Common use of Long Term Incentive Compensation Award Clause in Contracts

Long Term Incentive Compensation Award. During the Employment Term, Executive shall be shall be given the opportunity to earn annual Long Term Incentive Compensation Award (the “Target LTIC Award”) under the Company’s Equity Incentive Plan (the “Equity Plan”), as modified, amended or replaced from time to time. Executive’s annual Targeted Long Term Incentive Compensation Award for each Fiscal Year during the Employment Term shall be set by the Compensation Committee, in its sole discretion. The actual LTIC Award payable to Executive with respect to a Fiscal Year shall be dependent upon the achievement of performance objectives established by the Compensation Committee for such Fiscal Year and may be greater or less than the Target Long Term Incentive Compensation opportunity depending on performance objective results. Except as otherwise provided in this Agreement, the payment of LTIC Award shall be at the same time as Long Term Incentive Compensation Awards are paid to other similar executives of the Company.

Appears in 2 contracts

Samples: Executive Employment Agreement (Powell Industries Inc), Executive Employment Agreement (Powell Industries Inc)

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Long Term Incentive Compensation Award. During the Employment Term, Executive shall be shall be given the opportunity to earn an annual Long Term Incentive Compensation Award (the “Target LTIC Award”) under the Company’s Equity Incentive Plan (the “Equity Plan”), as modified, amended or replaced from time to time. Executive’s annual Targeted Long Term Incentive Compensation Award for each Fiscal Year during the Employment Term shall be set by the Compensation Committee, in its sole discretion. The actual LTIC Award payable to Executive with respect to a Fiscal Year shall be dependent upon the achievement of performance objectives established by the Compensation Committee for such Fiscal Year and may be greater or less than the Target Long Term Incentive Compensation opportunity depending on performance objective results. Except as otherwise provided in this Agreement, the payment of LTIC Award shall be at the same time as Long Term Incentive Compensation Awards are paid to other similar executives of the Company.

Appears in 2 contracts

Samples: Executive Employment Agreement (Powell Industries Inc), Executive Employment Agreement (Powell Industries Inc)

Long Term Incentive Compensation Award. During the Employment Term, Executive shall be shall be given the opportunity to earn annual Long Term Incentive Compensation Award (the "Target LTIC Award") under the Company’s 's Equity Incentive Plan (the "Equity Plan"), as modified, amended or replaced from time to time. Executive’s 's annual Targeted Long Term Incentive Compensation Award for each Fiscal Year during the Employment Term shall be set by the Compensation Committee, in its sole discretion. The actual LTIC Award payable to Executive with respect to a Fiscal Year shall be dependent upon the achievement of performance objectives established by the Compensation Committee for such Fiscal Year and may be greater or less than the Target Long Term Incentive Compensation opportunity depending on performance objective results. Except as otherwise provided in this Agreement, the payment of LTIC Award shall be at the same time as Long Term Incentive Compensation Awards are paid to other similar executives of the Company.

Appears in 2 contracts

Samples: Executive Employment Agreement (Powell Industries Inc), Confidentiality, Non Competition and Non Solicitation Agreement (Powell Industries Inc)

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Long Term Incentive Compensation Award. During the Employment Term, Executive shall be shall continue to be given the opportunity to earn annual Long Term Incentive Compensation Award (the "Target LTIC Award") under the Company’s 's Equity Incentive Plan (the "Equity Plan"), as modified, amended or replaced from time to time. Executive’s 's annual Targeted Long Term Incentive Compensation Award for each Fiscal Year during the Employment Term shall be set by the Compensation Committee, in its sole discretion. The actual LTIC Award payable to Executive with respect to a Fiscal Year shall be dependent upon the achievement of performance objectives established by the Compensation Committee for such Fiscal Year and may be greater or less than the Target Long Term Incentive Compensation opportunity depending on performance objective results. Except as otherwise provided in this Agreement, the payment of LTIC Award shall be at the same time as Long Term Incentive Compensation Awards are paid to other similar executives of the Company.

Appears in 1 contract

Samples: Employment Agreement (Powell Industries Inc)

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