Second Award definition

Second Award means that number of Shares of Restricted Stock amounting to an aggregate amount equal to 20.83125% of the Net Operating Income received by the Company from the Effective Date until the Second Award Date pursuant to the Master Agreement, as calculated based on the Common Stock Value as determined on the Second Award Date; provided, that if such calculation shall result in a fractional Share, such fraction shall be disregarded.

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Second Award means that number of Shares of Restricted Stock amounting to an aggregate amount equal to 16.66875% of the Net Operating Income received by the Company from the effective date of Grantee’s Employment Agreement with the Company until the Second Award Date pursuant to the Master Agreement, as calculated based on the Common Stock Value as determined on the Second Award Date; provided, that if such calculation shall result in a fractional Share, such fraction shall be disregarded. “Related Entity” means the Company’s wholly-owned subsidiaries on or after the Effective Date, including without limitation ECS Labs LLC, a Texas limited liability company and/or its wholly-owned subsidiaries, and any other wholly-owned subsidiaries of the Company. “Vested Shares” means any Shares of the Restricted Stock subject to this Agreement that have become vested pursuant to this Section 2.

Second Award means 1,000,000 Shares of Restricted Stock. “Related Entity” means the Company’s subsidiaries on or after the Effective Date, including without limitation ECS Labs LLC, a Texas limited liability company and/or its wholly-owned subsidiaries, and any other subsidiaries of the Company. “Vested Shares” means any Shares of the Restricted Stock subject to this Agreement that have become vested pursuant to this Section 2.

Examples of Second Award in a sentence

• The Second Award of Restricted Stock shall fully vest in Grantee’s favor immediately upon its grant on the Second Award Date (such date, together with the Milestone Vesting Date, the First Vesting Date and the Second Vesting Date, each a “Vesting Date” with respect to the applicable Shares of Restricted Stock).

• August 28, 2019 (the “First Award Date”) The Second Award (as defined below).

• Except as otherwise provided in your Employment Agreement, in the event that your employment with the Company is terminated for any reason, including, but not limited to, your death, disability, resignation or retirement, at any time after the Second Award Date but before the Third Award Date, you will forfeit any and all eligibility for remaining payments pursuant to this Agreement.

• Except as otherwise provided in your Employment Agreement, in the event that your employment or service with the Company is terminated for any reason, including, but not limited to, your death, disability, resignation or retirement, at any time after the First Award Date but before the Second Award Date, you will forfeit any and all eligibility for remaining payments pursuant to this Agreement.

• If prior to the First Award Date or the Second Award Date, you breach any term of the Employment Agreement, you will forfeit any and all rights to any and all payments under this Agreement as of the date of such breach.

• The value of any forfeitures during the Second Award Period by holders of any Awards outstanding on the date hereof under the Plan or of awards under a Future Incentive Plan shall be credited toward the funding availability under the Second Period Funding Cap.

• Except as otherwise provided in your Employment Agreement, in the event that your employment with the Company is terminated for any reason, including, but not limited to, your death, disability, resignation or retirement, at any time after the First Award Date but before the Second Award Date, you will forfeit any and all eligibility for remaining payments pursuant to this Agreement.

• The second award date will be the first anniversary of the Effective Date (such award, the Second Award), subject to Participant’s Continuous Service through the second award date.

• The parties agree that the Second Period Funding Cap shall not be recalculated or adjusted during the Second Award Period.

• BlackRock agrees that neither PNC nor Bancorp shall have any funding responsibility with respect to any additional awards made under the Plan following the date hereof or for any additional awards made under a Future Incentive Plan during the Second Award Period following the satisfaction of the performance criteria set forth in the Initial Second Period Awards.