Long Term Annual Incentive Award Sample Clauses

Long Term Annual Incentive Award. (a) The Long-Term Annual Incentive Award shall be paid in Restricted Stock to be purchased on the open market. The number of shares of Restricted Stock payable shall be based on the average price per share for all shares purchased by the Corporation to pay Awards approved concurrently by the Plan Administrator. (b) Except as otherwise provided in paragraph (i) below, the restrictions on 40% of the Restricted Stock awarded to the Grantee will lapse upon the termination of Xxxxxxx's employment on or after attaining age 55 and completing 10 years of service, as determined pursuant to personnel policies and procedures. (c) Except as otherwise provided in paragraph (i) below, the restrictions on the remaining 60% of the Restricted Stock awarded to the Grantee will lapse on the earlier of: i) termination of the Grantee's employment on or after attaining age 55 and completing 10 years of service, as determined pursuant to personnel policies and procedures; or ii) as provided below: Period of Time After the End % of Award Free of the Performance Cycle of Restrictions ---------------------------- --------------- 1 year 12% 2 years 12% 3 years 12% 4 years 12% 5 years 12% (d) The shares of Restricted Stock awarded to the Grantee herein may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered by the Grantee during the Restricted Period, except as may be provided under the Plan. (e) For the consequences of the termination of employment with respect to the shares of Restricted Stock awarded to the Grantee, which may result in the forfeiture of such shares of Restricted Stock, please refer to Article VIII of the Plan and to the Prospectus of the Plan. (f) Dividends paid on the Restricted Stock may be reinvested in shares of common stock of the Corporation, par value $6.00 per share, under the Corporation's Dividend Reinvestment and Stock Purchase Plan by completing and signing the DRIP Election contained at the end of this Award. (g) The Restricted Stock shall be held in custody by the Trust Division of Banco Popular de Puerto Rico. The Grantee shall have the right to vote the Restricted Stock. (h) The Committee may accelerate the lapse of the restrictions on the Restricted Stock awarded to the Grantee described above under paragraphs (b) and (c) if the Grantee's employment is terminated on or after age 50 and before age 55 and 10 years of service. (i) If the Grantee's employment is terminated for Cause, the Grantee will forfeit the Restricte...
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Long Term Annual Incentive Award. (a) The Long-Term Annual Incentive Award of the Grantee shall be an amount equal to a percentage of the Grantee's Eligible Earnings determined as follows: % of Corporate % of Eligible Performance Goal Earnings ----------------------- ------------------- 90% or less 0% Over 90% but under 100% 50% 100% 100% 105% 105% Over 105% 4% for every % over 105% performance, not to exceed 125% (b) The Plan Administrator may establish a method for adjusting the Long-Term Annual Incentive Award of the Grantee if he was on an approved leave of absence during the Plan Year and may establish different methods for different forms of leave of absence.
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Long Term Annual Incentive Award. (a) The Long-Term Annual Incentive Award of the Grantee shall be an amount equal to a percentage of the Grantee's Eligible Earnings determined as follows: % of Corporate % of Eligible Performance Goal Earnings ---------------- ------------- 90% or less 0% Over 90% but under 100% 50% 100% 100% 105% 105% Over 105% 4% for every % over 105% performance, not to exceed 125% [POPULAR, INC. LOGO] (b) The Plan Administrator may establish a method for adjusting the Long-Term Annual Incentive Award of the Grantee if he was on an approved leave of absence during the Plan Year and may establish different methods for different forms of leave of absence.
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Long Term Annual Incentive Award. Performance Shares (a) The Performance Shares earned by the Grantee will be determined and delivered to the Grantee as soon as practicable subsequent to the determination of the Corporation’s financial results for the Performance Cycle and approval by the Plan Administrator. The corresponding shares of the Corporation’s common stock will be purchased on the open market. (b) For the consequences of the termination of employment with respect to the Performance Shares awarded to the Grantee, which may result in the forfeiture of such Performance Shares, please refer to Article IX of the Plan and to the Prospectus of the Plan. Notwithstanding the terms of Article IX of the Plan, in the event of termination by reason of Approved Retirement during the applicable Performance Cycle, the Grantee shall receive a payment (based on the Corporation’s results during the Performance Cycle) at the end of the Performance Cycle assuming that Grantee had been an active employee during the entire Performance Cycle.
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Long Term Annual Incentive Award. (a) The Long-Term Annual Incentive Award shall be paid in Restricted Stock to be purchased on the open market. The number of shares of Restricted Stock payable shall be based on the average price per share for all shares purchased by the Corporation to pay Awards approved concurrently by the Plan Administrator. (b) The restrictions on 100% of the Restricted Stock awarded to the Grantee will lapse upon the termination of Gxxxxxx's employment by reason of Approved Retirement or as may otherwise be provided under the Plan. (c) The shares of Restricted Stock awarded to the Grantee herein may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered by the Grantee during the Restricted Period, except as may be provided under the Plan. (d) For the consequences of the termination of employment with respect to the shares of Restricted Stock awarded to the Grantee, which may result in the forfeiture of such shares of Restricted Stock, please refer to Article VIII of the Plan and to the Prospectus of the Plan. (e) Dividends paid on the Restricted Stock may be reinvested in shares of common stock of the Corporation, par value $6.00 per share, under the Corporation's Dividend Reinvestment and Stock Purchase Plan by completing and signing the DRIP Election contained at the end of this Award. (f) The Restricted Stock shall be held in custody by the Trust Division of Banco Popular de Puerto Rico. The Grantee shall have the right to vote the Restricted Stock. [POPULAR INC. LOGO] SECTION 6
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Long Term Annual Incentive Award. (a) The Long Term Annual Incentive Award of each Grantee shall be an amount equal to a percentage of the Grantee's Eligible Earnings determined as follows:
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Long Term Annual Incentive Award. (a) The Long Term Annual Incentive Award shall be paid in Restricted Stock to be purchased in the open market. Such Restricted Stock shall be held in the Trust for the benefit of the Grantee. Dividends paid on the Restricted Stock while held in the Trust shall be reinvested in shares of common stock of the Corporation, par value $6.00 per share, under the Corporation's Dividend Reinvestment Plan. Each Grantee shall have the right to vote the Restricted Stock. (b) A Grantee may request the Plan Administrator that the restricted period with respect to any portion of the Restricted Stock held in the Trust lapse and that such shares of stock be distributed if the Grantee has (i) an immediate and heavy financial need and (ii) the distribution is necessary to satisfy such financial need. A request for a distribution will be deemed to comply with the above requirements if it meets the requirements for a hardship distribution under the Banco Popular de Puerto Rico Profit Sharing Plan. (c) Before the lapse of the Restriction Period, a Grantee may defer receipt of all or any portion of the corresponding shares of common stock of the Corporation, par value $6.00 per share, to a future date. Once a Grantee defers receipt of such shares, except in the case of an immediate and heavy financial need, Grantee does not have the right to request a distribution of such shares.
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Long Term Annual Incentive Award. (b) Except as otherwise provided in paragraph (i) below, the restrictions on 40% of the Restricted Stock awarded to the Grantee will lapse upon the date the Grantee both has attained age 55 and completed 10 years of service, as determined pursuant to personnel policies and procedures. (c) Except as otherwise provided in paragraph (i) below, the restrictions on the remaining 60% of the Restricted Stock awarded to the Grantee will lapse on the earlier of: i) the date the Grantee both has attained age 55 and completed 10 years of service, as determined pursuant to personnel policies and procedures; or ii) as provided below: 1 year 12 % 2 years 12 % 3 years 12 % 4 years 12 % 5 years 12 % All other terms of the Agreement shall apply.
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Long Term Annual Incentive Award 
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Related to Long Term Annual Incentive Award

  • Long-Term Incentive Award During the Term, Executive shall be eligible to participate in the Company’s long-term incentive plan, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.

  • Long-Term Incentive Awards The Executive shall participate in any long-term incentive awards offered to senior executives of the Company, as determined by the Compensation Committee.

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Annual Incentive Awards The Executive shall participate in the Company's annual incentive compensation plan with a target annual incentive award opportunity of no less than 40% of Base Salary and a maximum annual incentive award opportunity of 80% of Base Salary. Payment of annual incentive awards shall be made at the same time that other senior-level executives receive their incentive awards.

  • Annual Incentive The Employee shall be entitled to receive a percentage of the Employee's Target Incentive for the calendar year in which such termination occurs. Such percentage shall equal a fraction, the numerator of which shall be the number of days in such calendar year up to and including the date of such termination and the denominator of which shall be the number of days in such calendar year. Such amount shall be payable according to the normal practice of the Company with respect to the payment of bonuses.

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.

  • Annual Incentive Bonus The Company shall, in addition to Executive’s Base Salary, pay Executive an Annual Incentive Bonus, which shall be payable within 120 days of the end of each fiscal year in accordance with the formula set forth on Exhibit A, attached hereto and made a part hereof.

  • Annual Incentive Plan Executive shall be entitled to participate fully in the Company's 1996 Management Incentive Compensation Plan, as amended (the "MICP"), and as may be further amended, modified, or replaced, from time to time, in accordance with the terms and conditions set forth herein and therein.

  • Annual Incentive Compensation Executive shall be eligible to receive an annual bonus (“Annual Bonus”) with respect to each fiscal year ending during the Employment Period. The Annual Bonus shall be determined under the 2006 Omnibus Incentive Plan (the “Omnibus Plan”) or such other annual incentive plan maintained by the Company for similarly situated employees that the Company designates, in its sole discretion (any such plan, the “Bonus Plan”), in accordance with the terms of such plan as in effect from time to time. For each such fiscal year, Executive shall be eligible to earn a target Annual Bonus equal to seventy percent (70%) of Executive’s Base Salary for such fiscal year, if the Company achieves the target performance goals established by the Board for such fiscal year in accordance with the terms of the Bonus Plan. If the Company does not achieve the threshold performance goals established by the Board for a fiscal year, Executive shall not be entitled to receive an Annual Bonus for such fiscal year. If the Company exceeds the target performance goals established by the Board for a fiscal year, Executive may be entitled to earn an additional Annual Bonus for such year in accordance with the terms of the applicable Bonus Plan. The Annual Bonus for each year shall be payable at the same time as bonuses are paid to other senior executives of the Company in accordance with the terms of the applicable Bonus Plan, but in no event later than two and a half (21/2) months following the end of the applicable fiscal year in which such Annual Bonus was earned. Executive shall be entitled to receive any Annual Bonus that becomes payable in a lump-sum cash payment, or, at his election, (A) up to fifty percent (50%) of the Annual Bonus in the form of a grant of restricted stock units of Common Stock (as defined below) or (B) in any form that the Board generally makes available to the Company’s executive management team, provided that any such election is made by Executive in compliance with Section 409A of the Code and the regulations promulgated thereunder.

  • Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then (a) Members who are rated at Level II in all phases of the PFT will receive three hundred dollars ($300.00) in a one-time lump sum payment. (b) Members who are rated at Level III in all phases of the PFT will receive six hundred dollars ($600.00) in a one-time lump sum payment. (2) For any calendar year in which fifty percent (50%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then: (a) Members who are rated at Level II in all phases of the PFT will receive six hundred dollars ($600.00) in a one-time lump sum payment. (b) Members who are rated at Level III in all phases of the PFT will receive nine hundred dollars ($900.00) in a one-time lump sum payment. (3) All lump sum payments referenced herein will be paid in February of the following year.

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