Common use of Proration or Forfeiture of Target Award Clause in Contracts

Proration or Forfeiture of Target Award. (a) Newly hired or promoted employees who are selected to participate in the Plan after the beginning of an applicable Performance Period will participate in the Plan on a prorated basis based on the number of days worked during the applicable Performance Period after being selected to participate in the Plan. The prorated award will be calculated as follows unless otherwise determined by the Committee: one-hundred percent (100%) of a Participant’s unvested Target Award will be multiplied by a fraction, the numerator of which is the number of days the Employee was a Participant in the Plan during the applicable Performance Period, and the denominator of which is the total number of days in the applicable Performance Period. (b) If the Participant involuntarily Separates from Service without Cause or due to disability, he or she will be eligible to receive a prorated Target Award if the Performance Goals for the applicable Performance Period are met provided that, in the event Participant involuntarily Separates from Service without Cause, he or she has executed a release, any waiting period in connection with such release has expired, he or she has not exercised any rights to revoke the release and he or she has followed any other applicable and customary termination procedures, as determined by the Company in its sole discretion. The unvested Target Award will be prorated to the date of Separation from Service, and the prorated award will be calculated as follows: one-hundred percent (100%) of a Participant’s unvested Target Award will be multiplied by a fraction, the numerator of which is the number of days the Participant was continuously providing services to the Company during the applicable Performance Period through the date immediately prior to the Participant’s Separation from Service, and the denominator of which is the total number of days in the applicable Performance Period. Prorated awards will be paid to the Participant at the time provided in Sections 4.3. (c) Notwithstanding Section 4.4(b), any Participant who involuntarily Separates from Service without Cause during his or her first year of participation in the Plan shall forfeit any right to receive an Actual Award. (d) Any Participant whose employment is terminated for Cause or who voluntarily Separates from Service prior to the date Actual Awards are paid shall forfeit any right to receive an Actual Award, unless otherwise authorized by the Committee in its sole discretion.

Appears in 2 contracts

Samples: 2018 Long Term Incentive Plan (Spok Holdings, Inc), 2018 Long Term Incentive Plan (Spok Holdings, Inc)

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Proration or Forfeiture of Target Award. (a) Newly hired or promoted employees who are selected to participate in the Plan after the beginning of an applicable Performance Period March 1, 2011 will participate in the Plan on a prorated basis based on the number of days worked during the applicable Performance Period after being selected to participate in the Plan. The prorated award will be calculated as follows unless otherwise determined by the Committeefollows: one-hundred percent (100%) of a Participant’s unvested Target Award will be multiplied by a fraction, the numerator of which is the number of days the Employee was a Participant in the Plan during the applicable Performance Period, and the denominator of which is the total number of days in the applicable Performance Period. (b) If the Participant involuntarily Separates from Service without Cause or due to disability, he or she will be eligible to receive a prorated Target Award if the Performance Goals for the applicable Performance Period are met provided that, in the event Participant involuntarily Separates from Service without Cause, he or she has executed a release, any waiting period in connection with such release has expired, he or she has not exercised any rights to revoke the release and he or she has followed any other applicable and customary termination procedures, as determined by the Company in its sole discretion. The unvested Target Award will be prorated to the date of Separation from Service, and the prorated award will be calculated as follows: one-hundred percent (100%) of a Participant’s unvested Target Award will be multiplied by a fraction, the numerator of which is the number of days the Participant was continuously providing services to the Company during the applicable Performance Period through the date immediately prior to the Participant’s Separation from Service, and the denominator of which is the total number of days in the applicable Performance Period. Prorated awards will be paid to the Participant at the time provided in Sections 4.3. (c) Notwithstanding Section 4.4(b), any Participant employed by Amcom Software Inc. who involuntarily Separates from Service without Cause during his or her the first year of participation in the Plan shall forfeit any right to receive an Actual Award and any Participant employed by USA Mobility Wireless Inc. who involuntarily Separates from Service without Cause during the first or second year of the Plan shall forfeit any right to receive an Actual Award. (d) . Any Participant whose employment is terminated for Cause or who voluntarily Separates from Service prior to the date Actual Awards are paid shall forfeit any right to receive an Actual Award, unless otherwise authorized by the Committee in its sole discretion.

Appears in 2 contracts

Samples: 2011 Long Term Incentive Plan (Spok Holdings, Inc), Long Term Incentive Plan (USA Mobility, Inc)

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Proration or Forfeiture of Target Award. (a) Newly hired or promoted employees who are selected to participate in the Plan after the beginning of an applicable Performance Period January 15, 2009 will participate in the Plan on a prorated basis based on the number of days worked during the applicable Performance Period after being selected to participate in the Plan. The prorated award will be calculated as follows unless otherwise determined by the Committeefollows: one-hundred percent (100%) of a Participant’s unvested Target Award will be multiplied by a fraction, the numerator of which is the number of days the Employee was a Participant in the Plan during the applicable Performance Period, and the denominator of which is the total number of days in the applicable Performance Period. (b) If the Participant involuntarily Separates from Service without Cause or due to disability, he or she will be eligible to receive a prorated Target Award if the Performance Goals for the applicable Performance Period are met provided that, in the event Participant involuntarily Separates from Service without Cause, he or she has executed a release, any waiting period in connection with such release has expired, he or she has not exercised any rights to revoke the release and he or she has followed any other applicable and customary termination procedures, as determined by the Company in its sole discretion. The unvested Target Award will be prorated to the date of Separation from Service, and the prorated award will be calculated as follows: one-hundred percent (100%) of a Participant’s unvested Target Award will be multiplied by a fraction, the numerator of which is the number of days the Participant was continuously providing services to the Company during the applicable Performance Period through the date immediately prior to the Participant’s Separation from Service, and the denominator of which is the total number of days in the applicable Performance Period. Prorated awards will be paid to the Participant at the time provided in Sections 4.3. (c) Notwithstanding Section 4.4(b), any Participant who involuntarily Separates from Service without Cause during his or her first year of participation in the Plan shall forfeit any right to receive an Actual Award. (d) Any Participant whose employment is terminated for Cause or who voluntarily Separates from Service prior to the date Actual Awards are paid shall forfeit any right to receive an Actual Award, unless otherwise authorized by the Committee in its sole discretion.

Appears in 1 contract

Samples: 2009 Long Term Incentive Plan (USA Mobility, Inc)

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