Program Award Sample Clauses
The Program Award clause defines the process and criteria for granting awards or recognitions within a specific program. It typically outlines who is eligible to receive the award, the selection process, and any conditions or requirements that must be met. For example, it may specify that participants must complete certain milestones or achieve specific results to qualify. The core function of this clause is to ensure transparency and fairness in the distribution of awards, thereby motivating participants and clarifying expectations.
Program Award. The Program permits a long-term incentive compensation payment equal to a portion of your 2011 annual base salary as of December 31, 2011 (your “Base Salary”). The Committee shall determine the value of your Program award (the “Award”) based on (i) your individual performance during the period between the date of this Agreement and the Exit Date, (ii) the performance of the Company’s management team, including individuals who do not receive awards under the Program, and (iii) any other factors that the Committee determines appropriate, in its sole discretion, subject to the range designated on Exhibit A. The Award shall be made in the form of a long-term cash award, which will be determined by the Committee no later than 15 days following the Exit Date. Once your Award is determined by the Committee, one-third of the Award amount shall be paid to you no later than the next available payroll cycle following the Committee’s determination of the Award. Provided you remain employed with the Company (except as otherwise provided in Paragraphs C(1)(a) and (b) below), you will be entitled to receive an additional one-third of the Award on each of the first and second anniversaries of the Exit Date, with payment of each such amount to occur no later than the next available payroll cycle following each such anniversary.
Program Award. Subject to the terms and conditions of this Agreement, Fisker will purchase from Quantum, and Quantum will supply to Fisker, 100% of Fisker's requirements of the components set forth on Exhibit 1 (the "Components") for the K1 Vehicle Program, contingent on meeting Fisker's continued engineering specifications, performance, quality, reliability, durability, total landed costs, and supply chain and delivery requirements. Fisker expects to purchase Components for a minimum volume of 45,000 vehicle sets over the program life of the K1 Vehicle Program.
Program Award. Fisker will award A123 the K1 and K2 Vehicle Programs. A123 will be the exclusive supplier of batteries for the K1 and K2 Vehicle Programs for the life of the program contingent on meeting Fisker’s continued engineering specifications, performance, quality, durability, total landed cost, supply chain and delivery requirements. After Fisker has purchased the initial [**] batteries from A123 for the K1 and K2 Vehicle Program, if Fisker determines and is able to document that A123 is uncompetitive in any of the afore mentioned areas by more than [**]%, Fisker shall give A123 written notice of the deviation. A123 shall then have [**] days in which to close the competitive gap and retain the business. Should this gap not be closed within the [**] days, Fisker shall have the right to re-source all or any part of the business, in Fisker’s sole discretion.
Program Award. This Interlocal Governmental Agreement is entered into in accordance with Chapter 791 of the Texas Government Code. It is by and between the County of Galveston, the City of Texas City and the City of Galveston. The purpose is to agree to an equal split of the 2021 ▇▇▇▇▇ Justice Assistance Grant award of $37,168.00.