Examples of Stock Award Amount in a sentence
On or after the date an individual first becomes an Outside Director, at the discretion of the Board, such Outside Director may be granted a one-time, initial Stock Award consisting of the right to receive the number of shares of Common Stock equal to the Stock Award Amount, as determined by the Board, with such award subject to the terms, conditions and limitations set forth in this Plan; provided, however, that such Outside Director is then in office as of the grant date of such initial Stock Award.
In the case of an Eligible Stock Award, upon the effectiveness of the Stock Award Deferral Election the Participant's restricted stock subject to such Election shall be surrendered and cancelled, and the Participant's Stock Deferral Account shall be credited with a number of shares equal to the number of shares of restricted stock surrendered and cancelled, such share credits to constitute the Participant's Forfeitable Stock Award Amount.
As of each Annual Award Date, at the discretion of the Board, each Outside Director then in officemay be granted a Stock Award consisting of the right to receive the number of shares of Common Stock equal to the Stock Award Amount, as determined by the Board, with such awards subject to the terms, conditions and limitations set forth in this Plan.
Thereupon, the portion of the shares of Stock that had been credited as the Forfeitable Stock Award Amount but not subject to deferral beyond vesting shall be promptly distributed to the Participant in a lump sum, and the portion of such shares of Stock subject to further deferral shall remain credited to the Participant's Stock Deferral Account in accordance with the applicable Deferral Election and the terms of the Program.
The Phantom Stock Award Amount shall be calculated annually by taking the Executive's base salary for the applicable year times the Phantom Stock Award Percentage.
The Forfeitable Stock Award Amount shall remain subject to the same risk of forfeiture and other restrictions as applied to such restricted stock until the time as the restricted stock would have vested by its terms.
Prior to a Distribution Event, a Participant may withdraw all or a portion of the balance of his Stock Deferral Account, other than a Forfeitable Stock Award Amount.
In the event of permanent disability (as defined below) before distribution of a Participant's Stock Deferral Account balance has commenced or been completed, the Administrator shall be permitted to pay the balance of the Participant's Account (exclusive of any Forfeitable Stock Award Amount that remains unvested) in one lump sum.
As of each Annual Award Date, at the discretion of the Board, each Outside Director then in office may be granted a Stock Award consisting of the right to receive the number of shares of Common Stock equal to the Stock Award Amount, as determined by the Board, with such awards subject to the terms, conditions and limitations set forth in this Plan.
Deferral On December 31 of each Plan Year, the Bank shall defer the Phantom Stock Award Amount into the Phantom Stock Account as set forth in Article 3 of this Agreement.