement or other documentation reflecting the expectation or forfeiture of your award, as applicable; and (2) Documentation regarding the terms of your forfeited award (plan document and award agreement, or other applicable document). If satisfactory documentation is not provided within 45 days of your start date, you will forfeit the right to receive your award for no consideration.
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Buy-Out Award. (a) Subject to the terms hereof, the Company shall pay to Executive an amount representing the value of certain cash compensation that Executive may be required to repay (the “Losses”) to his former employer (the “Former Employer”) as a consequence of Executive resigning his employment and/or entering into employment with the Company, up to a maximum of $350,000 in the aggregate (collectively, the “Total Buy-Out Amount”; any discrete payment thereof a “Buy-Out Award”). For the avoidance of doubt, the Company’s obligations with respect to the Buy-Out Award do not encompass any amounts not yet received by Executive from the Former Employer that may be forfeited as a consequence of Executive resigning his employment and/or entering into employment with the Company. (b) Executive agrees that he shall only have an entitlement to the Total Buy-Out Amount to extent that Executive’s Losses are substantiated with written documentation that is reasonably satisfactory to the Company, and Executive agrees to promptly provide such documentation to the Company within ninety (90) days of the Signing Date. Absent a written waiver of such ninety (90) day period, Executive shall have no entitlement to any amounts not so substantiated within such time frame. Executive shall notify the Company within ten business days if at any time Executive receives compensation of any kind from any person or entity (including forgiveness of any repayment obligation by the Former Employer) other than the Company which is or could be considered to be attributable to the Total Buy-Out Amount, and the amounts payable (or paid) by the Company under the Total Buy-Out Amount shall be reduced on a dollar-for-dollar basis by any such compensation received by Executive. (c) If payable, the Company shall pay the Buy-Out Award(s) within ten (10) business days of Executive’s submission of evidence of such repayment (or demand for the same by the Former Employer) and the amount thereof. (d) Executive agrees that the Buy-Out Award(s) (and any portion thereof) shall not be payable, or, if already paid, shall be repaid in its entirety to the Company, if Executive resigns other than for Good Reason or the Company terminates Executive’s employment for Cause, in each case pursuant to a notice delivered prior to the first anniversary of the Effective Date. If any repayment is required hereunder, Executive shall, within thirty (30) days of the termination of his employment and without any necessity of a prior d...
Sample 1
Buy-Out Award. 3.3. 1Subject to the provisions of this clause, you will be granted an award of shares in Xxxxx Xxxxxxxxx Group pie in compensation for awards granted by your previous employer which you will forfeit by reason of leaving your previous employment (the Buy Out Award). 3.3.2 Prior to the Buy Out Award being made (and by no later than the commencement of your employment with the Company) you must provide evidence satisfactory to the Company of the value of the awards granted by your previous employer which you have been formally notified that you will forfeit as a result of leaving such employment and commencing employment with the Company (the Forfeited Awards). 3.3.3 Following your compliance with the terms of the sub clause above, the Company will calculate the value of the Buy Out Award on, or shortly after, the commencement of your employment with the Company, such calculation ​
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Related to Buy-Out Award

  • Grant Award On and subject to the terms and conditions set forth herein, Triumph hereby agrees to make a grant (the “Grant”) to Grantee in the aggregate maximum amount of up to Two Hundred Thousand and 00/100 Dollars ($200,000.00) (the “Maximum Grant Amount”) to provide partial funding for the Project.

  • Stock Award Pursuant to the Plan, the Company, on ________ __, 20__ (the “Date of Grant”) granted to the Participant, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, a Stock Award covering _________ shares of Common Stock, hereafter described as the “Shares.”

  • The Award All compensation awarded for any taking, whether for the whole or a portion of the Leased Premises, shall be the sole property of the Landlord whether such compensation shall be awarded for diminution in the value of, or loss of, the leasehold or for diminution in the value of, or loss of, the fee in the Leased Premises, or otherwise. The Tenant hereby assigns to Landlord all of Tenant's right and title to and interest in any and all such compensation. However, the Landlord shall not be entitled to and Tenant shall have the sole right to make its independent claim for and retain any portion of any award made by the appropriating authority directly to Tenant for loss of business, or damage to or depreciation of, and cost of removal of fixtures, personalty and improvements installed in the Leased Premises by, or at the expense of Tenant, and to any other award made by the appropriating authority directly to Tenant.

  • Equity Award The Executive will be eligible to receive equity awards, if any, at such times and on such terms and conditions as the Board shall, in its sole discretion, determine.

  • RSU Award An RSU Award shall be similar in nature to a Restricted Stock Award except that no shares of Stock are actually transferred to the Holder until a later date specified in the applicable Award Agreement. Each RSU shall have a value equal to the Fair Market Value of a share of Stock.

  • Settlement of the Award Upon vesting, the RSU Award will be settled by delivery of one share of Stock as of the Vesting Date, for each RSU being settled. Such settlement shall occur promptly on or following the vesting of each RSU.

  • Performance Share Award If your Award includes a Performance Share Award, and you voluntarily terminate your employment prior to the end of the Performance Period, you will forfeit your entire Performance Share Award. 

  • Award of Option This Agreement evidences the grant to the Optionee of an option (the “Option”) to purchase [ ] shares of the Company’s Common Stock (the “Option Shares”). The Option is subject to the terms set forth herein, and in all respects is subject to the terms and provisions of the Plan, which terms and provisions are incorporated herein by this reference. Except as otherwise specified herein or unless the context herein requires otherwise, the terms defined in the Plan will have the same meanings herein.

  • Stock Option Award In the event of Employee’s involuntary Termination of Employment without Cause or Termination of Employment due to a resignation by Employee for Good Reason that, in either case, occurs on or before the second anniversary of a Change in Control, the Stock Option Award shall become exercisable immediately (whether or not previously exercisable) and shall remain exercisable for the three year period following such Termination of Employment. For this purpose, “Good Reason” has the same meaning determined by Employee’s written employment agreement in effect on the Grant Date. In the event there is no such agreement or definition, then Good Reason means the initial existence of one or more of the following conditions, arising without the consent of the Employee: (1) a material diminution in Employee’s base compensation; (2) a material diminution in Employee’s authority, duties, or responsibilities, so as to effectively cause Employee to no longer be performing the duties of his position; (3) a material diminution in the authority, duties, or responsibilities of the supervisor to whom Employee is required to report.

  • Incentive Award The three (3) year rolling average of earnings growth and Return On Equity (the "XXX") and determined as of December 31 of each plan year shall determine the Director's Incentive Award Percentage, in accordance with the attached Schedule A. The chart on Schedule A is specifically subject to change annually at the sole discretion of the Company's Board of Directors. The Incentive Award is calculated annually by taking the Director's Annual Fees for the Plan Year in which the XXX and Earnings Growth was calculated times the Incentive Award Percentage.

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