Tholan definition
Examples of Tholan in a sentence
Subject to the condition that Tholan be employed by the Company, the number of Shares that shall Vest in Tholan as of each such Vesting Date shall be determined by applying Section 3.1 below as to each current Performance Year and then by applying Section 3.2 below to make any potential adjustments to a prior Performance Year.
The Company’s Auditor’s determinations of EBIT with respect to each Performance Year shall be final and binding on the Company and Tholan.
Nothing contained in this Agreement shall be deemed to (i) require that Tholan continue his employment with the Company for any specific period of time or (ii) interfere in any way with the right of Tholan to terminate his employment with the Company at any time.
Nothing contained in this Award shall be construed to prevent the Company from taking any corporate action which is deemed by the Company to be appropriate or in its best interest, whether or not such action would have an adverse effect on Tholan and Tholan shall not have any claim against the Company as a result of any such action.
As and when the Shares Vest pursuant to this Agreement, a stock certificate for the number of Shares that have vested shall be delivered to Tholan and none of the restrictions set forth in this Agreement shall thereafter apply to the Vested Shares.
Pursuant to the authorization and approval of the Company’s Board of Directors on September 23, 2004, Tholan is hereby awarded 15,000 Restricted Shares, subject to the terms and restrictions of the Agreement.
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In the event that Tholan ceases to be an employee of the Company prior to the date that all 15,000 Shares become vested, Tholan shall forfeit the right to receive any Shares that shall not have become Vested as of the date that his employment with the Company is terminated and all Shares that are not vested shall thereupon be cancelled.
Notwithstanding the preceding provisions of Section 3 above, in the event of the occurrence of a “Change of Control” as defined above while Tholan is employed by the Company, all 15,000 Shares covered by this Agreement shall thereupon become Vested without further action.
In connection with this Award, the Company shall have the right to deduct from Tholan’s salary any taxes required by law to be withheld and/or to require payments from Tholan to enable the Company to satisfy its respective tax withholding obligations with respect to Tholan.