Formula grant basis definition

Formula grant basis means federal or state funds that are distributed through the Board on the basis of a formula without competitive application for the funds. The Board has no discretion in awarding the funds if the recipient qualifies under the formula and meets other standards of that particular program.
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Related to Formula grant basis

  • Full Value Award means an Award other than in the form of an ISO, NQSO, or SAR, and which is settled by the issuance of Shares.

  • Phantom Share means a right, pursuant to the Plan, of the Grantee to payment of the Phantom Share Value.

  • Appreciation Award means any Stock Option or any Other Stock-Based Award that is based on the appreciation in value of a share of Common Stock in excess of an amount at least equal to the Fair Market Value on the date such Other Stock-Based Award is granted.

  • SAR Value means the excess of the Fair Market Value (on the exercise date) over the exercise price that the participant would have otherwise had to pay to exercise the related Stock Option, multiplied by the number of shares for which the Stock Appreciation Right is exercised.

  • Nonemployee Director Award means any Award granted to a Nonemployee Director.