Examples of Payout Share Units in a sentence
The amount of Payout Share Units is rounded down to the nearest whole share unit.
Upon a Change of Control, Dividend Equivalents accrued (without reinvestment or interest) between the Grant Date and the Change of Control will vest and be paid out in cash, less the payment of any applicable withholding taxes pursuant to Section 6 of Appendix A, if and when the Award vests and pays out, as if you were the record holder of the number of Shares equal to the number of vested Payout Share Units underlying the Award from the Grant Date through the date of the Change of Control.
Since the portfolio is segregated for distressed security, the additional units that are allotted cannot be redeemed.
The percentage applied to the share units for a given Tranche in order to arrive at the Payout Share Units is sometimes referred to as the “Payout Percentage” for that Tranche.
In the event of your death following a Change of Control, the Payout Share Units and the Final Award Date will be determined as described above.
If the outstanding vested Payout Share Units being settled include a fractional interest, such fractional interest will be eliminated by rounding down to the nearest whole share unit.
The resulting amount is the number of Payout Share Units that are eligible to vest and be settled on the Final Award Date (i.e., the Final Award).
E.1 PAYMENT TIMING Except as otherwise provided below, vested Payout Share Units that remain outstanding will be settled as soon as practicable following (i) the applicable Scheduled Vesting Date (and no later than March 15th following the year the Award becomes fully vested), or (ii) your date of death, if your date of death is prior to the applicable Scheduled Vesting Date (and no later than December 31st of the year following the year of your death).
D.1 GENERALLY As of the Award Effective Date, you will be entitled to earn accrued cash Dividend Equivalents on the vested Payout Share Units (defined in Appendix C), in an amount equal to the cash dividends that would have been paid (without interest or reinvestment) between the Grant Date and the Final Award Date, as though you were the record holder of such Payout Share Units, and such Payout Share Units had been issued and outstanding shares on the Grant Date through the Final Award Date.
The number of Payout Share Units is calculated by applying the Overall Performance Factor as a percentage to the initial outstanding IPUs, rounded down to the nearest whole share unit.