Prior Benefit definition

Prior Benefit means a number of shares of Company Stock equal to the Executive’s benefit under the Agreement as of December 11, 2009, divided by the Fair Market Value of Company Stock on December 11, 2009. For example, the Executive’s prior benefit under the terms of the Agreement on December 11, 2009 was $40,000 and the Fair Market Value of Company Stock on December 11, 2009 was $2.00. The Executive is deemed to have, for purposes of the Agreement, 20,000 shares of Company Stock ($40,000/$2.00). “Fair Market Value of Company Stock” means the per share closing price of common stock of the Company, as reported by the principal exchange or market over which the shares are then listed or regularly traded.
View Source
Prior Benefit means the benefit described in Section 3.3.
View Source

Examples of Prior Benefit in a sentence

  • In the event of any change in Company Stock through stock dividends, split-ups, stock splits or reverse stock splits, recapitalizations, reclassifications, conversions or otherwise, then the Board will make appropriate adjustment or substitution in the aggregate value of the Prior Benefit Component, the Stock Award Component and the Stock Ownership Component.

  • The Executive is deemed to have, for purposes of the Agreement, 20,000 shares of Company Stock ($40,000/$2.00) in the Prior Benefit Component.

  • Except to the extent that the Offer has been amended to delete the Prior Benefit, the Offer shall continue in accordance with its terms.

  • In consideration of the Supplemental Retirement Income provided in this Agreement, the Prior Benefit is hereby cancelled and rescinded in all respects.

  • Section 6(a) to exceed the cumulative reductions in Federal Income Taxes and, where applicable, Consolidated State Income Taxes, of the Consolidated Group which resulted from the inclusion of the XO Group in the Consolidated Group during the Prior Benefit Period or from the Consolidated Group’s use of Excess XO Tax Benefits.