Fractional Entitlement Clause Samples
A Fractional Entitlement clause defines how rights or benefits that cannot be distributed in whole units are handled, typically in the context of shares, dividends, or other divisible assets. In practice, when a distribution results in a party being entitled to a fraction of a unit—such as a partial share or a non-whole dividend amount—the clause will specify whether these fractions are rounded up, rounded down, or settled in cash. This ensures clarity and fairness in the allocation process, preventing disputes over minor discrepancies and providing a standardized method for dealing with indivisible entitlements.
Fractional Entitlement. If, at the end of a vacation year, an Employee's entitlement to vacation leave with pay includes a fractional entitlement of less or more than one-half (½) day, the entitlement shall be increased or decreased to the nearest one-half (½) day.
Fractional Entitlement. On any issue of Securities (including on a dividend or bonus issue), if a holder is entitled to a fraction of a Security, the directors may deal with that fractional entitlement, on behalf of that holder, in any manner determined by the directors to be appropriate, including by:
(a) making cash payments;
(b) determining that fractions may be disregarded;
(c) appointing a trustee to deal with any fractional entitlements on behalf of members; and
(d) rounding up any fractional entitlement to the nearest whole Security by capitalising any amount available for capitalisation under rule 14.8 (even if only some members participate in such capitalisation).
Fractional Entitlement. The Company will not allot and will not accept application for fractions of Rights Shares (both nil-paid and fully-paid) to the respective subscribers. All fractions of the Rights Shares will be aggregated and rounded down to the nearest whole number. Any Rights Shares created from the aggregation of fractions of the Rights Shares will be made available for excess application by the Qualifying Shareholders. Should there be no excess application by the Qualifying Shareholders, those Rights Shares created from the aggregation of fraction of the Rights Shares will be regarded as Shortfall Underwritten Shares and be available for subscription by the Underwriter or subscribers procured by it.
Fractional Entitlement. An employee who was absent from work during the vacation year on short term disability or any unpaid leave of absence shall receive vacation pay proportionately less than a normal entitlement.
Fractional Entitlement. The Company will not allot and will not accept application for fractions of Rights Shares (both nil-paid and fully-paid) to the respective subscribers. Any Rights Shares created from the aggregation of fraction of the Rights Shares will be regarded as Unsubscribed Rights Shares and will be offered for subscription by the Placing Agent to the Placees under the Placing and, if not successfully placed out, will be taken up by the Underwriters pursuant to the terms of this Agreement.