Examples of Unvested Performance Rights in a sentence
Notwithstanding the provisions of clause 12.1 or 12.2, the Board may, subject to compliance with the Listing Rules and the Corporations Act 2001, determine to treat any Unvested Options and/or Unvested Performance Rights held by a Participant who ceases to be employed by the Group during the Performance Period other than in the manner set out in clause 12.1 or 12.2 if the Board determines that the relevant circumstances warrant such treatment.
Unvested Performance Rights automatically vest and are automatically exercised upon the occurrence of a “Change of Control” occurring before the Expiry Date.
If a Change of Control Event occurs, all Unvested Shares, Unvested Options or Unvested Performance Rights will vest and become immediately exercisable with such vesting deemed to have taken place immediately prior to the effective date of the Change of Control Event, regardless of whether or not the employment, engagement or office of the Participant is terminated or ceases in connection with the Change of Control Event.
If the vesting condition is not met, the relevant Unvested Performance Rights will be forfeited.
If a Change of Control Event occurs, subject to the Listing Rules, all Unvested Shares, Unvested Options and Unvested Performance Rights held by a Participant will automatically vest and become immediately exercisable with such vesting deemed to have taken place immediately prior to the effective date of the Change of Control Event, regardless of whether or not the employment, engagement or office of the Participant is terminated or ceases in connection with the Change of Control Event.
Until the Board has made a determination that a Performance Right has become a Vested Performance Right in accordance with clause 18.2, all Performance Rights remain at all times Unvested Performance Rights.
It aims to promote, co-ordinate and develop the function and activities of notaries throughout the world.
Unvested Performance Rights will not be transferrable or quoted on ASX and do not confer: any entitlement to a dividend, any right to a return of capital, any right to participate in the surplus profits or assets of the Company upon a winding up, or any right to participate in new issues of securities.If this grant is approved, some or all of the Performance Rights granted to Mr Millar may vest, lapse or remain on foot on cessation of employment, subject to the Board’s discretion.
The terms and conditions of the Unvested Performance Rights are set out in the notice of meeting for the Company’s 2021 annual general meeting, which was announced on ASX on 30 April 2021.
Ordinary SharesDate of change9 February 2017 No. of securities held prior to changeFully Paid Ordinary Shares: 198,930 Unlisted Share Options: 1,200,000 Unvested Performance Rights: 365,000ClassSee below Number acquiredFully Paid Ordinary Shares granted upon vesting of Performance Rights: 8,266Number disposedLapsed Performance Rights: 75,734Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuationNil + See chapter 19 for defined terms.