Appreciation Benefit definition

Appreciation Benefit means: (1) an amount equal to the lesser of (A) the Prior Benefit Component multiplied by the Issue Price (as defined below), or (B) the Executive’s benefit under the Agreement as of December 11, 2009 multiplied by three (3) percent per annum (in the event of a fractional year, the three (3) percent attributable to the fractional year will be reduced proportionately); plus (2) an amount equal to the Stock Award Component (after applying the weighting requirements of subparagraph 2(q)) multiplied by the Issue Price; plus (3) an amount equal to the Stock Ownership Component (after applying the weighting requirements of subparagraph 2(r)) multiplied by the Issue Price. For example, assume the following: • Second Step Conversion takes place on December 11, 2014 • Executive’s benefit as of December 11, 2009 is $28,800 • Prior Benefit Component of 20,000 shares ($28,800 / $1.44) • Stock Award Component of 30,000 shares • Stock Ownership Component of 25,000 shares • Issue Price of $5 ($6.44-$1.44) • Prior Benefit Component = $33,387.09 [the lesser of $100,000 (20,000 x $5) or $33,387.09 (28,800 x 3% per annum for five (5) years)]; plus • Stock Award Component = $37,500 (30,000 x .25 x $5); plus • Stock Ownership Component = $93,750 (25,000 x .75 x $5); equals • Appreciation Benefit = $164,637.09 The Company will pay interest on the unpaid balance of the Executive’s Appreciation Benefit at the rate of the monthly average of the three-month London Interbank Offered Rate (LIBOR) plus 275 basis points per annum until the Appreciation Benefit is paid in full. In the event the Executive dies, becomes Disabled, incurs an Involuntary Termination or there is a Change in Control prior to the date of closing of the Second-Step Conversion, the Fair Market Value of the Company Stock as of the date of death, determination of Disability, Involuntary Termination or Change in Control will be substituted for “the average selling price of a share of Company Stock over the thirty (30) day period immediately preceding the closing of a Second-Step Conversion” when calculating the Issue Price. The Executive shall vest in his Appreciation Benefit in accordance with the following schedule:
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Appreciation Benefit means:
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Appreciation Benefit means mean an amount equal to the Prior Benefit Component (as defined below) plus the Stock Award Component (as defined below) plus the Stock Ownership Component (as defined below) multiplied by the Issue Price (as defined below) multiplied by the Exchange Ratio (as defined below). For example, if the Participant’s Prior Benefit Component had 20,000 shares of common stock of the Company (“Company Stock”), the Stock Award Component had 30,000 shares of Company Stock and the Stock Ownership Component had 25,000 shares of Company Stock; the Issue Price was $10.00 and the Exchange Ratio was 60 percent, then the Participant’s Appreciation Benefit would be equal to $450,000 [(20,000+30,000+25,000)($10.00)(.6)].The Company will pay interest on unpaid balance of the Executive’s Appreciation Benefit at the rate of three percent per annum.
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Examples of Appreciation Benefit in a sentence

  • If a Change in Control occurs before the Normal Retirement Date, Separation from Service due to an Involuntary Termination, Disability or death, then, within 30 calendar days after such Change in Control, the Bank shall pay the Executive a lump sum equal to the Appreciation Benefit.

  • For purposes of calculating the Appreciation Benefit, only 25 shares would be counted.

  • If the Executive dies prior to the Normal Retirement Date, Separation from Service, Disability or Change in Control, the Bank shall pay to the beneficiary designated on Exhibit A, the Appreciation Benefit in a lump sum on the first business day of the month following the Executive’s death.

  • In the event a Participant dies and has at least 60 full months of service with the Bank, the Company or one of their affiliates or subsidiaries, (whether continuous or otherwise), then the Participant will become vested in his or her Appreciation Benefit.

  • If a Participant dies prior to attaining 60 full months of service, and is not otherwise vested, then he or she will forfeit his or her Appreciation Benefit.

  • If the Executive dies prior to the Normal Retirement Date, Separation from Service, Disability or Change in Control, the Bank shall pay to the beneficiary designated on Exhibit A, the Appreciation Benefit in a lump sum on the first business day of the month following the Executive's death.

  • The Executive shall vest in his Appreciation Benefit upon the earliest to occur of (1) the closing date of a Second-Step Conversion, (2) the Executive's Involuntary Termination, (3) a Change in Control, (4) the Executive's death, (5) the Executive's Disability or (6) the date the Administrator, in its sole discretion, accelerates vesting.

  • If the Executive dies prior to the Normal Retirement Date, Separation from Service, Disability or Change in Control, the Bank shall pay to the beneficiary designated on Exhibit A, the Appreciation Benefit in a lump sum on the first business day of the month following the Executive's Normal Retirement Date and on the first business day of each calendar month thereafter for a period of 180 months.

  • If the Executive dies prior to the Normal Retirement Date, Separation from Service, Disability or Change in Control, the Bank shall pay to the beneficiary designated on Exhibit A, the Appreciation Benefit in a lump sum on the first business day of the month following the Executive’s Normal Retirement Date and on the first business day of each calendar month thereafter for a period of 180 months.

  • Such Appreciation Benefit shall be paid to the Participant’s “Beneficiary” (as defined below) in a lump sum on the first business day of the month following the Participant’s death.


More Definitions of Appreciation Benefit

Appreciation Benefit means an amount equal to the Prior Benefit Component plus the Stock Award Component plus the Stock Ownership Component multiplied by the Issue Price (as defined below) multiplied by the Exchange Ratio (as defined below). For example, if the Executive’s Prior Benefit Component had 20,000 shares of Company Stock, the Stock Award Component had 30,000 shares of Company Stock and the Stock Ownership Component had 25,000 shares of Company Stock; the Issue Price was $10.00 and the Exchange Ratio was 60 percent, then the Executive’s Appreciation Benefit would be equal to $450,000 [(20,000+30,000+25,000)($10.00)(.6)]. The Company will pay interest on unpaid balance of the Executive’s Appreciation Benefit at the rate of three percent per annum. In the event the Executive dies, becomes Disabled, incurs an Involuntary Termination or there is a Change in Control prior to the date of closing of the Second-Step Conversion, the Fair Market Value of the Company Stock as of the date of death, determination of Disability, Involuntary Termination or Change in Control will be substituted for the Issue Price and the Exchange Ratio. For example, the Executive incurs an Involuntary Termination prior to the closing of the Second-Step Conversion. The Fair Market Value of the Company Stock on that date is $4.00 per share. In this instance, the Executive’s Appreciation Benefit is $300,000 [(20,000+30,000+$25,000)*$4.00]. The Company will pay interest on unpaid balance of the Executive’s Appreciation Benefit at the rate of three percent per annum. The Executive shall vest in his Appreciation Benefit upon the earliest to occur of (i) the closing date of a Second-Step Conversion, (ii) the Executive’s Involuntary Termination, (iii) a Change in Control, (iv) the Executive’s death, (v) the Executive’s Disability or (vi) the date the Administrator, in its sole discretion, accelerates vesting. Notwithstanding the preceding provisions, if the Executive resigns at the request of, or is removed from service by, the Office of Thrift Supervision, Federal Deposit Insurance Corporation or any other regulatory authority for the Bank, the Executive shall be ineligible to participate and shall forfeit any benefits under this Agreement.
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Appreciation Benefit means an amount equal to the Prior Benefit (as defined below) multiplied by the Issue Price (as defined below) multiplied by the Exchange Ratio (as defined below). For example, if the Executive’s Prior Benefit was 20,000 shares of common stock of the Company (“Company Stock”), the Issue Price was $10.00 and the Exchange Ratio was 60 percent, then the Participant’s Appreciation Benefit would be equal to $120,000 [(20,000)($10.00)(.6)] payable in 20 equal annual installments. The Company will pay interest on unpaid balance of the Executive’s Appreciation Benefit at the rate of three percent per annum.
Sample 1

Related to Appreciation Benefit

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Deferred Compensation Award means an award of Stock Units granted to a Participant pursuant to Section 11 of the Plan.

  • Accrued Benefit have the meanings specified in ERISA.

  • Appreciation Award means any Award under this Plan of any Stock Option, Stock Appreciation Right or Other Stock-Based Award, provided that such Other Stock-Based Award is based on the appreciation in value of a share of Common Stock in excess of an amount equal to at least the Fair Market Value of the Common Stock on the date such Other Stock-Based Award is granted.

  • SERP Benefit means the benefit described in Section 5.1.

  • Deferred Stock Unit means a right granted to a Participant under Article 9 to receive Shares (or the equivalent value in cash or other property if the Committee so provides) at a future time as determined by the Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral elections.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Phantom Stock Unit means the right to receive the value of one (1) share of the Company’s Common Stock, subject to the provisions of Section 8.4 of the Plan.

  • Termination Benefit means the benefit set forth in Article 7.

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.

  • Nonqualified deferred compensation plan means a compensation plan described in Section 3121(v)(2)(C) of the Internal Revenue Code.

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • 3(i) Award means an Award granted pursuant to Section 3(i) of the Ordinance to any person who is a Non- Employee.

  • Clawback Eligible Incentive Compensation means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable Nasdaq rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).

  • Incentive Award means the right to receive a cash payment to the extent Performance Goals are achieved, and shall include “Annual Incentive Awards” as described in Section 10 and “Long-Term Incentive Awards” as described in Section 11.

  • Phantom Share means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Cash Award means an award denominated in cash.

  • Cash Incentive Award means a cash award granted pursuant to Section 8 of this Plan.

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Deferred Stock Account means a bookkeeping account maintained by the Company for a Participant representing the Participant's interest in the shares credited to such Deferred Stock Account pursuant to Paragraph 7 hereof.

  • Nonqualified Deferred Compensation Rules means the limitations or requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

  • Performance Compensation Award means any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan.

  • Deferred Share Unit or “DSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 7;

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Performance Award means any right granted under Section 6(d) of the Plan.