Current Award definition
Examples of Current Award in a sentence
Shares subject to a Current Award will be distributed in ten (10) consecutive, approximately equal, annual installments, commencing one (1) year after the date of the Deferred Stock Bonus Award.
The Parties acknowledge and agree that (i) as of June 30, 2017 the total outstanding balance of the Award is $21,200,000 (the “Current Award Balance”), payable to GSK by Pernix in accordance with the terms of this Agreement as amended by Amendment No. 1 hereto, and (ii) the Current Award Balance is unconditionally owed to GSK by Pernix, without offset, defense or counterclaim of any kind, nature or description.
As determined in the discretion of (a) the Chief Executive Officer with respect to Employees who are not Officers or Covered Employees and (b) the Committee with respect to Officers or Covered Employees, and subject to the terms of the Plan, Participants may elect to receive their Deferred Stock Bonus Award in the form of either a Current Award or a Deferred Award.
Wage increase on Base Award Level Current Award Current Base Rate + 4% Year 1 +4% Year 2 38 Hour Week Rate Feb 04 Feb 05 Storeman Packer 1 $452.70 $662.74 689.24 716.81 Storeman Packer 2 $467.70 $677.92 705.04 733.24 Storeman Packer 3 $473.50 $686.66 714.12 742.68 Storeman Packer 4 $492.30 $699.58 727.56 756.66 Team Leader $507.20 $772.92 803.83 835.98 These wage increases are in recognition of initiatives adopted in this Agreement.
Each Award Payment shall be credited against and reduce the Current Award Balance.
Notwithstanding the foregoing, any eligible Participant who does not elect to receive a Deferred Award within the time designated by the Committee shall be granted a Current Award.
Each Participant who is granted a Deferred Stock Bonus Award and selected by (i) the Chief Executive Officer with respect to Employees who are not Officers or Covered Employees and (ii) the Committee with respect to Officers or Covered Employees, in their respective discretion, may elect, in writing, on a form to be furnished by the Company, to receive a Current Award or a Deferred Award.
Any undistributed Shares subject to a Current Award will be forfeited and the Deferred Stock Bonus Award relating thereto terminated, without payment, if the Participant’s employment with the Company is terminated for any reason other than the Participant’s (1) termination of employment at or beyond age Fifty-Five (55) with Ten (10) Years of Service, (2) retirement after Twenty (20) Years of Service with approval from the Committee, (3) Disability, or (4) death.
The Parties acknowledge and agree that (i) as of March 17, 2017, the total outstanding balance of the Award is Twenty-One Million Four Hundred Fifty Thousand Dollars ($21,450,000) (the "Current Award Balance") and is currently due and payable by Pernix to GSK, and (ii) the Current Award Balance is unconditionally owed to GSK by Pernix, without offset, defense or counterclaim of any kind, nature or description.
Globalstar shall issue Current Award No. 2 to Participant, and Participant shall acquire the Shares, in two installments, one of 190,658 Shares on or about the Effective Date (Current Award 2A) and one of 95,329 Shares on or about January 9, 2008 (Current Award 2B).