PSP a legally licensed payment service provider such as a bank, other credit institution, electronic money or payment institution, etc.
PSP. In the PSP at an opportunity equal to 150% of Base Salary if targets are reached at 100%, or such greater percentage if provided in the PSP for any measurement period.
PSP. Awards granted under the PSP will vest and become exercisable, conditionally on the Effective Date, to the extent determined by the Consort Remuneration Committee in accordance with the terms of the PSP, with any options remaining exercisable from the date of the Offer for a period of one calendar month following the Effective Date. Any holding period will not apply in the circumstances of vesting and exercise of PSP awards in connection with the Offer.
PSP. PSP," when immediately preceded by "Southern," means the Southern Performance Sharing Plan, a defined contribution plan. When immediately preceded by "Southern Energy," "PSP" means the performance sharing plan, if any, to be established by Southern Energy pursuant to Sections 2.02 and 4.03 that corresponds to the Southern Performance Sharing Plan.
PSP. The Bidders acknowledge that the extent to which Awards outstanding under the PSP vest on the date of the Scheme Order in connection with the Transaction is to be determined solely by the Target Remuneration Committee, in accordance with the rules of the PSP but subject always to paragraph 21.
PSP. Effective as of the Group Status Change Date, Southern Energy may, at its discretion, establish, or cause to be established, a trust, which is intended to be qualified under Code Section 401(a), exempt from taxation under Code Section 501(a)(1), and forming the Southern Energy PSP. Such Southern Energy PSP, if established, shall be comparable to the Southern PSP. Upon the mutual agreement of Southern and Southern Energy, the Southern Energy PSP shall accept asset transfers from the Southern PSP. Notwithstanding the foregoing, it is Southern Energy's intent that no action will cause a Southern Energy employee to lose his or her unvested right to an account balance in the Southern PSP.
PSP. In the PSP at an opportunity equal to 300% of Base Salary if targets are reached at 100%, or such greater percentage if provided in the PSP for any measurement period. The applicable percentage for Executive’s current 2018-2020 PSP award shall be prorated, with this increased percentage effective as of January 1, 2019.
PSP. All unpaid awards in the PSP and all performance objectives shall be deemed fully earned (fully earned performance objectives mean that 100% of the target award amount under the PSP shall have been earned). No later than 30 days following the Termination Date, the Company shall pay the Employee (in one lump sum cash payment and in lieu of the benefit otherwise provided under the PSP) an amount determined as follows: (A) three times the number of shares (or share equivalents) represented by the unpaid awards under the PSP, as determined in accordance with the provisions of the PSP, times the price of a share of Company Stock in the transaction that is the Change in Control Event (or, if the Change in Control Event is an exchange of Company Stock for a stock (or a combination of cash and stock) of another company, the value of what was exchanged for the Company Stock in such Change in Control Event) (“Company Stock Value”), or, if greater, (B) three times the average of the amounts of the last three awards granted and paid to the Employee immediately preceding the Employee’s Termination Date.
PSP. The Company has not received any notice of non-compliance or audit regarding any terms of any PSP agreement related to the payment or any liability pursuant to, arising out of or otherwise in connection with the PSP and any programs promulgated thereunder. Any applications submitted and/or agreements entered into by the Company in connection with the PSP (a) were authorized by the Company in accordance with its certificate of formation, operating agreement, and related organizational documents, (b) were completed and submitted by the Company in good faith, (c) were correct and complete in all material respects, (d) presented fairly the financial position and results of operations of the Company as set forth therein, (e) were derived from the books and records of the Company, and (f) complied with the CARES Act, the PSP, and applicable Laws. The Company’s use of the proceeds of the PSP complies with the CARES Act, PSP, and applicable Laws. The Company did not make any prohibited distributions and capital contributions contrary to the terms of the PSP associated agreements. The Company was eligible to receive funds pursuant to the PSP under the requirements of the CARES Act, PSP, and as otherwise provided by applicable Laws. The Company, Existing Equityholders, and Existing Equityholder Representative have taken all actions required by, and in compliance with, and refrained from taking any actions prohibited by, the CARES Act, PSP, and applicable Laws. The Company has not transferred, pledged, mortgaged, encumbered, or otherwise assigned its PSP Agreement or any PSP funds provided under its PSP agreement, or any interest therein, or any claim, account receivable, or funds arising thereunder or accounts holding PSP support, to any party, bank, trust company, or other person without the express written approval of U.S. Department of Treasury (“Treasury”). The aggregate total amount of grants received by the Company under the PSP is $17,081,873 (PSP1 $7,403,036, PSP2 $5,007,935, PSP3 $4,670,902) (the “PSP Grant Amount”). If Treasury determines, in its sole discretion, that the Company violated the terms of its PSP agreements, Company acknowledges and agrees that it may be required to refund the PSP Grant Amount and pay all associated interest and fees as set forth in the PSP agreements.
PSP. Bidco acknowledges that the extent to which Awards outstanding under the PSP vest or become exercisable (as applicable) at the date of the Scheme Order in connection with the Transaction is to be determined solely by, in the case of Awards granted to executive directors of Merlin, the Merlin Remuneration Committee, and in other cases, any committee or body authorised to operate the PSP, in accordance with the rules of the PSP.
