Common use of Milestones and Credits Clause in Contracts

Milestones and Credits. The annual performance criteria associated with the PRU Award will be established by the Committee. A percentage of the Target Amount is determined annually based upon actual Company performance against goals that are reviewed and approved annually by the Committee and will be made available through Committee-supplied supplements to this Agreement. One-sixth (1/6) of the Target Amount will vest based on the Company’s revenues in fiscal 2016 relative to the target milestone set forth on Annex A. One-sixth of the Target amount will vest based on the Company’s EBITDA in fiscal 2016 relative to the target milestone set forth on Annex A. One-third (1/3) of the Target Amount will be based on the Company’s financial performance with respect to one or more target milestones established by the Committee for each of fiscal 2017 and fiscal 2018 as set forth in supplements to this Agreement delivered by the Company to the Recipient not later than the 90th day of the relevant year. As milestones are achieved, a portion of the Target Amount shall be credited in the Recipient’s name. The amounts credited for fiscal 2016 in connection with each of the annual revenue goal and EBITDA goal as a percentage of one-sixth the Target Amount will be as follows: 0% if performance is below minimum level, 40% if performance is at minimum level, 100% if performance is at target level, and 160% if performance is at or above maximum level, each as set forth on Annex A. For performance between the minimum level and the target level, a proportionate percentage between 40% and 100% will be applied based on relative performance between minimum and target. For performance between the target level and the maximum level, a proportionate percentage between 100% and 160% will be applied based on relative performance between target and maximum. The amount credited to the Recipient is the “Conditional PRU Award.”

Appears in 2 contracts

Samples: Grant Notice and Award Agreement, Grant Notice and Award Agreement (TTM Technologies Inc)

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Milestones and Credits. The annual performance criteria associated with the PRU Award will be established by the Committee. A percentage of the Target Amount is determined annually based upon actual Company performance against goals that are reviewed and approved annually by the Committee and will be made available through Committee-supplied supplements to this Agreement. One-sixth (1/6) of the Target Amount will vest based on the Company’s revenues in fiscal 2016 20 relative to the target milestone set forth on Annex A. One-sixth of the Target amount will vest based on the Company’s EBITDA in fiscal 2016 20 relative to the target milestone set forth on Annex A. One-third (1/3) of the Target Amount will be based on the Company’s financial performance with respect to one or more target milestones established by the Committee for each of fiscal 2017 20 and fiscal 2018 20 as set forth in supplements to this Agreement delivered by the Company to the Recipient not later than the 90th day of the relevant year. As milestones are achieved, a portion of the Target Amount shall be credited in the Recipient’s name. The amounts credited for fiscal 2016 20 in connection with each of the annual revenue goal and EBITDA goal as a percentage of one-sixth the Target Amount will be as follows: 0% if performance is below minimum level, 40% if performance is at minimum level, 100% if performance is at target level, and 160% if performance is at or above maximum level, each as set forth on Annex A. For performance between the minimum level and the target level, a proportionate percentage between 40% and 100% will be applied based on relative performance between minimum and target. For performance between the target level and the maximum level, a proportionate percentage between 100% and 160% will be applied based on relative performance between target and maximum. The amount credited to the Recipient is the “Conditional PRU Award.”

Appears in 1 contract

Samples: Grant Notice and Award Agreement (TTM Technologies Inc)

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Milestones and Credits. The annual performance criteria associated with the PRU Award will be established by the Committee. A percentage of the Target Amount is determined annually based upon actual Company performance against goals that are reviewed and approved annually by the Committee and will be made available through Committee-supplied supplements to this Agreement. One-sixth (1/6) of the Target Amount will vest based on the Company’s revenues in fiscal 2016 2010 relative to the target milestone set forth on Annex A. One-sixth of the Target amount will vest based on the Company’s EBITDA in fiscal 2016 2010 relative to the target milestone set forth on Annex A. One-third (1/3) of the Target Amount will be based on the Company’s financial performance with respect to one or more target milestones established by the Committee for each of fiscal 2017 2011 and fiscal 2018 2012 as set forth in supplements to this Agreement delivered by the Company to the Recipient Employee not later than the 90th day of the relevant year. As milestones are achieved, a portion of the Target Amount shall be credited in the RecipientEmployee’s name. The amounts credited for fiscal 2016 2010 in connection with each of the annual revenue goal and EBITDA goal as a percentage of one-sixth the Target Amount will be as follows: 0% if performance is below minimum level, 40% if performance is at minimum level, 100% if performance is at target level, and 160% if performance is at or above maximum level, each as set forth on Annex A. For performance between the minimum level and the target level, a proportionate percentage between 40% and 100% will be applied based on relative performance between minimum and target. For performance between the target level and the maximum level, a proportionate percentage between 100% and 160% will be applied based on relative performance between target and maximum. The amount credited to the Recipient Employee is the “Conditional PRU Award.

Appears in 1 contract

Samples: Performance Based Rsu Grant Notice and Award Agreement (TTM Technologies Inc)

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