PSP Account Balance definition

PSP Account Balance means an amount equal to the total number of Unqualified Securities held for an Eligible Employee under the Performance Share Plan immediately prior to the Transaction Occurrence Date which would not be or are not Past Service Plan Securities referred to in rule 18.4(b) of the Performance Share Plan multiplied by:
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PSP Account Balance means an amount equal to the total number of Unqualified Securities held for an Eligible Employee under the Performance Share Plan immediately prior to the Transaction Occurrence Date which would not be or are not Past Service Plan Securities referred to in rule 18.4(b) of the Performance Share Plan multiplied by: (1) where the Transaction Occurrence Date arose as a result of circumstances within paragraphs (i) or (ii) of the definition of that term in rule 18.5 of the Performance Share Plan, the highest of the amounts determined by calculating, for each form of consideration offered, on the Transaction Occurrence Date, the last date on which the offers are open and on each date on which any form of consideration is increased: (i) the amount of the cash consideration (if any); plus (ii) the Market Value of the non-cash consideration (if any) offered for each Unqualified Security under the takeover or scheme of arrangement (and, in the event that the takeover or scheme of arrangement offers consideration for RGL shares and not RGL American Depositary Receipts (ADRs), it will be taken to offer, as consideration for each RGL ADR, the specified number of shares underlying each ADR times the consideration offered for each RGL share and vice versa); or (2) otherwise, the Market Value of each Unqualified Security.
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Examples of PSP Account Balance in a sentence

  • Subject to Section 15, the Company will pay to the Executive, on the first business day to occur after the thirteenth month anniversary of the Transaction Occurrence Date or on the later time provided for by Section 15(b) (ii), a lump sum cash payment in an amount equal to the Executive’s PSP Account Balance.