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 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 20% of the Participant’s Target Award Opportunity and the percent earned for the 2021 calendar year; plus (ii) the product of 20% of the Participant’s Target Award Opportunity and the percent earned for the 2022 calendar year; plus (iii) the product of 20% of the Participant’s Target Award Opportunity and the percent earned for the 2023 calendar year; plus (iv) the product of 40% 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. (b) The FCF Earned Amount shall be modified, as set forth below, based on the three-year total shareholder return (“TSR”) of the Company and each company (“Competitor Company”) that is identified as a member of the Company’s TSR competitor peer group in the Company’s annual report to shareholders for the fiscal year of the Grant Date shown above, or as elsewhere disclosed by the Company pursuant to Regulation S-K of the Securities Exchange Act of 1934 (the “Competitor Peer Group”). The modification of the FCF Earned Amount shall be based on the percentile rank of the Company’s three-year TSR relative to the distribution of the Competitor Companies’ three-year TSRs (the “Percentile Rank”) without linear interpolation as set forth below: Below 25th percentile FCF Earned Amount multiplied by 85% Between and including 25th percentile and 74th percentile No modification to FCF Earned Amount 75th percentile and above FCF Earned Amount multiplied 115%

Appears in 1 contract

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

AutoNDA by SimpleDocs

Determination of the Award. (a) Subject to the Plan and this Agreement, the number of Performance Units 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 2015% of the Participant’s Target Award Opportunity and the percent earned for the 2021 2024 calendar year; plus (ii) the product of 2015% of the Participant’s Target Award Opportunity and the percent earned for the 2022 2025 calendar year; plus (iii) the product of 2015% of the Participant’s Target Award Opportunity and the percent earned for the 2023 2026 calendar year; plus (iv) the product of 4055% 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. (b) The FCF Earned Amount shall be modified, as set forth below, based on the three-year total shareholder return (“TSR”) of the Company and each company (“Competitor Company”) that is identified as a member of the Company’s TSR competitor peer group in the Company’s annual report to shareholders for the fiscal year of the Grant Date shown above, or as elsewhere disclosed by the Company pursuant to Regulation S-K of the Securities Exchange Act of 1934 (the “Competitor Peer Group”). The modification of the FCF Earned Amount shall be based on the percentile rank of the Company’s three-year TSR relative to the distribution of the Competitor Companies’ three-year TSRs (the “Percentile Rank”) without linear interpolation as set forth below: Below 25th percentile FCF Earned Amount multiplied by 85% Between and including 25th percentile and 74th percentile No modification to FCF Earned Amount 75th percentile and above FCF Earned Amount multiplied by 115%

Appears in 1 contract

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

Determination of the Award. (a) Subject to the Plan and this Agreement, the number of Performance Units 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 20% of the Participant’s Target Award Opportunity and the percent earned for the 2021 calendar year; plus (ii) the product of 20% of the Participant’s Target Award Opportunity and the percent earned for the 2022 calendar year; plus (iii) the product of 20% of the Participant’s Target Award Opportunity and the percent earned for the 2023 calendar year; plus (iv) the product of 40% 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. (b) The FCF Earned Amount shall be modified, as set forth below, based on the three-year total shareholder return (“TSR”) of the Company and each company (“Competitor Company”) that is identified as a member of the Company’s TSR competitor peer group in the Company’s annual report to shareholders for the fiscal year of the Grant Date shown above, or as elsewhere disclosed by the Company pursuant to Regulation S-K of the Securities Exchange Act of 1934 (the “Competitor Peer Group”). The modification of the FCF Earned Amount shall be based on the percentile rank of the Company’s three-year TSR relative to the distribution of the Competitor Companies’ three-year TSRs (the “Percentile Rank”) without linear interpolation as set forth below: Below 25th percentile FCF Earned Amount multiplied by 85% Between and including 25th percentile and 74th percentile No modification to FCF Earned Amount 75th percentile and above FCF Earned Amount multiplied by 115%

Appears in 1 contract

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

Determination of the Award. (a) Subject to the Plan and this Agreement, the number of Performance 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 2015% of the Participant’s Target Award Opportunity and the percent earned for the 2021 2024 calendar year; plus (ii) the product of 2015% of the Participant’s Target Award Opportunity and the percent earned for the 2022 2025 calendar year; plus (iii) the product of 2015% of the Participant’s Target Award Opportunity and the percent earned for the 2023 2026 calendar year; plus (iv) the product of 4055% 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. (b) The FCF Earned Amount shall be modified, as set forth below, based on the three-year total shareholder return (“TSR”) of the Company and each company (“Competitor Company”) that is identified as a member of the Company’s TSR competitor peer group in the Company’s annual report to shareholders for the fiscal year of the Grant Date shown above, or as elsewhere disclosed by the Company pursuant to Regulation S-K of the Securities Exchange Act of 1934 (the “Competitor Peer Group”). The modification of the FCF Earned Amount shall be based on the percentile rank of the Company’s three-year TSR relative to the distribution of the Competitor Companies’ three-year TSRs (the “Percentile Rank”) without linear interpolation as set forth below: Below 25th percentile FCF Earned Amount multiplied by 85% Between and including 25th percentile and 74th percentile No modification to FCF Earned Amount 75th percentile and above FCF Earned Amount multiplied by 115%

Appears in 1 contract

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

AutoNDA by SimpleDocs

Determination of the Award. (a) Subject to the Plan and this Agreement, the number of Performance Units 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 product of the following: (i) the product of 20% of and (ii) where (i) is equal to the Participant’s Target Award Opportunity and the percent earned for the 2021 calendar year; plus (ii) is equal to the product percent of 20% of the Participant’s Target Award Opportunity and the percent earned for the 2022 calendar year; plus (iii) the product of 20% of the Participant’s Target Award Opportunity and the percent earned for the 2023 calendar year; plus (iv) the product of 40% 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 Participant, and 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. (b) The FCF Earned Amount shall be modified, as set forth below, based on the three-year total shareholder return (“TSR”) of the Company and each company (“Competitor Company”) that is identified as a member of the Company’s TSR competitor peer group in the Company’s annual report to shareholders for the fiscal year of the Grant Date shown above, or as elsewhere disclosed by the Company pursuant to Regulation S-K of the Securities Exchange Act of 1934 (the “Competitor Peer Group”). The modification of the FCF Earned Amount shall be based on the percentile rank of the Company’s three-year TSR relative to the distribution of the Competitor Companies’ three-year TSRs (the “Percentile Rank”) without linear interpolation as set forth below: Below 25th [*] percentile FCF Earned Amount multiplied by 85% Between and including 25th [*] percentile and 74th [*] percentile No modification to FCF Earned Amount 75th [*] percentile and above FCF Earned Amount multiplied 115by 85%

Appears in 1 contract

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

Determination of the Award. (a) Subject to the Plan and this Agreement, the number of Performance 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 product of the following: (i) the product of 20% of and (ii) where (i) is equal to the Participant’s Target Award Opportunity and the percent earned for the 2021 calendar year; plus (ii) is equal to the product percent of 20% of the Participant’s Target Award Opportunity and the percent earned for the 2022 calendar year; plus (iii) the product of 20% of the Participant’s Target Award Opportunity and the percent earned for the 2023 calendar year; plus (iv) the product of 40% 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 Participant, and 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. (b) The FCF Earned Amount shall be modified, as set forth below, based on the three-year total shareholder return (“TSR”) of the Company and each company (“Competitor Company”) that is identified as a member of the Company’s TSR competitor peer group in the Company’s annual report to shareholders for the fiscal year of the Grant Date shown above, or as elsewhere disclosed by the Company pursuant to Regulation S-K of the Securities Exchange Act of 1934 (the “Competitor Peer Group”). The modification of the FCF Earned Amount shall be based on the percentile rank of the Company’s three-year TSR relative to the distribution of the Competitor Companies’ three-year TSRs (the “Percentile Rank”) without linear interpolation as set forth below: Below 25th [*] percentile FCF Earned Amount multiplied by 85% Between and including 25th [*] percentile and 74th [*] percentile No modification to FCF Earned Amount 75th [*] percentile and above FCF Earned Amount multiplied 115by 85%

Appears in 1 contract

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

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!