MIP Award Sample Clauses

MIP Award. Employee will receive an award under the Company’s 2021 Management Incentive Plan (the “Plan”) having a grant date fair value equal to $2,059,970 million (the “MIP Award”). Twenty percent (20%) of the MIP Award will be comprised of time-based restricted stock units (“RSUs”) and eighty percent (80%) of the MIP Award will be comprised of performance-based restricted stock units (“PSUs”). The PSUs and RSUs shall vest based on achievement of the vesting conditions set forth on Appendix A hereto and shall be subject to the terms and conditions of the Plan and the applicable RSU and PSU award agreement.
Sample 1
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MIP Award payment of a pro-rated MIP Award for the fiscal year in which the termination of employment occurs based upon actual achievement of the relevant performance targets for the entire fiscal year, which MIP Award shall be payable in a lump sum at the time all other awards under the MIP for such fiscal year are paid to the other Adtalem senior executives;
Sample 1
MIP Award. On the Emergence Date, the Executive shall receive a grant of time-vesting restricted stock units with an aggregate grant date fair value of $1,000,000 (the “Emergence RSUs”), under the new management incentive plan to be established by the Company’s parent on the Emergence Date. The Emergence RSUs will fully vest upon the earlier of (i) the Retirement Date and (ii) a termination of the Executive’s employment with the Company due to any of (A) the Executive’s death or Disability, (B) a termination by the Company without Cause or (C) a termination by the Executive for Good Reason.
Sample 1
MIP Award. Your MIP Award payment will be calculated by multiplying (a) your Fiscal Year 20XX Eligible Earnings (based on your base salary in effect during Fiscal Year 20XX, calculated in accordance with the Company’s payroll system), times (b) your Target MIP Incentive Opportunity shown below, times (c) the Company Achievement Percentage, which will be determined by how the Company performs in comparison to target goals in sales (50% weighting) and operating margin (50% weighting) during the fiscal year. “Eligible Earnings” will be pro-rated for changes in your base salary level during Fiscal Year 20XX and will not include base salary attributable to any period in which you are not eligible to participate in the MIP, such as due to a change in position during the performance year. In addition, “Eligible Earnings” does not include (a) base salary for any period during which you are on a leave of absence, (b) severance pay, or (c) pay for any unused, accrued vacation time (whether paid due to applicable law, a separation from service, or any other reason). PERFORMANCE PERIOD: Fiscal Year 20XX TARGET MIP INCENTIVE OPPORTUNITY: ___% of Eligible Earnings COMPANY ACHIEVEMENT PERCENTAGE RANGE: 0% - 200%* *The Committee shall have the right to reduce or eliminate the amount that would otherwise be payable to you based on the achievement of the performance goals with respect to the MIP Award for Fiscal Year 20XX if the Committee determines, in its sole discretion, that such reduction or elimination is appropriate and in the best interests of the Company based on such other factors considered by the Committee, in its sole discretion, including Company performance on other metrics, macroeconomic factors and/or individual performance. Your signature below indicates your agreement that the foregoing grants and award are subject to all of the terms and conditions contained in the Plan, in this Agreement, in attached Appendix A and in the accompanying Notification. Your signature below also indicates your agreement that the Awards granted to you pursuant to this Agreement will be subject to forfeiture, recovery by the Company or other action pursuant to the policy on recoupment of incentive compensation adopted by the Company pursuant to the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act and the implementing rules and regulations thereunder or as otherwise required by law or regulation. Your signature below also indicates that you have received and read a copy of the Pl...
Sample 1
MIP Award. Executive Chairman will receive an award under the Company’s 2021 Management Incentive Plan (the “Plan”) of 79,375 time-based restricted stock units (“RSUs”). The RSUs shall be subject to the terms and conditions of the Plan and the applicable RSU award agreement. In addition to the foregoing, on or shortly following the Effective Date, the Board agrees to accelerate and vest Executive Chairman in the 15,642 shares of Class B Common Stock of the Company that are subject to restriction as of the Effective Date pursuant to that certain Restricted Stock Award Agreement, dated as of June 2, 2021, by and between Executive Chairman and Superior.
Sample 1

Related to MIP Award

  • Annual Incentive Award During the Term of Employment, the Executive shall be eligible for an annual incentive award with payout opportunities that are commensurate with his position and duties, as determined by the Compensation Committee in its discretion. Commencing with the Effective Date of the initial Term of Employment, the Executive’s target annual incentive award opportunity will be equal to fifty percent (50%) of the Executive’s Base Salary. The Executive’s annual incentive award opportunities shall be based on Company and individual performance goals determined, and subject to change, by the Compensation Committee in its discretion. The Executive shall be paid his annual incentive award no later than other senior executives of the Company are paid their annual incentive award.

  • Payout In order to receive any award under this Agreement, Recipient must be employed by the Company on December 31, (the “Vesting Date”), except as provided by Sections 3.2, 3.3, 3.4, 3.5 and 4.

  • Incentive Award The three (3) year rolling average of earnings growth and Return On Equity (the "XXX") and determined as of December 31 of each plan year shall determine the Director's Incentive Award Percentage, in accordance with the attached Schedule A. The chart on Schedule A is specifically subject to change annually at the sole discretion of the Company's Board of Directors. The Incentive Award is calculated annually by taking the Director's Annual Fees for the Plan Year in which the XXX and Earnings Growth was calculated times the Incentive Award Percentage.

  • 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.

  • Performance Bonus If Employee's employment is terminated by Employee with cause, or by Bank without cause, Employee shall be paid, in addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i) all non-forfeitable deferred compensation, if any; and (ii) unpaid performance bonus payments, if any, payable under Section 4.2 of the Agreement, which shall be declared earned and payable based upon performance up to, and shall be pro-rated as of, the date of termination. Employee shall not be entitled to such unpaid performance bonus payments if Employee's employment is terminated by Bank with cause, or by Employee without cause.

  • Incentive Bonus During the Term, Employee shall be eligible to receive an incentive bonus up to the amount, based upon the criteria, and payable in such amount, at such times as are specified in Exhibit A attached hereto. The manner of payment, and form of consideration, if any, shall be determined by the Compensation Committee of the Board, in its sole and absolute discretion, and such determination shall be binding and final. To the extent that such bonus is to be determined in light of financial performance during a specified fiscal period and this Agreement commences on a date after the start of such fiscal period, any bonus payable in respect of such fiscal period's results may be prorated. In addition, if the period of Employee's employment hereunder expires before the end of a fiscal period, and if Employee is eligible to receive a bonus at such time (such eligibility being subject to the restrictions set forth in Section 6 below), any bonus payable in respect of such fiscal period's results may be prorated.

  • Incentive Bonus Compensation The Executive shall be eligible for incentive bonus compensation for each Fiscal Year in an amount to be determined by the Board of Directors or any committee thereof ("INCENTIVE BONUS COMPENSATION").

  • 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.

  • Performance Award You are hereby awarded, on the Grant Date, a Performance Award with a target value of [AMOUNT].

  • Incentive Bonus Plan Employee shall be eligible for a bonus opportunity of up to 65% of his annual base salary in accordance with the Company’s Incentive Bonus Plan as modified from time to time, payable in cash and/or equity of the Company (at the Company’s discretion). The bonus payment and the Company’s targeted performance shall be determined and approved by the Board or the compensation committee thereof.

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