New Awards. Awards based on pending proposals normally incorporate the proposed budgets. New awards that are made months from now that are based on proposals signed off at the former rate of 50.5% will be set up at that rate and will be charged the F&A rate and base stipulated in the award agreement from the initial budget period through the project period awarded. For example, NSF awards often project a three-year grant based on a three-year proposal, but only fund one year at a time. As the funding level for all three years is based on the initial proposal, all three years would carry the rate in the approved proposal. The first $25,000 of each subgrant or subcontract is assessed the on-campus F&A rate. Per Federal regulations (OMB Circular A-110) the terms “subgrant” and “subcontract” refer to awards for a substantive portion of the work of a sponsored project. This covers research efforts involving collaborative or substantive contribution to the research. This does not include procurement of goods and services, such as analytical services and logistical support, which would be handled as procurements and carry full F&A.
New Awards. During the Employment Period (and prior thereto, in the case of the award described in Section 3(c)(iii) below), Executive will be eligible to participate in awards (including Annual PBRS Awards as hereinafter defined but not including new stock option awards) under the Stock Incentive Plan and in awards under MIP and LRPIP, in each case at a level commensurate with her position and responsibilities as specified below and subject to such terms as shall be established by the Committee consistent with the following provisions of this Section 3(c). Without limiting such other rights as Executive may have under awards granted under the Stock Incentive Plan:
(i) If Executive’s employment by the Company is terminated by the Company other than for Cause prior to February 2, 2019, subject to Section 8 below, any stock options held by Executive immediately prior to such termination will vest to the extent not previously vested and will thereafter remain exercisable only for such post-termination exercise period as is provided under the terms of the award; and
(ii) With respect to Stock Incentive Plan awards described in Section 3(b) (Existing Awards) and Stock Incentive Plan stock awards described in this Section 3(c) (New Awards), Executive will be entitled to tender shares of Company common stock not then subject to restrictions under any Company plan, or to have shares of stock deliverable under the awards held back, in satisfaction of the minimum withholding taxes required in respect of income realized in connection with the awards.
(iii) Prior to the Effective Date the Company will recommend to the Committee for approval a Stock Incentive Plan award to Executive of performance-based restricted stock with a grant date value of $10,000,000 (the “Special PBRS Award”). The terms and conditions applicable to the Special PBRS Award shall be prescribed by the Committee; provided, that the Special PBRS Award shall be subject to, inter alia, (A) a service vesting condition requiring continuous service through the end of FY2017 as to 50% of the shares and through the end of FY2018 as to the balance of the shares, (B) a performance condition applicable to the entire Special PBRS Award requiring that corporate MIP performance for FY2017 be achieved at a level resulting in at least 67% of the MIP target payout amount for such fiscal year (with proration of the entire Special PBRS Award for any lower performance that results in a MIP payout), and (C) acceleration upon certa...
New Awards. “New Awards” shall mean the IPO Stock Option and any other stock options, restricted stock or other equity awards granted to the Executive by the Company, with the exception of the Existing Awards.
New Awards. During the Employment Period, Executive will be eligible to participate in awards under the Stock Incentive Plan, MIP and LRPIP at a level commensurate with her position and responsibilities and subject to such terms as shall be established by the Committee, including, without limitation, an award of performance based restricted stock under the Stock Incentive Plan granted to Executive in connection with the execution of this Agreement, the terms and conditions of which are set forth in the award certificate evidencing such award. Without limiting such other rights as Executive may have under awards granted under the Stock Incentive Plan:
(i) If Executive’s employment by the Company is terminated by the Company other than for Cause prior to January 31, 2015, subject to Section 8 below, any stock options held by Executive immediately prior to such termination will vest to the extent not previously vested and will thereafter remain exercisable only for such post-termination exercise period as is provided under the terms of the award; and
(ii) With respect to Stock Incentive Plan awards described in Section 3(b) (Existing Awards) and this Section 3(c) (New Awards), Executive will be entitled to tender shares of Company common stock not then subject to restrictions under any Company plan, or to have shares of stock deliverable under the awards held back, in satisfaction of the minimum withholding taxes required in respect of income realized in connection with the awards. From and after the Effective Date, each award opportunity granted to Executive under MIP shall have a target award level that is no less than one hundred fifty percent (150%) of Executive’s Base Salary earned for the applicable fiscal year, and each award opportunity granted to Executive under LRPIP shall have a target award level that is no less than one hundred percent (100%) of Executive’s Base Salary for one year at the rate in effect at the time of such grant, determined in accordance with MIP and LRPIP.
New Awards. Following the Commencement Date, Employee shall be granted options to purchase common stock of Employer, and shares of restricted common stock of Employer, as set forth on Annex A hereto, and upon such terms and conditions as determined by the Board (or a committee thereof) in its sole discretion (the "New Awards"). Notwithstanding anything contained in this Agreement to the contrary, 100% of the New Awards shall fully and immediately vest on the date of (i) a Corporate Transaction (as such term is defined in the Employer's 2004 Amended and Restated Stock Option Plan, as in effect as of the date hereof) but excluding any Corporate Transaction that is either a Related Party Transaction (as defined in the Plan) and a transaction involving a secondary public offering of the common stock of Employer; (ii) a termination of Employee's employment due to death or Disability (to the extent provided under Article IV below), or (iii) a termination of Employee's employment by Employer without Cause or by him for Good Reason (to the extent provided under Article IV below).
New Awards. During the Employment Period, Executive will be eligible to participate in awards under the Stock Incentive Plan, MIP and LRPIP at levels commensurate with his position and responsibilities and subject to such terms as shall be established by the Committee. With respect to Stock Incentive Plan awards described in Section 3(b) (Existing Awards) and this Section 3(c) (New Awards), Executive will be entitled to tender shares of Parent common stock not then subject to restrictions under any Parent plan, or to have shares of stock deliverable under the awards held back, subject to such rules and limitations as Parent may prescribe but not in excess of the maximum amount of withholding consistent with treating the awards as subject to equity award accounting.
New Awards. Xxxxxxxx acknowledges and agrees that no new equity awards will be made to her between the Effective Date and the Retirement Date.
New Awards. In exchange for the Employee’s agreement to cancel the Awarded Shares, the Award Agreement, and any other rights, obligations, and liabilities of the Company thereunder, and the release of claims set forth in Section 1.3 below, the Company hereby agrees to grant the Employee, as soon as administratively practicable after the Effective Date and subject to Board approval, the following new awards under the Incentive Plan (the awards described in Sections 1.2(a) and (b) below are collectively referred to herein as, the “New Awards”):
(a) Five million (5,000,000) shares of restricted Common Stock (the “New Awarded Shares”), with all of the New Awarded Shares vesting upon the earlier of (i) a Change in Control (as defined in the Incentive Plan) and (ii) the tenth anniversary of the New Awarded Shares’ date of grant, subject to the terms and conditions of the Incentive Plan and of the form of restricted stock award agreement, a copy of which is attached hereto as Exhibit A (the “New Award Agreement”).
(b) An option to purchase fifty thousand (50,000) shares of Common Stock (the “New Option”), with (i) an exercise price equal to $0.20 per share, which is greater than the fair market value of the Company’s Common Stock on the date of grant and (ii) twenty-five percent (25%) of the New Option vesting on each of the first, second, third and fourth anniversary of the New Option’s date of grant, subject to the terms and conditions of the Incentive Plan and of the form of nonqualified stock option agreement, a copy of which is attached hereto as Exhibit B (the “New Option Agreement”).
New Awards. During the Employment Period, Executive will be eligible to participate in stock-based awards (not including new stock option awards) under the Stock Incentive Plan and in awards under MIP and LRPIP, in each case at a level commensurate with her position and responsibilities as specified below and subject to such terms as shall be established by the Committee consistent with the following provisions of this Section
New Awards. If I submitted a proposal for federal funds prior to July 1, 2022, but the award was made later, what rate applies?
