Economic Incentive Grant Sample Clauses

Economic Incentive Grant. The parties acknowledge that the County may repeal its Solar Revenue Share Ordinance in the future. The parties believe that if such repeal occurs, under Virginia law the Applicant would be required to pay the County M&T taxes. The parties further acknowledge that such a result is not consistent with the agreement negotiated between them, the terms of which are set forth in this Agreement. To avoid a result which is not intended by the parties, the parties agree that the following mechanism will be in place to ensure two results: first, that notwithstanding repeal of the Solar Revenue Share Ordinance, the County will continue to receive the revenue stream contemplated under this Agreement; second, that if the County repeals its Solar Revenue Share Ordinance, and if as a result the Applicant is required to pay M&T taxes to the County, the amount paid each year will be refunded to the Applicant by an economic incentive grant (“EIG”). The procedure followed to achieve those results is set forth below. 2.2.1. If the County repeals its Solar Revenue Share Ordinance, after such repeal the Applicant will continue to make annual contractual payments to the County of $1,400.00/MW, plus the annual Supplemental Payment increases as applicable. The Applicant acknowledges that in the event of such County repeal, its obligation to continue payments to the County shall be by contract, and that its contractual obligation will be incorporated into its CUP, and that failure to honor that contractual obligation of the CUP will constitute a violation of the CUP by the Applicant, which may entitle the County to revoke the CUP. 2.2.2. M&T tax due to the County each fiscal year is paid in two installments, the first of which is due on December 5 and the second of which is due on June 5. 2.2.3. Within thirty (30) days after receipt of each amount paid by the Applicant to the County as M&T tax, the County will appropriate that same amount and remit the total appropriated to the XXX to enable the XXX to provide an annual EIG to the Applicant in the amount received by the XXX from the County. The County shall have no duty to so appropriate any sums not theretofore received from the Applicant. 2.2.4. Within thirty (30) days after receipt of the payment from the County, the XXX will appropriate and remit that full amount to the Applicant as an EIG. The XXX shall have no duty to so appropriate any sums not theretofore received from the County. 2.2.5. The Applicant and the County acknow...
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Related to Economic Incentive Grant

  • Equity Incentive Awards The Executive shall be eligible to receive grants of equity-based long-term incentive awards, which may include options to purchase Company stock, performance or restricted stock units and Company restricted stock contributions to Company’s deferred compensation plan, or other equity-based awards. Such awards shall be determined in the discretion of the Board and the Executive shall be eligible for consideration for such awards in the same manner as other senior executive officers of the Company. In the event of a Change of Control in which the surviving or acquiring corporation does not assume the Executive’s outstanding equity-related awards (including options and equity-based awards granted both before and after the Effective Date) or substitute similar equity-related awards of substantially equivalent value, such equity-related awards shall immediately vest and become exercisable if the Executive’s service with the Company has not terminated before the effective date of the Change of Control; provided, however, that the foregoing provision shall only apply if the Company is not the surviving corporation or if shares of the Company’s common stock are converted into or exchanged for other securities or cash.

  • Performance Share Units The Committee may, in its discretion, grant to Executive performance share units subject to performance vesting conditions (collectively, the “Performance Units”), which shall be subject to restrictions on their sale as set forth in the Plan and an associated Performance Unit Grant Letter.

  • 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.

  • Long-Term Incentive Award During the Term, Executive shall be eligible to participate in the Company’s long-term incentive plan, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.

  • Long-Term Incentive Awards The Executive shall participate in any long-term incentive awards offered to senior executives of the Company, as determined by the Compensation Committee.

  • Performance Shares Each Performance Share is a bookkeeping entry that records the equivalent of one Share. Upon the vesting of the Performance Shares as provided in Section 2, the vested Performance Shares will be settled as provided in Section 3.

  • Incentive Bonus During the Term, Employee shall be eligible to receive an incentive bonus up to the amount, based upon the criteria, and payable in such amount, at such times as are specified in Exhibit A attached hereto. The manner of payment, and form of consideration, if any, shall be determined by the Compensation Committee of the Board, in its sole and absolute discretion, and such determination shall be binding and final. To the extent that such bonus is to be determined in light of financial performance during a specified fiscal period and this Agreement commences on a date after the start of such fiscal period, any bonus payable in respect of such fiscal period's results may be prorated. In addition, if the period of Employee's employment hereunder expires before the end of a fiscal period, and if Employee is eligible to receive a bonus at such time (such eligibility being subject to the restrictions set forth in Section 6 below), any bonus payable in respect of such fiscal period's results may be prorated.

  • 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. 

  • Performance Incentive 4.10.1 If the Seller delivers Coal to the Purchaser in excess of ninety percent (90%) of the ACQ in a particular Year, the Purchaser shall pay the Seller an incentive (“Performance Incentive”/ “PI”), to be determined as follows: PI = P x Additional Deliveries x Multiplier Where: PI = The Performance Incentive payable by the Purchaser to the Seller P = The Base Price of Highest Grade, as shown in Schedule II Additional Deliveries = Quantity [in tonnes] of Coal delivered by the Seller in the relevant Year in excess of 90% of the ACQ. Multiplier shall be 0.15 for Additional Deliveries between 90%-95% of ACQ and 0.30 for Additional Deliveries in excess of 95% of ACQ. 4.10.2 With respect to part of a Year in which the term of this Agreement begins or ends, the relevant quantities in Clause 4.10.1, except the Multiplier, shall apply pro-rata. 4.10.3 Within thirty (30) days of expiry of a Year, the Seller shall submit an invoice to the Purchaser with respect to the PI payable in terms of Clause 4.10.1 and the Purchaser shall pay the amount so due within thirty (30) days of the receipt of the invoice. In the event of non-payment of PI by the due date, the Seller shall have the right to suspend Coal supplies without absolving the Purchaser of its obligations under this Agreement.

  • Performance Units Subject to the limitations set forth in paragraph (c) hereof, the Committee may in its discretion grant Performance Units to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which sets forth the terms and conditions of the Award.

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