Examples of RU Plan in a sentence
The RU Plan grants award recipients a Restricted Unit (“RU”) to receive compensation from the Company based on the increases in the fair market value of the subsidiary named in the Restricted Unit Award Agreement.
The RU Plan was implemented to allow chief executives the opportunity to benefit from the growth in one of the subsidiary companies.
On April 15, 2008, the Board of Directors of AOG unanimously approved, subject to regulatory and Unitholder approval, the Proposed Amendments and at the Meeting, Unitholders will be asked to ratify and approve the amendments to the Advantage RU Plan.
At the Meeting, Unitholders will be asked to approve amendments to the Advantage RU Plan that are intended to, among other things, address situations where there is a “change of control” or “change of business structure” of the Trust and to clarify how awards of Restricted Units will be calculated in such circumstances as the Advantage RU Plan is currently silent on how such calculation is to be done.
Subject to the Proposed Amendments, the Advantage RU Plan will continue to have the features described under the heading “Report on Executive Compensation – Advantage Restricted Unit Incentive Plan” in this information circular.
The Company does not have any other liabilities as of March 31, 2021 and December 31, 2020 related to the RU Plan.
The Advantage RU Plan provides for cumulative adjustments to the number of Trust Units to be issued pursuant to Restricted Units on each date that distributions are paid on the Trust Units by an amount equal to a fraction having as its numerator the amount of the distribution per Trust Unit and having as its denominator the fair market value of the Trust Units on the trading day immediately preceding the distribution payment date.
The specific amending provisions of the Advantage RU Plan will provide that the Advantage RU Plan may not be amended without Unitholder approval in the case of the following amendments: (A) an amendment to the Advantage RU Plan to increase the percentage of Trust Units reserved for issuance pursuant to Restricted Units in excess of the 5% limit currently prescribed; or (B) to amend the amending provision of the Advantage RU Plan.
For the periods from June 24, 2006 to December 31, 2006 and from January 1, 2007 to December 31, 2007, no Restricted Units were granted under the Advantage RU Plan.
In the event of a change in control of Advantage, as defined in the Advantage RU Plan, the vesting provisions attaching to the Restricted Units are accelerated and all unexercised Restricted Units will be issued immediately prior to the date upon which the change of control is completed.