Performance Shares Payable Clause Samples
The 'Performance Shares Payable' clause defines the conditions under which performance-based shares are awarded and paid to eligible recipients, typically employees or executives, based on the achievement of specified performance targets. This clause outlines the metrics or goals that must be met, the calculation method for determining the number of shares earned, and the timing of payment or vesting. Its core practical function is to incentivize desired performance by linking compensation to measurable outcomes, thereby aligning the interests of recipients with those of the company and providing clarity on how and when such equity awards are distributed.
Performance Shares Payable. Subject to Section 2(c), the number of Shares payable is the Target Award multiplied by the average of the Company’s cumulative TSR positioning for each of the last four quarters of the Performance Period. For a hypothetical illustration of this calculation, see Example A below. For performance levels falling between the values as shown above, the percentage of performance Shares payable will be determined by interpolation. Payments will be made in Shares. Cumulative TSR Positioning 61th 57th 72nd 69th 70th 62nd 54th 52nd 63rd 47th 45th 48th
Performance Shares Payable. The number of Performance Shares payable is the Target Award multiplied by the average of the payout percentages determined using the Company’s cumulative TSR Percentile Rank through each of the last 4 quarters of the Performance Period. For performance levels falling between the values as shown above, the percentage of Shares payable will be determined by interpolation. Payments will be made in Shares. For an illustration of this calculation, see the Hypothetical Example below. Cumulative TSR Percentile Rant from January 1, 2021 through: 61st 57th 72nd 69th 70th 62nd 54th 52nd 63rd 47th 45th 52nd
Performance Shares Payable. The number of Performance Shares payable is equal to the product of (i) the Target Award multiplied by (ii) the Adjusted EBITDA Performance Multiplier (as defined below), rounded down to the nearest whole share. Payment will be made in Shares. For an illustration of this calculation, see the Hypothetical Example below, which assumes that Participant remained employed with the Company through the Vesting Date. Year Annual Payout Percentage(based on Adjusted EBITDA for CY [2022] and Annual Adjusted EBITDA Growth for CY [2023] and CY [2024]) [2022] Calendar Year 110% [2023] Calendar Year 95% [2024] Calendar Year 104% Adjusted EBITDA Performance Multiplier(1)(average of the Annual Payout Percentages for the three calendar years) 103%
(1) The number of Performance Shares that would be payable in this hypothetical example is equal to the Target Award multiplied by 103%.
Performance Shares Payable. The number of Performance Shares payable is equal to the product of (i) the Target Award multiplied by (ii) the Adjusted EBITDA Performance Multiplier (as defined below), rounded down to the nearest whole share; provided, however, that following Participant’s Retirement (as such term is defined in the Plan) from the Company, the number of Performance Shares payable shall instead be equal to the product of (x) the Retirement Award (as defined below) multiplied by (y) the Adjusted EBITDA Performance Multiplier, rounded down to the nearest whole share. Payment will be made in Shares. For an illustration of this calculation, see the Hypothetical Example below, which assumes that Participant remained employed with the Company through the Vesting Date. Year Annual Payout Percentage(based on Adjusted EBITDA for CY [2022] and Annual Adjusted EBITDA Growth for CY [2023] and CY [2024]) [2022] Calendar Year 110% [2023] Calendar Year 95% [2024] Calendar Year 104% Adjusted EBITDA Performance Multiplier(1)(average of the Annual Payout Percentages for the three calendar years) 103%
(1) The number of Performance Shares that would be payable in this hypothetical example is equal to the Target Award multiplied by 103%.
Performance Shares Payable. Subject to Section 2(b), the number of Shares payable is the Target Award multiplied by the “Percentage of Performance Shares Payable” shown in the above table. For performance levels falling between the values as shown above, the percentage of Shares payable will be determined by interpolation. Payments will be made in Shares.
Performance Shares Payable. The number of Shares payable is the Target Award multiplied by the average of the Company’s cumulative TSR positioning for each of the last four quarters of the Performance Period. For a hypothetical illustration of this calculation, see Example A below. For performance levels falling between the values as shown above, the percentage of performance Shares payable will be determined by interpolation. Payments will be made in Shares.