Computation of Award Sample Clauses

Computation of Award. Defendants argue the court’s computation of the amount of punitive damages was in error. We review the court’s computation of the punitive damages award to determine whether the amount was excessive or the result of passion, partiality, or corruption. Xxxxxxx, 398 Ill. App. 3d at 69. The amount of the award should be a reflection of the court’s determination as to the degree of maliciousness evidenced by defendants’ actions. Xxxxxxx, 398 Ill. App. 3d at 69. Defendants assert there is no evidence that any of defendants’ actions were taken with the deliberate goal of harming plaintiffs. Instead, the intercompany loans were designed to accommodate cash-flow issues which inevitably arise within the development business and there was no intent to harm plaintiffs’ interests in OTD. They assert their actions, which inadvertently caused solely economic harm and from which they did not directly profit, “fall ‘on the low-end of the scale for punitive damages.’ ” The fact that defendants may not have intended to harm plaintiffs does not take away from the fact that they were fully aware of and ignored the impact their “on- demand loans” would have on OTD, plaintiffs’ investment. The record shows OTD received no benefit from the transfers. It was in solid financial condition with sufficient cash flow of its own and did not require any transfers of funds. That is until the “loans” taken by defendants from OTD reached such a level that OTD was unable to pay its mortgage and real estate taxes. OTD was harmed by the transfers in that it could not meet its financial obligation and was charged late fees and penalties as a result. It also was unable to use its own funds or earn interest thereon during the period the interest- free loans were outstanding. It is disingenuous for defendants to claim they did not directly profit from the transfers. Of course they directly profited from the transfers. All the enterprises that received the transfers, as well as their owner, XxXxxx, and all his inter-related businesses, including the other defendants, profited from the constant source of easily obtainable, interest-free financing. They made the most of this access for many years, taking care to hide what they were doing so that their practice could continue. The court awarded a 3:1 ratio to actual damages because “a 1:1 ratio [would be] insufficient to deter future misconduct as strong medicine is required to cure defendants’ disrespect for the law.” We do not find this excessive g...
Sample 1
AutoNDA by SimpleDocs

Related to Computation of Award

  • Allocation of Award The total Award made with respect to the Leased Property or for loss of rent, or for Lessor’s loss of business beyond the Term, shall be solely the property of and payable to Lessor. Any Award made for loss of Lessee’s business during the remaining Term, if any, for the taking of Lessee’s Personal Property, or for removal and relocation expenses of Lessee in any such proceedings shall be the sole property of and payable to Lessee. In any Condemnation proceedings Lessor and Lessee shall each seek its Award in conformity herewith, at its respective expense; provided, however, Lessee shall not initiate, prosecute or acquiesce in any proceedings that may result in a diminution of any Award payable to Lessor.

  • Termination of Award In the event that the Employee shall forfeit all or a portion of the restricted stock units subject to the Award, the Employee shall promptly return this Agreement to the Company for cancellation. Such cancellation shall be effective regardless of whether the Employee returns this Agreement.

  • Notification of Award 2.28.1 Prior to the expiration of the period of tender validity, the Procuring entity will notify the successful tenderer in writing that its tender has been accepted.

  • Basis of Award No additional documents submitted by a Bidder should be incorporated in the contract unless it is specifically identified and incorporated by reference in the attached contract document. Balance of page intentionally left blank

  • Adjustment of Award (a) The Administrator shall have authority to make adjustments to the terms and conditions of the Award in recognition of unusual or nonrecurring events affecting BB&T or any Affiliate, or the financial statements of BB&T or any Affiliate, or of changes in applicable laws, regulations or accounting principles, if the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or necessary or appropriate to comply with applicable laws, rules or regulations.

  • Vesting of Award Subject to Section 2(b) below and the other terms and conditions of this Agreement, this Award shall become vested in three equal annual installments on the first, second and third anniversaries of the date hereof. Unless otherwise provided by the Company, all dividends and other amounts receivable in connection with any adjustments to the Shares under Section 4(c) of the Plan shall be subject to the vesting schedule in this Section 2(a).

  • Grant Award On and subject to the terms and conditions set forth herein, Triumph hereby agrees to make a grant (the “Grant”) to Grantee in the aggregate maximum amount of up to Two Hundred Thousand and 00/100 Dollars ($200,000.00) (the “Maximum Grant Amount”) to provide partial funding for the Project.

  • Payment of Award The Performance Shares that may become payable pursuant to this Award Agreement shall be based upon the highest performance determined in accordance with the provisions of Section 4 or, in the event of a Change in Control prior to the Final Measurement Date, based on performance at the level determined in accordance with the provisions of Section 3.4. In other words, the attainment of multiple performance measures under this Award Agreement will not result in the payment of a cumulative number of Performance Shares for each performance measure achieved. Payment of the Award, to the extent earned, shall be made as follows:

  • Forfeiture of Award 4.1 If, at any time during the Award Recipient’s employment by the Company or within 18 months after termination of employment, the Award Recipient engages in any activity in competition with any activity of the Company, or inimical, contrary or harmful to the interests of the Company, including but not limited to: (a) conduct relating to the Award Recipient’s employment for which either criminal or civil penalties against the Award Recipient may be sought, (b) conduct or activity that results in termination of the Award Recipient’s employment for cause, (c) violation of the Company’s policies, including, without limitation, the Company’s xxxxxxx xxxxxxx policy and corporate compliance program, (d) accepting employment with, acquiring a 5% or more equity or participation interest in, serving as a consultant, advisor, director or agent of, directly or indirectly soliciting or recruiting any employee of the Company who was employed at any time during the Award Recipient’s tenure with the Company, or otherwise assisting in any other capacity or manner any company or enterprise that is directly or indirectly in competition with or acting against the interests of the Company or any of its lines of business (a “competitor”), except for (A) any isolated, sporadic accommodation or assistance provided to a competitor, at its request, by the Award Recipient during the Award Recipient’s tenure with the Company, but only if provided in the good faith and reasonable belief that such action would benefit the Company by promoting good business relations with the competitor and would not harm the Company’s interests in any substantial manner or (B) any other service or assistance that is provided at the request or with the written permission of the Company, (e) disclosing or misusing any confidential information or material concerning the Company, (f) engaging in, promoting, assisting or otherwise participating in a hostile takeover attempt of the Company or any other transaction or proxy contest that could reasonably be expected to result in a Change of Control (as defined in the Plan) not approved by the CenturyTel Board of Directors or (g) making any statement or disclosing any information to any customers, suppliers, lessors, lessees, licensors, licensees, regulators, employees or others with whom the Company engages in business that is defamatory or derogatory with respect to the business, operations, technology, management, or other employees of the Company, or taking any other action that could reasonably be expected to injure the Company in its business relationships with any of the foregoing parties or result in any other detrimental effect on the Company, then the award of Restricted Stock granted hereunder shall automatically terminate and be forfeited effective on the date on which the Award Recipient engages in such activity and (i) all shares of Common Stock acquired by the Award Recipient pursuant to this Agreement (or other securities into which such shares have been converted or exchanged) shall be returned to the Company or, if no longer held by the Award Recipient, the Award Recipient shall pay to the Company, without interest, all cash, securities or other assets received by the Award Recipient upon the sale or transfer of such stock or securities, and (ii) all unvested shares of Restricted Stock shall be forfeited.

  • Performance Award You are hereby awarded, on the Grant Date, a Performance Award with a target value of [AMOUNT].

Time is Money Join Law Insider Premium to draft better contracts faster.