Time Component definition

Time Component means, with respect to any date of determination (i) in [2008], a fraction the numerator of which is the number of days that has elapsed since the Closing Date and the denominator is [365] and (ii) in any other year, the sum of (x) the fraction in clause (i) above, (y) a fraction the numerator of which is the number of days that has elapsed since the beginning of that year and the denominator is either 365 or 366, depending upon the actual number of days in that year and (z) the product of one and the number of full calendar years that has elapsed since the Closing Date.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Time Component has the same meaning as defined in clause 5.4 of the Contract.

Examples of Time Component in a sentence

• Each calendar controlled Hard Time Component including safety equipment will have not less than 20 months or 100% life remaining (whichever is less) to the next scheduled removal in accordance with the Agreed Maintenance Programme and the Maintenance Planning Document.

• Each Hard Time Component shall be supported by appropriate certification documentation in the form of FAA Form 8130 evidencing maintenance history back to the last major shop visit or new installation for such component.

• In the event that the Time Component becomes payable, it will be paid within 30 calendar days of the Vesting Date.

• Dividends on the vested and unvested Incentive Stock shall be paid to Executive as follows on that date when dividends are paid to shareholders: Executive shall be paid for each calendar year hereunder the dividends on 225, 000 shares irrespective of whether either the Performance Component or Time Component for vesting is satisfied.

• For example, at the end of the first quarter, provided the Time Component is satisfied, Executive shall be vested in 18,750 shares of Incentive Stock subject only to satisfaction of the Performance Component (thereby reducing the total amount of unvested Incentive Stock to 206,250 shares) and the amount of outstanding unvested Incentive Stock shall be increased by 18,750 shares to bring the total unvested amount back up to 225,000 shares.

• The first vesting requirement is that for each quarter's Incentive Stock to vest, the Company shall employ Executive on the last day of the calendar quarter in question ("Time Component").

• The Incentive Stock shall be granted such --------------------- that there shall always be 225,000 shares of Incentive Stock outstanding and unvested with respect to the Performance Component, even if they are vested with respect to the Time Component.

• As the Incentive Stock vests under the Time Component a similar increase in unvested Incentive Stock shall occur so that there shall always be 225,000 shares of Incentive Stock that is unvested.

• As used herein, the term “E&O Inventory” means (i) any customized component of a Product (including [***] and [***]) ordered or manufactured within the lead time window reasonably required to meet ADT’s forecast and (ii) any Long Lead Time Component of a Product ordered within the lead time window reasonably required to meet ADT’s forecast that is not reasonably expected by ADT to have any forward‐looking demand beyond one hundred eighty (180) days.

• Vesting • Time Component: 75% of the Award will have a time-vesting component, pursuant to which 25% thereof will be time-vested on a cliff basis on the first anniversary of the Closing with the balance time vesting ratably on a quarterly basis over the following three years.