Common use of The Award Clause in Contracts

The Award. The Company hereby awards to the Participant the Target Number of Units set forth in the Grant Notice, which, depending on the extent to which a Performance Goal (as described by Plan) is attained during the Performance Period, may result in the Participant earning as little as zero (0) Units or as many as the Maximum Number of Units. Subject to the terms of this Award Agreement and the Plan, each Unit, to the extent it is earned and becomes a Vested Unit, represents a right to receive one (1) share of Common Stock (a “Share”) on the Settlement Date. If the Participant is or may be a Covered Employee, the Units are intended to constitute Qualified Performance-Based Compensation. Unless and until a Unit has been determined to be an Earned Unit and has vested and become a Vested Unit as set forth in the Grant Notice, the Participant will have no right to settlement of such Units. Prior to settlement of any Units, such Units will represent an unfunded and unsecured obligation of the Company.

Appears in 2 contracts

Samples: Award Agreement (Silicon Laboratories Inc), Award Agreement (Silicon Laboratories Inc)

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The Award. The Company hereby awards to the Participant the Target Number of Units set forth in the Grant Notice, which, depending on the extent to which a Performance Goal (as described by Plan) is attained during the Performance Period, may result in the Participant earning having the opportunity to earn as little as zero (0) Units or as many as the Maximum Number of Units. Subject to the terms of this Award Agreement and the Plan, each Unit, to the extent it is earned and becomes a Vested Unit, represents a right to receive one (1) share of Common Stock (a “Share”) on the Settlement Date. If the Participant is or may be a Covered Employee, the Units are intended to constitute Qualified Performance-Based Compensation. Unless and until a Unit has been determined to be an Earned Eligible Unit and has vested and become a Vested Unit as set forth in the Grant Notice, the Participant will have no right to settlement of such Units. Prior to settlement of any Units, such Units will represent an unfunded and unsecured obligation of the Company.

Appears in 2 contracts

Samples: Global Psu Award Agreement (Silicon Laboratories Inc), Global Psu Award Agreement (Silicon Laboratories Inc)

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The Award. The Company hereby awards to the Participant the Target Number of Units set forth in the Grant Notice, which, depending on the extent to which a Performance Goal (as described by Plan) is attained during the Performance Period, may result in the Participant earning having the opportunity to earn as little as zero (0) Units or as many as the Maximum Number of Units. Subject to the terms of this Award Agreement and the Plan, each Unit, to the extent it is earned and becomes a Vested Unit, represents a right to receive one (1) share of Common Stock (a "Share") on the Settlement Date. If the Participant is or may be a Covered Employee, the Units are intended to constitute Qualified Performance-Based Compensation. Unless and until a Unit has been determined to be an Earned Eligible Unit and has vested and become a Vested Unit as set forth in the Grant Notice, the Participant will have no right to settlement of such Units. Prior to settlement of any Units, such Units will represent an unfunded and unsecured obligation of the Company.

Appears in 1 contract

Samples: Global Psu Award Agreement (Silicon Laboratories Inc)

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