NATURE OF PHANTOM SHARES Sample Clauses

NATURE OF PHANTOM SHARES. The Phantom Shares granted under this Agreement shall be used solely as a device for the measurement and determination of certain amounts to be paid to the Participant as provided herein. Phantom Shares shall not constitute or be treated as property or as a trust fund of any kind or as Common Stock, stock options or other form of equity or security for any purpose. The Participant shall have only those rights set forth in this Agreement with respect to Phantom Shares credited to the Participant and shall have no rights as a shareholder of the Company by virtue of having been granted Phantom Shares. Any benefits which become payable hereunder shall be paid from the general assets of the Company. Notwithstanding the foregoing, prior to redemption, the Participant shall be entitled to receive in cash amounts equivalent to the amounts paid as actual cash dividends with respect to a number of shares of Common Stock equal to the number of the Participant's Phantom Shares.
Sample 1Sample 2Sample 3See All (7)
AutoNDA by SimpleDocs

Related to NATURE OF PHANTOM SHARES

  • Nature of Grant In accepting the grant, the Participant acknowledges, understands and agrees that:

  • Nature of Award In accepting the award, Employee acknowledges that:

  • Forfeiture of Shares In the event the Partnership or the General Partner acquires Shares as a result of the forfeiture of such Shares under a restricted or similar share plan, then the General Partner shall cause the Partnership to cancel that number of Partnership Units of the appropriate class equal to the number of Shares so acquired divided by the Conversion Factor, and, if the Partnership acquired such Shares, it shall transfer such Shares to the General Partner for cancellation.

  • Nature of the Award In accepting the Award, you acknowledge, understand and agree that:

  • Forfeiture of Units All Units granted shall be forfeited if, prior to the removal of restrictions on the Units awarded hereunder as provided below in Section 8, the Grantee has a voluntary or involuntary Termination of Service for any reason other than as described below in Section 5. Each Grantee, by his or her acceptance of the Units, agrees to execute any documents requested by the Company in connection with such forfeiture. Such provisions with respect to forfeited Units shall be specifically performable by the Company in a court of equity or law. Upon any forfeiture, all rights of the Grantee with respect to the forfeited Units shall cease and terminate, without any further obligation on the part of the Company.

  • Performance Shares The Performance Shares earned by the Grantee will be determined and delivered to the Grantee as soon as practicable subsequent to the determination of the Corporation’s financial results for the Performance Cycle and approval by the Plan Administrator. The corresponding shares of the Corporation’s common stock will be purchased on the open market.

  • Forfeiture of Awards The Restricted Stock Units granted hereunder (and gains earned or accrued in connection therewith) shall be subject to such generally applicable policies as to forfeiture and recoupment (including, without limitation, upon the occurrence of material financial or accounting errors, financial or other misconduct or Competitive Activity) as may be adopted by the Administrator or the Board from time to time and communicated to the Employee or as required by applicable law, and are otherwise subject to forfeiture or disgorgement of profits as provided by the Plan.

  • Forfeiture of Restricted Stock Units Except as provided in Section 3, if the Employee terminates employment prior to the satisfaction of the vesting requirements set forth in Section 2(a) above, any unvested Restricted Stock Units shall immediately be forfeited. The period of time during which the Restricted Stock Units covered by this Award are forfeitable is referred to as the “Restricted Period.”

  • Forfeiture of Restricted Shares Subject to Section 4(b), if your Service to the Company or any Affiliate terminates before all of the Restricted Shares have vested, or if you attempt to transfer Restricted Shares in a manner contrary to the transfer restrictions, you will immediately forfeit all unvested Restricted Shares. Any Restricted Shares that are forfeited shall be returned to the Company for cancellation.

  • Forfeiture of Restricted Stock Upon the termination of your employment by you, the Company or its Subsidiaries for any reason other than those set forth in Section 4 hereof prior to such vesting, in addition to the circumstance described in Section 9(a) hereof, any and all Shares of Restricted Stock which have not become vested in accordance with Section 3, 4 or 5 hereof shall be forfeited and shall revert to the Company.

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