Common use of Achieved Performance Criteria Clause in Contracts

Achieved Performance Criteria. Unless otherwise determined by the Committee or the Board, as applicable, the Performance Criteria shall be calculated by the Corporation prior to the Vesting Date, following the end of the Performance Period. At the Committee Meeting Date immediately following the Performance Period, the Committee shall evaluate the Corporation’s achievement of the Performance Criteria during the Performance Period. In respect of RTSR, such assessment shall be relative to the corresponding performance of the PSU Performance Peer Group during the same period. In respect of the PSU Performance Criteria, such assessment shall be relative to criteria as may be determined by the Board or the Committee, as applicable. Based on such evaluation, the Committee or the Board, as applicable, shall determine whether and the extent to which PSUs hereunder may become Eligible PSUs. For purposes of RTSR, the Corporation’s CAGR during the Performance Period shall be measured against the CAGR of members of the PSU Performance Peer Group, calculated at the 90th, 75th, 50th and 25th percentiles, as reflected in the table below. 20● PSU Grant: Performance/Payout Matrix: Relative TSR Performance Thresholds Ranking of Corporation’s CAGR Relative to PSU Performance Peer Group Performance Payout Factor P90 and Above 200 % P75 150 % P50 100 % P25 50 % Below P25 0 % For greater certainty, the maximum Performance Payout Factor for the Performance Period is 200%, which may be applied by the Committee or the Board, as applicable, to an Achieved Performance Criteria at or above P90 (or the 90th percentile) of the PSU Performance Peer Group. Achieved Performance Criteria between the respective 3 Year Target Percentiles above shall be calculated on a linear basis, as follows: • P25 (or 25th percentile) but less than P50 (or 50th percentile) represents a Performance Payout Factor of 50 – 99%; • P50 (or 50th percentile) but less than P75 (or 75th percentile) represents Performance Payout Factor of 100 – 149%; • P75 (or 75th percentile) but less than P90 (or 90th percentile) represents a Performance Payout Factor of 150 – 199%; Unless otherwise determined by the Committee or the Board, as applicable, in its discretion, Achieved Performance Criteria below P25 (or the 25th percentile) will result in no PSUs granted hereunder becoming Eligible PSUs in respect of the Performance Period. The Corporation’s performance relative to the PSU Performance Measures over the Performance Period shall be assessed and determined by the Committee or the Board, as applicable. Based on such evaluation, the Committee or the Board, as applicable, shall determine whether and the extent to which PSUs hereunder may become Eligible PSUs. Following upon approval by the Committee or the Board, as applicable, such approved Performance Criteria shall constitute the “Achieved Performance Criteria” in respect of PSUs granted hereunder.

Appears in 2 contracts

Samples: Grant Agreement (Encana Corp), Grant Agreement (Encana Corp)

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Achieved Performance Criteria. Unless otherwise determined by the Committee or the Board, as applicable, the Performance Criteria shall be calculated by the Corporation prior to the Vesting Date, following the end of the Performance Period. At the Committee Meeting Date immediately following the Performance Period, the Committee shall evaluate the Corporation’s achievement of the Performance Criteria during the Performance Period. In respect of RTSR, such assessment shall be relative to the corresponding performance of the PSU Performance Peer Group during the same period. In respect of the PSU Performance Criteria, such assessment shall be relative to criteria as may be determined by the Board or the Committee, as applicable. Based on such evaluation, the Committee or the Board, as applicable, shall determine whether and the extent to which PSUs hereunder may become Eligible PSUs. For purposes of RTSR, the Corporation’s CAGR during the Performance Period shall be measured against the CAGR of members of the PSU Performance Peer Group, calculated at the 90th, 75th, 50th and 25th percentiles, as reflected in the table below. 20● PSU Grant: Performance/Payout Matrix: Relative TSR Performance Thresholds Ranking of Corporation’s CAGR Relative to PSU Performance Peer Group Performance Payout Factor P90 and Above 200 200% P75 150 150% P50 100 100% P25 50 50% Below P25 0 0% For greater certainty, the maximum Performance Payout Factor for the Performance Period is 200%, which may be applied by the Committee or the Board, as applicable, to an Achieved Performance Criteria at or above P90 (or the 90th percentile) of the PSU Performance Peer Group. Achieved Performance Criteria between the respective 3 Year Target Percentiles above shall be calculated on a linear basis, as follows: P25 (or 25th percentile) but less than P50 (or 50th percentile) represents a Performance Payout Factor of 50 – 99%; P50 (or 50th percentile) but less than P75 (or 75th percentile) represents Performance Payout Factor of 100 149%; P75 (or 75th percentile) but less than P90 (or 90th percentile) represents a Performance Payout Factor of 150 199%; Unless otherwise determined by the Committee or the Board, as applicable, in its discretion, Achieved Performance Criteria below P25 (or the 25th percentile) will result in no PSUs granted hereunder becoming Eligible PSUs in respect of the Performance Period. The Corporation’s performance relative to the PSU Performance Measures over the Performance Period shall be assessed and determined by the Committee or the Board, as applicable. Based on such evaluation, the Committee or the Board, as applicable, shall determine whether and the extent to which PSUs hereunder may become Eligible PSUs. Following upon approval by the Committee or the Board, as applicable, such approved Performance Criteria shall constitute the “Achieved Performance Criteria” in respect of PSUs granted hereunder.

Appears in 1 contract

Samples: Grant Agreement (Encana Corp)

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Achieved Performance Criteria. Unless otherwise determined by the Committee or the Board, as applicable, the Performance Criteria shall be calculated by the Corporation prior to the Vesting Date, following the end of the Performance Period. At the Committee Meeting Date immediately following the Performance Period, the Committee shall evaluate the Corporation’s achievement of the Performance Criteria during the Performance Period. In respect of RTSR, such assessment shall be relative to the corresponding performance of the PSU Performance Peer Group during the same period. In respect of the PSU Performance Criteria, such assessment shall be relative to criteria as may be determined by the Board or the Committee, as applicable. Based on such evaluation, the Committee or the Board, as applicable, shall determine whether and the extent to which PSUs hereunder may become Eligible PSUs. For purposes of RTSR, the Corporation’s CAGR during the Performance Period shall be measured against the CAGR of members of the PSU Performance Peer Group, calculated at the 90th, 75th, 50th and 25th percentiles, as reflected in the table below. 20● PSU Grant: Performance/Payout Matrix: Relative TSR Performance Thresholds Ranking of Corporation’s CAGR Relative to PSU Performance Peer Group Performance Payout Factor P90 and Above 200 200% P75 150 150% P50 100 100% P25 50 50% Below P25 0 0% For greater certainty, the maximum Performance Payout Factor for the Performance Period is 200%, which may be applied by the Committee or the Board, as applicable, to an Achieved Performance Criteria at or above P90 (or the 90th percentile) of the PSU Performance Peer Group. Achieved Performance Criteria between the respective 3 Year Target Percentiles above shall be calculated on a linear basis, as follows: P25 (or 25th percentile) but less than P50 (or 50th percentile) represents a Performance Payout Factor of 50 99%; P50 (or 50th percentile) but less than P75 (or 75th percentile) represents Performance Payout Factor of 100 149%; P75 (or 75th percentile) but less than P90 (or 90th percentile) represents a Performance Payout Factor of 150 199%; Unless otherwise determined by the Committee or the Board, as applicable, in its discretion, Achieved Performance Criteria below P25 (or the 25th percentile) will result in no PSUs granted hereunder becoming Eligible PSUs in respect of the Performance Period. The Corporation’s performance relative to the PSU Performance Measures over the Performance Period shall be assessed and determined by the Committee or the Board, as applicable. Based on such evaluation, the Committee or the Board, as applicable, shall determine whether and the extent to which PSUs hereunder may become Eligible PSUs. Following upon approval by the Committee or the Board, as applicable, such approved Performance Criteria shall constitute the “Achieved Performance Criteria” in respect of PSUs granted hereunder.

Appears in 1 contract

Samples: Grant Agreement (Encana Corp)

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