First Payout definition
Examples of First Payout in a sentence
Once the First Payout occurs BOG and Veritas shall each own an undivided fifty percent interest in all of the Program Data.
In the event that BOG, at its option, elects to make advance payments to Veritas toward the First Payout Amount or the Final Payout Amount as provided in this Section 4.2, such payments shall be credited against the next lease bonus payments and/or drilling and/or completion cost payments which would otherwise be due to Veritas under the terms of Section 3.4 or 3.5 above (as applicable).
Except for the specific exceptions contained in Section 2(f) hereof, the Recipient must be an active, full-time employee of the Company on each of the First Payout Date and the Second Payout Date as a condition precedent to payment of the portion of the Award payable on such date.
First Payout Last pay period of November 2015 Second Payout Last pay period of November 2016 * Administrative guidelines for payment of Ratification bonus and Lump Sum payments are subject to Letter of Understanding #22 found at the back of this agreement.
If Executive is terminated by the Company without Cause prior to the First Payout Date or Second Payout Date the Executive shall be entitled to receive any unpaid Retention Bonus payments.
Except as provided above in Section 3.9 and below with respect to seismic data that covers Excluded Lands, Terrain Excluded Project Areas and Sand Tire Excluded Project Areas, and subject to the other terms of this Article IV, Veritas shall own one hundred percent of the ownership interest in the seismic data that results from the 3-D Operations (hereinafter referred to as "Program Data") conducted within Project Areas hereunder until such time as the First Payout occurs.
Except as provided above in Section 3.10 and below with respect to seismic data that covers Excluded Lands, and subject to the other terms of this Article IV, Veritas shall own one hundred percent of the ownership interest in the seismic data that results from the 3-D Operations (hereinafter referred to as "Program Data") conducted within Project Areas hereunder until such time as the First Payout occurs.
First Payout 15 days upon ratification Second Payout Last pay period of November 2013 There will be a one-time signing bonus of five hundred ($500) dollars for each fulltime employee and two hundred and fifty ($250) dollars for each part time employee upon ratification of this agreement in conjunction with the first lump sum payment.
When a Test Well achieves First Payout, as defined below, AEC shall execute and deliver to the Vendor which originally assigned the Prospect to AEC pursuant to the Purchase Agreement an assignment of an undivided twenty per cent (20.0%) interest in such Test Well and the Test Well Unit, together with a like interest in all of AEC’s interest in the Assets related to the Leases included in the Test Well Unit.
Executive shall not be eligible to receive the prescribed Retention Bonus payment above if he is terminated for Cause as defined in Section 10 below or if Executive voluntarily resigns his employment prior to the First Payout Date or Second Payout Date.