Performance Shares Vesting. Except as otherwise stated in this Section 2, you shall become vested in the Performance Shares on the third anniversary of the Grant Date specified in Annex 1, subject to the Corporation’s achievement of the Performance Goals specified in Annex 1 during the Performance Cycle as certified by the Committee (hereinafter the “Performance Shares Vesting Date” and, together with the Restricted Stock Vesting Date, the “Vesting Date”). The Performance Goals will be based on two performance metrics weighted equally: the Relative Total Shareholder Return (the “TSR”) and the Absolute Earnings per Share (the “EPS”) goals. The Performance Cycle is a three (3) year period beginning on January 1 of the calendar year of the Grant Date and ending on December 31 of the third year. Each Performance Goal will have a defined minimum threshold (i.e., minimum result for which an incentive would be earned), target (i.e., result at which 100% of the incentive would be earned) and maximum level of performance (i.e., result at which 1.5 times the incentive target would be earned).
Performance Shares Vesting. (Vesting Date: February 27, 2018): Dollar Value of Performance Shares Award: $ Grant Date: April 29, 2015 Common Stock Market Price as of closing on Grant Date: $ Total Target Number of Performance Shares: (#) Relative Total Shareholder Return (TSR)1 - Percentile Rank among Comparator Group # of Shares Earned Opening Price = $31.52 75th Percentile or above (1.5x target shares) Target Number of Performance Shares: 50th Percentile (1x target shares) 25th Percentile (0.5x target shares) Below 25th Percentile 0 Absolute Earnings Per Share (EPS)2 - Cumulative annual EPS 2015-2017 EPS Shares Earned (% of Target)
Performance Shares Vesting. (Vesting Date: January 27, 2019): Dollar Value of Performance Shares Award: $ Grant Date: January 27, 2016 Common Stock Market Price as of closing on Grant Date: $ Total Target Number of Performance Shares: # Relative Total Shareholder Return (TSR)1 - Percentile Rank among Comparator Group # of Shares Earned Opening Price = $29.49 Target Number of Performance Shares: 75th Percentile or above (l.5x target shares) 50th Percentile (lx target shares) 25th Percentile (0.5x target shares) Below 25th Percentile 0 Absolute Earnings Per Share (EPS)2 - Cumculative annual EPS 2016-2018 EPS Shares Earned (% of Target) (l.5x target shares) (lx target shares) Target Number of Performance Shares: (0.5x target shares) Results between threshold, target and maximum performance will be interpolated to determine vesting award 1 TSR will be calculated as [(Closing Price at end of period * (1 + number of shares purchased assuming reinvestment of dividends))/Opening Price at beginning of period] – 1 • Closing Price and Opening Price are based on the preceding 60 trading days average in order to mitigate against share · price volatility of point-in-time metrics. • Opening price = average price 10/7/15-12/31/15 • Closing price = average price 10/5/18-12/31/18 • TSR calculations shall assume that dividends are reinvested on the ex-dividend date (i.e., the date a dividend asset is guaranteed). Comparator Group -- SNL US Banks greater than $10 billion in assets – Performance will be based on the composition of the group at the end of the 3-year Performance Cycle. If Popular’s absolute TSR is negative, payout will be limited to a maximum of 100% of target. 2 Cumulative total of annual basic EPS for 3 years (2016-2018). The Committee may adjust the goal or results to reflect a core profitability that would not be artificially inflated or deflated by extraordinary or nonrecurring items, including, but not limited to, the impact of the pending Puerto Rico tax reform, sales of non-earning assets, sales of branches or other businesses, certain business acquisition costs and revenues, extraordinary events or charitable contributions, severance costs and certain litigation and settlement costs, among others.
Performance Shares Vesting. Subject to the terms and conditions of this Agreement, the Performance Shares shall vest on the third anniversary of the Effective Date of the award, subject to the achievement of Performance Goals established by the Committee during the Performance Cycle (the “Performance Shares Vesting Date”, and, in conjunction with the Restricted Stock Vesting Date, the “Vesting Date”).
