Common use of Number of Performance Units Earned Clause in Contracts

Number of Performance Units Earned. Exhibit C attached hereto sets forth the formula for calculating the number of Performance Units earned based on the Fiscal ‎‎2025 EBITDA achieved. Pursuant to Exhibit C, the number of Performance Units earned shall be determined by ‎multiplying the number of Performance Units by a fraction (subject to a maximum of one (1)), ‎the numerator of which shall equal (i) Fiscal 2025 EBITDA achieved minus (ii) Target Fiscal 2025 ‎EBITDA, and the denominator of which shall equal (a) Maximum Fiscal 2025 EBITDA minus (b) ‎Target Fiscal 2025 EBITDA. If the level of performance achieved is less than or equal to the Target ‎Fiscal 2025 EBITDA, then no Performance Units shall be earned pursuant to this Section 3.3(c). For the avoidance of doubt, if the Grantee experiences a termination of employment or a Change of Control occurs, in either case, prior to the end of the Performance Period, no Performance Units shall be earned under this Section 3(c).

Appears in 2 contracts

Samples: Long Term Performance Based Award Agreement (Methode Electronics Inc), Long Term Performance Based Award Agreement (Methode Electronics Inc)

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Number of Performance Units Earned. Exhibit C attached hereto sets forth the formula for calculating the number of Performance Units earned based on the Fiscal ‎‎2025 EBITDA achieved. Pursuant to Exhibit C, the number of Performance Units earned shall be determined by ‎multiplying the number of Performance Units by a fraction (subject to a maximum of one (1)), ‎the numerator of which shall equal (i) Fiscal 2025 EBITDA achieved minus (ii) Target Fiscal 2025 ‎EBITDA, and the denominator of which shall equal (a) Maximum Fiscal 2025 EBITDA minus (b) ‎Target Fiscal 2025 EBITDA. If the level of performance achieved is less than or equal to the Target ‎Fiscal 2025 EBITDA, then no Performance Units shall be earned pursuant to this Section 3.3(c). For the avoidance of doubtExcept as provided in Section 3(d) below, if the Grantee experiences a termination of employment or a Change of Control occurs, in either case, prior to the end of the Performance Period, no Performance Units shall be earned under this Section 3(c).

Appears in 2 contracts

Samples: Long Term Performance Based Award Agreement (Methode Electronics Inc), Long Term Performance Based Award Agreement (Methode Electronics Inc)

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Number of Performance Units Earned. Exhibit C attached hereto sets forth the formula for calculating the number of Performance Units earned based on the Fiscal ‎‎2025 Xxxxx EBITDA achieved. Pursuant to Exhibit C, the number of Performance Units earned shall be determined by ‎multiplying the number of Performance Units by a fraction (subject to a maximum of one (1)), ‎the numerator of which shall equal (i) Fiscal 2025 Xxxxx EBITDA achieved minus (ii) Target Fiscal 2025 Xxxxx ‎EBITDA, and the denominator of which shall equal (a) Maximum Fiscal 2025 Xxxxx EBITDA minus (b) ‎Target Fiscal 2025 Xxxxx EBITDA. If the level of performance achieved is less than or equal to the Target ‎Fiscal 2025 Xxxxx EBITDA, then no Performance Units amounts shall be earned pursuant to this Section 3.3(c). For the avoidance of doubt, if the Grantee experiences a termination ceases to serve as President of employment Xxxxx or a Change of Control occurs, in either case, prior to the end of the Performance Period, no Performance Units shall be earned under this Section 3(c).

Appears in 1 contract

Samples: Long Term Performance Based Award Agreement (Methode Electronics Inc)

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