Common use of Determination of the Award Clause in Contracts

Determination of the Award. (a) Subject to the Plan and this Agreement, the number of Performance Shares earned by the Participant for the Performance Period shall equal the “FCF Earned Amount” as modified by Section 4(b) below. FCF Earned Amount is defined as the sum of the following: (i) the product of 15% of the Participant’s Target Award Opportunity and the percent earned for the 2024 calendar year; plus (ii) the product of 15% of the Participant’s Target Award Opportunity and the percent earned for the 2025 calendar year; plus (iii) the product of 15% of the Participant’s Target Award Opportunity and the percent earned for the 2026 calendar year; plus (iv) the product of 55% of the Participant’s Target Award Opportunity and the percent earned for the three-year cumulative period, in each case as determined in Section 3 above. Performance below Threshold for an annual period or the three-year cumulative period shall result in no payout to the Participant for such period. Performance above Maximum for an annual period or the three-year cumulative period shall result in a payout for such period capped at the Maximum. This cap shall apply solely to the FCF Earned Amount. The Committee shall have the sole authority to calculate the Participant’s earned Award.

Appears in 1 contract

Samples: Award Agreement (American Axle & Manufacturing Holdings Inc)

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Determination of the Award. (a) Subject to the Plan and this Agreement, the number of Performance Shares Units earned by the Participant for the Performance Period shall equal the “FCF Earned Amount” as modified by Section 4(b) below. FCF Earned Amount is defined as the sum of the following: (i) the product of 15% of the Participant’s Target Award Opportunity and the percent earned for the 2024 calendar year; plus (ii) the product of 15% of the Participant’s Target Award Opportunity and the percent earned for the 2025 calendar year; plus (iii) the product of 15% of the Participant’s Target Award Opportunity and the percent earned for the 2026 calendar year; plus (iv) the product of 55% of the Participant’s Target Award Opportunity and the percent earned for the three-year cumulative period, in each case as determined in Section 3 above. Performance below Threshold for an annual period or the three-year cumulative period shall result in no payout to the Participant for such period. Performance above Maximum for an annual period or the three-year cumulative period shall result in a payout for such period capped at the Maximum. This cap shall apply solely to the FCF Earned Amount. The Committee shall have the sole authority to calculate the Participant’s earned Award.

Appears in 1 contract

Samples: Award Agreement (American Axle & Manufacturing Holdings Inc)

Determination of the Award. (a) Subject to the Plan and this Agreement, the number of Performance Shares earned by the Participant for the Performance Period shall equal the “FCF Earned Amount” as modified by Section 4(b) below. FCF Earned Amount is defined as the sum of the following: (i) the product of 1520% of the Participant’s Target Award Opportunity and the percent earned for the 2024 2021 calendar year; plus (ii) the product of 1520% of the Participant’s Target Award Opportunity and the percent earned for the 2025 2022 calendar year; plus (iii) the product of 1520% of the Participant’s Target Award Opportunity and the percent earned for the 2026 2023 calendar year; plus (iv) the product of 5540% of the Participant’s Target Award Opportunity and the percent earned for the three-year cumulative period, in each case as determined in Section 3 above. Performance below Threshold for an annual period or the three-year cumulative period shall result in no payout to the Participant for such period. Performance above Maximum for an annual period or the three-year cumulative period shall result in a payout for such period capped at the Maximum. This cap shall apply solely to the FCF Earned Amount. The Committee shall have the sole authority to calculate the Participant’s earned Award.

Appears in 1 contract

Samples: Award Agreement (American Axle & Manufacturing Holdings Inc)

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Determination of the Award. (a) Subject to the Plan and this Agreement, the number of Performance Shares Units earned by the Participant for the Performance Period shall equal the “FCF Earned Amount” as modified by Section 4(b) below. FCF Earned Amount is defined as the sum of the following: (i) the product of 1520% of the Participant’s Target Award Opportunity and the percent earned for the 2024 2021 calendar year; plus (ii) the product of 1520% of the Participant’s Target Award Opportunity and the percent earned for the 2025 2022 calendar year; plus (iii) the product of 1520% of the Participant’s Target Award Opportunity and the percent earned for the 2026 2023 calendar year; plus (iv) the product of 5540% of the Participant’s Target Award Opportunity and the percent earned for the three-year cumulative period, in each case as determined in Section 3 above. Performance below Threshold for an annual period or the three-year cumulative period shall result in no payout to the Participant for such period. Performance above Maximum for an annual period or the three-year cumulative period shall result in a payout for such period capped at the Maximum. This cap shall apply solely to the FCF Earned Amount. The Committee shall have the sole authority to calculate the Participant’s earned Award.

Appears in 1 contract

Samples: Award Agreement (American Axle & Manufacturing Holdings Inc)

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