Examples of Permitted Reason in a sentence
If he leaves for a Permitted Reason (STI) he will retain the Restricted Shares.This Plan contains the same clawback provisions as the FY14 STI Deferral Plan for other Senior Executives.In lieu of participation in the Senior Executive FY14 LTI Plan the GE Telstra Wholesale will be allocated Restricted Shares based on his performance against his FY14 STI Plan measures, namely Wholesale Total Income, Wholesale EBITDA, Wholesale NPS and individual performance.
They are subject to a Restriction Period that will end on 30 June 2016, during which time the GE Telstra Wholesale is entitled to earn dividends on, and exercise votes attached to, the Restricted Shares.If the GE Telstra Wholesale leaves Telstra before the end of the three year Restriction Period for any reason, other than a Permitted Reason (STI), the Restricted Shares will be forfeited.
If a Senior Executive leaves Telstra for any reason other than a Permitted Reason (LTI) before the end of the Restriction Period, the Restricted Shares are forfeited, unless the Board exercises its discretion to determine otherwise.The Performance Rights may lapse and Restricted Shares may be forfeited if a clawback event occurs during the performance period or Restriction Period.
Until the Performance Rights vest as Restricted Shares, a Senior Executive has no legal or beneficial interest in Telstra shares, no entitlement to receive dividends and no voting rights in relation to any securities granted under the FY14 LTI Plan.If a Senior Executive leaves Telstra for any reason other than a Permitted Reason (LTI), any unvested Performance Rights lapse.
They are, however, restricted from dealing with the shares during this period.If a Senior Executive leaves Telstra for any reason, other than a Permitted Reason (STI), before the end of the relevant Restriction Period, the Restricted Shares are forfeited.Restricted Shares may also be forfeited if a clawback event occurs during the Restriction Period.