Premium Award definition
Examples of Premium Award in a sentence
The Grantee will forfeit the right to any uncredited Premium Award Shares that have not been forfeited previously.
If the performance criteria have been met, then the percentage of the Premium Award Shares stipulated in the Notice shall become "credited" Premium Award Shares.
At that time, the Grantee shall be transferred shares of Company Stock for each credited Premium Award Share then vesting, free of all restrictions.
If the Grantee's employment with the Company and/or its Subsidiaries terminates for any reason other than a Qualifying Event or a Qualifying Retirement prior to the Vesting Date, all credited and uncredited Premium Award Shares will be forfeited and said shares will be returned to the Company.
The Grantee shall vest in the credited Premium Award Shares on the Vesting Date set forth in the Notice, provided that the Grantee remains continuously employed by the company and/or a Subsidiary until such date.
As soon as practicable following the end of each calendar year during the Performance Period, the Committee shall determine if the Company has achieved the performance criteria for that calendar year relating to the crediting of Premium Award Shares, as stipulated in Exhibit II of the Notice.
Participant's unvested Premium Award shall be forfeited and Participant's vested Basic Award and Premium Award shall be distributed to Participant in accordance with Section 2 hereof.
Pursuant to Section 6 of the Plan, as of the Award Date the Company has awarded to the Grantee the Base Award Shares and Premium Award Shares specified in the Notice.
If the Grantee ceases to be employed by the Company and/or a Subsidiary by reason of a Qualifying Event prior to the Vesting Date, then any credited Premium Award Shares as of the date of the Grantee's termination of employment will vest.