Common use of Limitations on Awards Clause in Contracts

Limitations on Awards. Notwithstanding anything to the contrary herein: (a) The maximum cash amount that may be paid to the Participant pursuant to the Annual Cash Award (the "Annual Cap") shall be $1,600,000 for each fiscal year during the Performance Period; provided, however, that in the event that the Annual Cash Award is less than $1,600,000 with respect to either or both of the first two (2) fiscal years of the Performance Period (the amount by which such Annual Cash Awards are less than $1,600,000, in the aggregate, is referred to herein as the "Shortfall Amount"), the Annual Cap with respect to the third fiscal year of the Performance Period shall equal the sum of (x) $1,600,000 plus (y) the Shortfall Amount; provided, further, that in no event shall the Shortfall Amount exceed $400,000. (b) The maximum cash amount that may be paid to the Participant pursuant to the Cumulative Cash Award shall be $900,000. (c) The maximum payment of cash pursuant to the Cash Awards shall be subject to the limitations in the Executive Plan and the Participant's employment agreement with the Company or a subsidiary or affiliate thereof (the foregoing entities being referred to herein collectively as the "Avatar Entities" and each as an "Avatar Entity"), each as may be amended, restated, modified or supplemented from time to time.

Appears in 2 contracts

Samples: Earnings Participation Award Agreement (Avatar Holdings Inc), Earnings Participation Award Agreement (Avatar Holdings Inc)

AutoNDA by SimpleDocs

Limitations on Awards. Notwithstanding anything to the contrary herein: (a) The maximum cash amount that may be paid to the Participant pursuant to the Annual Cash Award (the "Annual Cap") shall be $1,600,000 for each fiscal year during the Performance Period; provided, however, that in the event that the Annual Cash Award is less than $1,600,000 with respect to either or both of the first two (2) fiscal years of the Performance Period (the amount by which such Annual Cash Awards are less than $1,600,000, in the aggregate, is referred to herein as the "Shortfall Amount"), the Annual Cap with respect to the third fiscal year of the Performance Period shall equal the sum of (x) $1,600,000 plus (y) the Shortfall Amount; provided, further, that in no event shall the Shortfall Amount exceed $400,000. (b) The maximum cash amount that may be paid to the Participant pursuant to the Cumulative Cash Award shall be $900,000. (c) The maximum payment of cash pursuant to the Cash Awards shall be subject to the limitations in the Executive Plan and the Participant's ’s employment agreement with the Company or a subsidiary or affiliate thereof (the foregoing entities being referred to herein collectively as the "Avatar Entities" and each as an "Avatar Entity"), each as may be amended, restated, modified or supplemented from time to time.

Appears in 2 contracts

Samples: Earnings Participation Award Agreement (Avatar Holdings Inc), Earnings Participation Award Agreement (Avatar Holdings Inc)

Limitations on Awards. Notwithstanding anything to the contrary herein: (a) The maximum cash amount that may be paid to the Participant pursuant to the Annual Cash Award (the "Annual Cap") shall be $1,600,000 1,800,000 for each fiscal year during the Performance Period; provided, however, that in the event that the Annual Cash Award is less than $1,600,000 1,800,000 with respect to either or both of the first two (2) fiscal years of the Performance Period (the amount by which such Annual Cash Awards are less than $1,600,0001,800,000, in the aggregate, is referred to herein as the "Shortfall Amount"), the Annual Cap with respect to the third fiscal year of the Performance Period shall equal the sum of (x) $1,600,000 1,800,000 plus (y) the Shortfall Amount; provided, further, that in no event shall the Shortfall Amount exceed $400,000. (b) The maximum cash amount that may be paid to the Participant pursuant to the Cumulative Cash Award shall be $900,0001,200,000. (c) The maximum payment of cash pursuant to the Cash Awards shall be subject to the limitations in the Executive Plan and the Participant's ’s employment agreement with the Company or a subsidiary or affiliate thereof (the foregoing entities being referred to herein collectively as the "Avatar Entities" and each as an "Avatar Entity"), each as may be amended, restated, modified or supplemented from time to time.

Appears in 1 contract

Samples: Earnings Participation Award Agreement (Avatar Holdings Inc)

AutoNDA by SimpleDocs

Limitations on Awards. Notwithstanding anything to the contrary herein: (a) The maximum cash amount that may be paid to the Participant pursuant to the Annual Cash Award (the "Annual Cap") shall be $1,600,000 1,800,000 for each fiscal year during the Performance Period; provided, however, that in the event that the Annual Cash Award is less than $1,600,000 1,800,000 with respect to either or both of the first two (2) fiscal years of the Performance Period (the amount by which such Annual Cash Awards are less than $1,600,0001,800,000, in the aggregate, is referred to herein as the "Shortfall Amount"), the Annual Cap with respect to the third fiscal year of the Performance Period shall equal the sum of (x) $1,600,000 1,800,000 plus (y) the Shortfall Amount; provided, further, that in no event shall the Shortfall Amount exceed $400,000. (b) The maximum cash amount that may be paid to the Participant pursuant to the Cumulative Cash Award shall be $900,0001,200,000. (c) The maximum payment of cash pursuant to the Cash Awards shall be subject to the limitations in the Executive Plan and the Participant's employment agreement with the Company or a subsidiary or affiliate thereof (the foregoing entities being referred to herein collectively as the "Avatar Entities" and each as an "Avatar Entity"), each as may be amended, restated, modified or supplemented from time to time.

Appears in 1 contract

Samples: Earnings Participation Award Agreement (Avatar Holdings Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!