CONDITION OF AWARD Sample Clauses

The 'Condition of Award' clause defines the specific requirements or criteria that must be met before a contract or award is officially granted. In practice, this may include the submission of certain documents, proof of qualifications, compliance with legal or regulatory standards, or the fulfillment of pre-award obligations by the recipient. By clearly outlining these prerequisites, the clause ensures that only eligible and compliant parties receive the award, thereby reducing the risk of disputes and ensuring fairness in the selection process.
CONDITION OF AWARD. The Restricted Shares are subject to the following vesting conditions: The Restricted Shares shall vest upon the Company achieving audited gross revenues of at least $5,000,000 for the fiscal year ended December 31, 2005. If the Company does not achieve audited gross revenues of at least $5,000,000 for the fiscal year ended December 31, 2005, then a pro rata portion of the Restricted Shares shall vest based upon the following formula: $ amount of audited gross revenues achieved for the fiscal year ended December 31, 2005/$5,000,000 X 5,000,000. The vesting date, if any, shall be the date of the audit report prepared by the Company's auditors with respect to the Company's fiscal year ended December 31, 2005 (the "Audit Report Date"). The Company shall hold the Restricted Shares in escrow pending satisfaction of the foregoing vesting conditions. As and when the vesting conditions are satisfied, the vested Restricted Shares shall be released to the Recipient. All Restricted Shares that do not vest by the Audit Report Date shall be automatically rescinded and cancelled without any further action by the Recipient required.
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CONDITION OF AWARD. The Restricted Shares are subject to the following vesting conditions: 1,000,000 of the Restricted Shares shall vest upon Recipient achieving sales by December 31, 2005 of at least $10,000,000 in gross revenue to the Company, and the remaining 1,000,000 Restricted Shares shall vest upon Recipient achieving additional sales by December 31, 2005 of at least $10,000,000 in gross revenue to the Company. If Recipient does not achieve gross sales of at least $10,000,000 by December 31, 2005, then a pro rata portion of the Restricted Shares shall vest based upon the following formula: $ amount of gross sales achieved by December 31, 2005/$10,000,000 X 1,000,000. If Recipient achieves more than $10,000,000 in gross sales but less than $20,000,000 in gross sales by December 31, 2005, then a pro rata portion of the Restricted Shares shall vest based upon the following formula: $ amount of gross sales achieved by December 31, 2005/$20,000,000 X 1,000,000. All calculations relating to gross sales and revenue shall be made in accordance with U.S. GAAP. The Company shall hold the Restricted Shares in escrow pending satisfaction of the foregoing vesting conditions. As the vesting conditions are satisfied, the vested Restricted Shares shall be released to the Recipient. All Restricted Shares that do not vest as of December 31, 2005 shall be automatically rescinded and cancelled without any further action by the Recipient required.
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CONDITION OF AWARD. It is the intent of Skagit County to award a contract to the lowest responsive and responsible bidder. The Board of Skagit County Commissioners reserves the right to reject any or all bids for cause, and to waive minor irregularities in the bidding. ACCEPTANCE OF AWARD: If awarded, the Contractor is deemed to have agreed to all Addenda, Bid Instruction to bidders, General and Contract Provisions, Scope of Work, Specifications, Contract, and all other related documents. COORDINATION OF CONTRACT DOCUMENTS, PLANS, SPECIAL PROVISIONS, SPECIFICATIONS, AND ADDENDA: Any inconsistency in the parts of the Contract shall be resolved by following this order of precedence (e.g., 1 presiding over 2, 3, 4, 5, 6, and 7; 2
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Related to CONDITION OF AWARD

  • Termination of Award In the event that the Employee shall forfeit all or a portion of the restricted stock units subject to the Award, the Employee shall promptly return this Agreement to the Company for cancellation. Such cancellation shall be effective regardless of whether the Employee returns this Agreement.

  • Notification of Award 30.1 Prior to the expiration of the period of bid validity, the Purchaser will notify the successful Bidder in writing by registered letter or by email, to be confirmed in writing by registered letter, that its bid has been accepted.

  • Payment of Award The Performance Shares that may become payable pursuant to this Award Agreement shall be based upon the highest performance determined in accordance with the provisions of Section 4 or, in the event of a Change in Control prior to the Final Measurement Date, based on performance at the level determined in accordance with the provisions of Section 3.4. In other words, the attainment of multiple performance measures under this Award Agreement will not result in the payment of a cumulative number of Performance Shares for each performance measure achieved. Payment of the Award, to the extent earned, shall be made as follows:

  • Vesting of Award Subject to Section 2(b) below and the other terms and conditions of this Agreement, this Award shall become vested in three equal annual installments on the first, second and third anniversaries of the date hereof. Unless otherwise provided by the Company, all dividends and other amounts receivable in connection with any adjustments to the Shares under Section 4(c) of the Plan shall be subject to the vesting schedule in this Section 2(a).

  • Forfeiture of Award 4.1 If the Award Recipient engages in grossly negligent conduct or intentional misconduct that either (i) requires the Company’s financial statements to be restated at any time beginning on the Date of Grant and ending on the third anniversary of the end of the final vesting date set forth in Section 1 or (ii) results in an increase of the value of the RSUs upon vesting, then the Committee, after considering the costs and benefits to the Company of doing so, may seek recovery for the benefit of the Company of the difference between the shares of Common Stock received upon vesting during the three-year period following such conduct and the shares of Common Stock that would have been received based on the restated financial statements or absent the increase described in part (ii) above (the “Excess Shares”). All determinations regarding the amount of the Excess Shares shall be made solely by the Committee in good faith. 4.2 The RSUs granted hereunder are also subject to any clawback policies the Company may adopt in order to conform to the requirements of Section 954 of the ▇▇▇▇-▇▇▇▇▇ ▇▇▇▇ Street Reform and Consumer Protection Act and any resulting rules issued by the SEC or national securities exchanges thereunder. 4.3 If the Committee determines that the Award Recipient owes any amount to the Company under Sections 4.1 or 4.2 above, the Award Recipient shall return to the Company the Excess Shares (or the shares recoverable under Section 4.2) acquired by the Award Recipient pursuant to this Agreement (or other securities into which such shares have been converted or exchanged) or, if no longer held by the Award Recipient, the Award Recipient shall pay to the Company, without interest, all cash, securities or other assets received by the Award Recipient upon the sale or transfer of such shares. The Award Recipient acknowledges that the Company may, to the fullest extent permitted by applicable law, deduct such amount owed from any amounts the Company owes the Award Recipient from time to time for any reason (including without limitation amounts owed to the Award Recipient as salary, wages, reimbursements or other compensation, fringe benefits, retirement benefits or vacation pay). Whether or not the Company elects to make any such set-off in whole or in part, if the Company does not recover by means of set-off the full amount the Award Recipient owes it, the Award Recipient hereby agrees to pay immediately the unpaid balance to the Company.