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;
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.
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...
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.
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.
