Pool Provisions Clause Samples
Pool Provisions are contractual terms that govern the collective management and allocation of resources, assets, or liabilities among a group of participants. These provisions typically outline how contributions are made to a shared pool, how benefits or losses are distributed, and the rules for accessing or withdrawing from the pool. For example, in insurance or investment agreements, pool provisions might specify how premiums or funds are combined and how claims or returns are paid out. The core practical function of Pool Provisions is to ensure fairness and transparency in the collective handling of shared interests, reducing individual risk and clarifying each party’s rights and obligations within the group.
Pool Provisions. This award is subject to the Award Pool. The number of Shares to be awarded on any Vesting Date may in no event exceed the number of Shares to which Participant is entitled under the Award Pool for this Award as certified by the Committee in accordance with the Award Pool (the “Certified Share Amount”). In the event the number of Performance Units awarded hereby exceeds the Certified Share Amount, then such excess will be forfeited as of the date of such certification.