Time Award definition

Time Award means any Unvested Award (or portion thereof) that as of immediately prior to the Change in Control, is not subject to the achievement of any performance-based or other similar vesting criteria (including, for clarity, any performance-based RSUs or portion thereof that has become eligible to vest upon a certification thereunder of performance in connection with the Change in Control but excluding any performance-based RSUs or portion thereof for which performance has been deemed not met pursuant to such certification, which instead will be forfeited without having vested). For purposes of this subsection e., “Change in Control” will have the meaning ascribed to such term in that certain Change in Control and Severance Agreement entered into between the Company and Executive dated July 9, 2020 (the “CIC Agreement”). Except as provided in this subsection e., no additional vesting of the Unvested Awards will occur following the Separation Date. If no Change in Control occurs by the CIC Deadline Date, the Unvested Awards automatically and permanently will be forfeited as of the end of the CIC Deadline Date without having vested. Any RSUs that accelerate vesting in accordance with this subsection e. will be settled by the Company no later than the sixtieth (60th) day following the Separation Date, or if later, on a date on or before the completion of a Change in Control. For purposes of clarity, such RSUs will be subject to any applicable tax withholdings and, unless determined otherwise by the administrator of the Plan in accordance with the applicable Award Documents, any applicable tax withholdings will be satisfied by having the Company withhold otherwise deliverable Shares under such RSUs having a fair market value equal to the amount necessary to meet such withholding obligations with respect to the RSUs.
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Examples of Time Award in a sentence

  • The Time Award shall vest in equal installments on each of the first, second, third, fourth and fifth anniversaries of , such that 20% of the shares subject to such Time Award shall vest on each such anniversary.

  • Any portion of the Time Award that does not vest upon an Initial Public Offering shall be converted into Restricted Stock in accordance with Section 3(c).

  • Upon the consummation of an Initial Public Offering, any unvested portion of the Time Award determined pursuant to Section 3(a)(ii) shall convert into that number of shares of Restricted Stock equal to (i) the number of unvested Phantom Units underlying the Time Award, multiplied by (ii) a fraction, the numerator of which is the IPO Price minus the Base Price, and the denominator of which is the IPO Price.

  • The Time Award shall vest in equal installments on each of the first, second, third, fourth and fifth anniversaries of the Date of Grant, such that twenty percent (20%) of the Shares subject to the Time Award shall vest on each such anniversary, subject to the Participant’s continued Service through each applicable vesting date.

  • The Time Award shall vest on a monthly basis over a four-year period commencing on the first day of each calendar month following the Grant Date (each such date, a “Time Vesting Date”), such that 1/48 of the Time Award shall vest on each Time Vesting Date, subject to the Grantee’s continued Service through the applicable Time Vesting Date.

  • Seventy-five percent (75%) of the Time Award shall vest in twelve (12) equal quarterly installments beginning on November 18, 2012 (such that six and one quarter percent (6.25%) of the Time Award will vest on each date), subject to the Participant’s continued Service through each applicable vesting date.

  • Twenty-five percent (25%) of the Time Award shall vest on the one (1) year anniversary of August 18, 2011.

  • The Time Award shall vest in equal installments on each of the first, second, third, fourth and fifth anniversaries of [INSERT THE DATE OF THIS AMENDMENT], such that twenty percent (20%) of the Shares subject to such Time Award shall vest on each such anniversary.

  • The Option Price of the Shares subject to each of the Time Award and the Liquidity Award shall be $ per Share.

  • Subject to the terms set forth in the Plan and this Award Agreement, the Time Award shall vest on a monthly basis over a [Number of years]-year period commencing on the first day of each calendar month following the Grant Date (each such date, a “Time Vesting Date”), such that 1/[Number of years multiplied by 12] of the Time Award shall vest on each Time Vesting Date, subject to the Grantee’s continued Service through the applicable Time Vesting Date.

Related to Time Award

  • 3(i) Award means an Award granted pursuant to Section 3(i) of the Ordinance to any person who is a Non- Employee.

  • Share Award means an Award of Shares granted pursuant to Section 10.

  • Restricted Share Unit Award means a right to receive Ordinary Shares which is granted pursuant to the terms and conditions of Section 6(b).

  • Performance Share Award means an Award entitling the recipient to acquire shares of Stock upon the attainment of specified Performance Goals.

  • Stock Unit Award means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions of Section 7(c).