Common use of Performance Schedule and Vesting of PSUs Clause in Contracts

Performance Schedule and Vesting of PSUs. PSUs shall vest at the conclusion of the Performance Period (January 1, 2015) in accordance with the following Performance Schedule based on the Company’s three-year cumulative fully diluted Earnings Per Share (“EPS”) computed under Generally Accepted Accounting Principles (GAAP) during the Performance Period. The Compensation & Leadership Development Committee of the Board of Directors reserves the right to adjust the EPS presented in the annual report for extraordinary transactions which impact EPS to ensure the pay for performance relationship. No PSUs will be considered vested and earned for payment if the Company’s three-year cumulative EPS during the Performance Period is less than $12.79. EPS Performance Levels * 2012 Year 1 2013 Year 2 2014 Year 3 Cumulative EPS % Units Vested ** Maximum $ 4.60 $ 4.91 $ 5.24 $ 14.75 100 % $ 4.56 $ 4.87 $ 5.20 $ 14.63 90 % $ 4.52 $ 4.83 $ 5.16 $ 14.51 80 % $ 4.48 $ 4.79 $ 5.12 $ 14.39 70 % $ 4.44 $ 4.75 $ 5.08 $ 14.27 60 % Target $ 4.40 $ 4.71 $ 5.04 $ 14.15 50 % $ 4.34 $ 4.59 $ 4.87 $ 13.80 40 % $ 4.27 $ 4.48 $ 4.71 $ 13.46 30 % $ 4.21 $ 4.37 $ 4.55 $ 13.13 20 % Threshold $ 4.14 $ 4.26 $ 4.39 $ 12.79 10 % $ 12.78 0 % * The threshold performance level starts at 4.14 in Year 1. Cumulative EPS threshold from Year 1 threshold is a 3% increase per year. Year 1 target performance starts at 106% of the Year 1 threshold. Cumulative EPS from Year 1target is a 7% increase per year. The maximum performance level starts at 111% of Year 1 threshold. Cumulative EPS maximum from Year 1 is a 7% increase per year. ** At target cumulative EPS 100% of target long-term compensation is achieved, which is equal to 50% of the PSUs granted to you under this agreement. The “% Units Vested” at maximum performance level achieves 200% of target long-term compensation, which is equal to 100% of the PSUs granted to you under this agreement.

Appears in 2 contracts

Samples: Performance Share Unit Grant Agreement (Andersons Inc), Performance Share Unit Grant Agreement (Andersons Inc)

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Performance Schedule and Vesting of PSUs. PSUs shall vest at the conclusion of the Performance Period (January 1, 20152013) in accordance with the following Performance Schedule based on the Company’s three-year cumulative fully diluted Earnings Per Share (“EPS”) computed under Generally Accepted Accounting Principles (GAAP) during the Performance Period. The Compensation & Leadership Development Committee of the Board of Directors reserves the right to adjust the EPS presented in the annual report for extraordinary transactions which impact EPS to ensure the pay for performance relationship. No PSUs will be considered vested and earned for payment if the Company’s three-year cumulative EPS during the Performance Period is less than $12.798.53. EPS Performance 2010 2011 2012 Cumulative % Units Levels * 2012 Year 1 2013 Year 2 2014 Year 3 Cumulative EPS % Units Growth Vested ** Maximum (Target) $ 4.60 3.56 $ 4.91 3.92 $ 5.24 4.31 $ 14.75 11.78 100 % $ 4.56 3.48 $ 4.87 3.81 $ 5.20 4.14 $ 14.63 11.43 90 % $ 4.52 3.40 $ 4.83 3.70 $ 5.16 3.98 $ 14.51 11.08 80 % $ 4.48 3.32 $ 4.79 3.60 $ 5.12 3.81 $ 14.39 10.73 70 % $ 4.44 3.24 $ 4.75 3.49 $ 5.08 3.65 $ 14.27 10.38 60 % Target (115% of Thresh) $ 4.40 3.16 $ 4.71 3.38 $ 5.04 3.48 $ 14.15 10.02 50 % $ 4.34 3.06 $ 4.59 3.25 $ 4.87 3.34 $ 13.80 9.65 40 % $ 4.27 2.96 $ 4.48 3.11 $ 4.71 3.21 $ 13.46 9.28 30 % $ 4.21 2.86 $ 4.37 2.98 $ 4.55 3.07 $ 13.13 8.90 20 % Threshold (Plan) $ 4.14 2.76 $ 4.26 2.84 $ 4.39 2.93 $ 12.79 8.53 10 % $ 12.78 8.52 0 % * The target performance level is 7% annual growth above 115% of EPS at 2010 plan income. The threshold performance level starts at 4.14 in Year 1. Cumulative EPS threshold from Year 1 threshold is a 3% increase per year. Year 1 target performance starts annual growth above EPS at 106% of the Year 1 threshold. Cumulative EPS from Year 1target is a 7% increase per year2010 plan income. The maximum performance level starts is 10% growth above EPS at 111% of Year 1 threshold2010 target income. Cumulative EPS maximum from Year 1 is a 7% increase per year. ** At target cumulative EPS growth 100% of performance adjusted target long-term compensation is achieved, which is equal to 50% of the PSUs granted to you under this agreement. The “% Units Vested” at maximum performance level achieves 200% of performance adjusted target long-term compensation, which is equal to 100% of the PSUs granted to you under this agreement.

Appears in 1 contract

Samples: Performance Share Unit Grant Agreement (Andersons Inc)

Performance Schedule and Vesting of PSUs. PSUs Awards shall vest at as of the conclusion last day of the Performance Period (January 1, 2015) in accordance with the following Performance Schedule based on the Company’s three-year cumulative fully diluted Earnings Per Share earnings per share (“EPS”) computed under Generally Accepted Accounting Principles (GAAP) during the Performance Period. The Compensation & Leadership Development Committee of the Board of Directors reserves the right to adjust the EPS presented in the annual report for extraordinary transactions which impact EPS to ensure the pay for performance relationship. No PSUs will be considered vested and earned for payment if the Company’s three-year cumulative EPS during the Performance Period is less than $12.799.55. EPS Performance Levels * 2012 Year 1 2013 Year 2 2014 Year 3 Cumulative EPS % Units Vested ** Maximum $ 4.60 $ 4.91 $ 5.24 $ 14.75 100 14 % $ 4.56 3.42 $ 4.87 $ 5.20 $ 14.63 90 % $ 4.52 $ 4.83 $ 5.16 $ 14.51 80 % $ 4.48 $ 4.79 $ 5.12 $ 14.39 70 % 3.90 $ 4.44 $ 4.75 $ 5.08 $ 14.27 60 11.76 100 % Target $ 4.40 $ 4.71 $ 5.04 $ 14.15 50 13 % $ 4.34 3.39 $ 4.59 3.83 $ 4.87 4.33 $ 13.80 40 11.55 93 % 12 % $ 4.27 3.36 $ 4.48 $ 4.71 $ 13.46 30 % 3.76 $ 4.21 $ 4.37 11.34 86 % 11 % $ 4.55 3.33 $ 13.13 20 3.70 $ 4.10 $ 11.13 79 % Threshold $ 4.14 $ 4.26 $ 4.39 $ 12.79 10 % $ 12.78 3.30 $ 3.63 $ 3.99 $ 10.92 71 % 9 % $ 3.27 $ 3.56 $ 3.89 $ 10.72 64 % 8 % $ 3.24 $ 3.50 $ 3.78 $ 10.52 57 % 7 % $ 3.21 $ 3.43 $ 3.68 $ 10.32 50 % 6 % $ 3.18 $ 3.37 $ 3.57 $ 10.12 40 % 5 % $ 3.15 $ 3.31 $ 3.47 $ 9.93 30 % 4 % $ 3.12 $ 3.24 $ 3.37 $ 9.74 20 % 3 % $ 3.09 $ 3.18 $ 3.28 $ 9.55 10 % 0 % $ 3.00 $ 3.00 $ 3.00 $ 9.00 0 % * The threshold performance level starts at 4.14 in Year 1target annual EPS growth rate is 7%. Cumulative EPS threshold from Year 1 threshold is a 3% increase per year. Year 1 target performance starts at 106% of the Year 1 threshold. Cumulative EPS from Year 1target is At a 7% increase per year. The maximum performance level starts at 111% of Year 1 threshold. Cumulative EPS maximum from Year 1 is a 7% increase per year. ** At target cumulative EPS growth rate 100% of competitive target long-term compensation is achieved, which is equal to 50% of the PSUs granted to you under this agreement. The “% Units Vested” at maximum performance level a 14% cumulative EPS growth rate achieves 200% of competitive target long-term compensation, which is equal to 100% of the PSUs granted to you under this agreement. You must be actively employed by the Company as of the end of the Performance Period to be eligible to vest in and receive any payment of your PSUs except as noted in paragraph 7 below. Actual vested percentage rates will be interpolated from the above Performance Schedule using the actual three-year cumulative fully diluted cumulative EPS achieved at the end of the Performance Period.

Appears in 1 contract

Samples: Performance Share Award Agreement (Andersons Inc)

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Performance Schedule and Vesting of PSUs. PSUs shall vest at the conclusion of the Performance Period (January 1, 20152014) in accordance with the following Performance Schedule based on the Company’s three-year cumulative fully diluted Earnings Per Share (“EPS”) computed under Generally Accepted Accounting Principles (GAAP) during the Performance Period. The Compensation & Leadership Development Committee of the Board of Directors reserves the right to adjust the EPS presented in the annual report for extraordinary transactions which impact EPS to ensure the pay for performance relationship. No PSUs will be considered vested and earned for payment if the Company’s three-year cumulative EPS during the Performance Period is less than $12.7910.69. EPS Performance 2011 2012 2013 Cumulative % Units Levels * 2012 Year 1 2013 Year 2 2014 Year 3 Cumulative EPS % Units Growth Vested ** Maximum (Target) $ 4.60 3.64 $ 4.91 4.00 $ 5.24 4.40 $ 14.75 12.04 100 % $ 4.56 3.62 $ 4.87 3.96 $ 5.20 4.33 $ 14.63 11.91 90 % $ 4.52 3.60 $ 4.83 3.92 $ 5.16 4.26 $ 14.51 11.78 80 % $ 4.48 3.58 $ 4.79 3.87 $ 5.12 4.19 $ 14.39 11.64 70 % $ 4.44 3.56 $ 4.75 3.83 $ 5.08 4.12 $ 14.27 11.51 60 % Target (102% of Thresh) $ 4.40 3.54 $ 4.71 3.79 $ 5.04 4.05 $ 14.15 11.38 50 % $ 4.34 3.52 $ 4.59 3.73 $ 4.87 3.96 $ 13.80 11.21 40 % $ 4.27 3.50 $ 4.48 3.68 $ 4.71 3.86 $ 13.46 11.04 30 % $ 4.21 3.48 $ 4.37 3.62 $ 4.55 3.77 $ 13.13 10.87 20 % Threshold (Plan) $ 4.14 3.46 $ 4.26 3.56 $ 4.39 3.67 $ 12.79 10.69 10 % $ 12.78 10.68 0 % * The threshold performance level starts at 4.14 in 2011 Plan EPS ($3.46). Cumulative EPS growth at threshold is 3% annual growth from Year 1. Cumulative EPS threshold from Year 1 threshold is a 3% increase per year. Year 1 The target performance level starts at 106102% of the Year 1 thresholdthreshold EPS. Cumulative EPS growth at target is 7% annual growth from Year 1target is a 7% increase per year1. The maximum performance level starts at 111% the approximate level of Year 1 thresholdEPS at 2011 target income. Cumulative EPS growth at maximum is 10% annual growth from Year 1 is a 7% increase per year1. ** At target cumulative EPS growth 100% of target long-term compensation is achieved, which is equal to 50% of the PSUs granted to you under this agreement. The “% Units Vested” at maximum performance level achieves 200% of target long-term compensation, which is equal to 100% of the PSUs granted to you under this agreement.

Appears in 1 contract

Samples: Performance Share Unit Grant Agreement (Andersons Inc)

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