Examples of Award Payout in a sentence
In the event of a Change in Control, the Award Payout shall be made in cash; provided, that if the consideration provided to the Company’s equity holders in connection with the Change in Control includes securities, debt or other property, the Award Payout may be, in the sole discretion of the Company’s Board of Directors, in whole or in part, in the form of the consideration so provided (i.e., securities, debt or other property).
However, in the sole discretion of the Company’s Board of Directors, the Award Payout may still be made in the form of cash reflecting the share value of the Awards at time of Vesting Date.
After an IPO, all subsequent Award Payout shall be in the form of shares in the resulting public entity.
In the event of an IPO or other public liquidity event, the Award Payout shall be in the form of shares of the resulting public entity, provided, that if the IPO or other public liquidity event occurs prior to October 1, 2024, PSUs shall convert to an equal number/amount of RSUs (assuming 100% Target Metric met) and all RSUs, including converted PSUs, shall be restricted shares and subject to forfeiture and time vesting on the same criteria as RSUs were prior to the IPO or public liquidity event.