Long-Term Award Clause Samples
A Long-Term Award clause defines the terms and conditions under which an individual or entity receives compensation or benefits that vest or become payable over an extended period, typically as part of an incentive or retention plan. This clause outlines eligibility, the vesting schedule, performance criteria, and the form of the award, such as stock options, restricted shares, or cash bonuses. By specifying these details, the clause ensures that recipients are motivated to remain with the organization and perform well over the long term, thereby aligning their interests with those of the company and addressing retention and performance objectives.
Long-Term Award. “Long-Term Award” means the total amount paid or payable to the Executive pursuant to Performance Shares or similar awards made to Executives under the provisions of the Incentive Compensation Plan and any similar provisions under a successor plan.
Long-Term Award. The Company shall pay to the Executive, no later than the seventh (7th) day following the Termination Date, a lump sum cash payment equal to the amount determined by multiplying the number of units outstanding for the Executive for all performance periods under the BellSouth Corporation Shareholder Return Cash Plan, or successor plan ("SRCP"), by the value of all dividends accrued under SRCP to such date and by multiplying such amount by the greater of (i) one hundred percent (100%), or (ii) the percentage which would be payable under SRCP based on actual performance results as of the most recently completed calendar quarter. Such amount shall offset (dollar for dollar) any obligation the Company or any Affiliated Company may have under SRCP to the Executive, but the Executive shall in no event be required to repay any such amount should, for example, it exceed the amount to which the Executive would otherwise have become entitled under SRCP.
Long-Term Award. “Long-Term Award” means the total amount paid or payable at the end of a Performance Cycle under the Corporation’s Long-Term Incentive Compensation Plan.
Long-Term Award. The Company will pay you an amount equal to a prorated long term award, which shall be equal to the amount of your long term award with a performance period beginning on January 1, 2014 and ending on December 31, 2016 (the “LTIP Performance Period”), if any, to which you would have been entitled if you remained employed by the Company on the payment date of your long term award with a performance period beginning on January 1, 2014 and ending on December 31, 2016, multiplied by a fraction, the numerator of which is twenty-nine (the number of completed calendar months of employment during the LTIP Performance Period) and the denominator of which is thirty-six (the “LTIP Payment”). Such amount, if any, will be paid at the same time as long term awards are paid to current similarly situated employees of the Company and appropriate taxes and deductions will be made. If you elected to defer part or all of your long term award with a performance period beginning on January 1, 2014 and ending on December 31, 2016 under the Company’s Deferred Compensation Plan, the amount will be deferred in accordance with your election and payment of such amount will be governed by the Deferred Compensation Plan.