ROTC Award Sample Clauses

ROTC Award. As specified on the Term Sheet, any payment earned on a portion of the CBP Award (the “ROTC Award”) will be based on the following terms and conditions. Except as otherwise provided in Section 2.4, upon the Committee’s certification of the level of performance achieved, but no later than May 31, [—], depending on the Company’s return on total capital (“ROTC”) for each of the three fiscal years included in the Performance Period, the Employee shall earn an amount under the ROTC Award determined as follows: (a) The dollar value of the ROTC Award indicated on the Term Sheet represents the target award. At the end of the Performance Period, the Employee may earn a greater or lesser amount in respect of the ROTC Award, depending on the simple average of ROTC for each of the three years in the Performance Period (“SAROTC”) as measured against the following schedule: Maximum ³ 11.0 % 200 % Target 6.0 % 100 % Threshold 4.0 % 33 % Below Threshold < 4.0 % 0 % Payout shall be prorated if Tidewater’s rank falls between any two performance levels. At below threshold performance, the Employee will earn no payout under the ROTC Award. (b) Following the end of the Performance Period and prior to any payout of the ROTC Award, the Committee shall certify in writing, by resolution or otherwise, the Company’s SAROTC for the Performance Period and any dollar value earned by the Employee. (c) For purposes of this Agreement, “Return on Total Capital” or “ROTC” for each of the three years in the performance period shall be calculated as follows: dividing the Company’s adjusted net earnings (“Adjusted Net Earnings”) by the Company’s average total capital (“Average Total Capital”). Adjusted Net Earnings shall be determined by using the Company’s annual effective income tax rate to tax effect the Company’s adjusted pre-tax earnings for the same period, with adjusted pre-tax earnings equal to the sum of: (1) earnings before income taxes; (2) interest and other debt costs, less interest income; (3) vessel operating lease expense; and (4) asset impairment cost, other than in the ordinary course of business. Average Total Capital equals the average of the twelve monthly fiscal year amounts of total capital as determined by the sum of: (1) stockholders’ equity; (2) interest-bearing debt, less cash and cash equivalents; and (3) imputed vessel operating lease liability; with such sum reduced by vessel construction in progress. Certain adjustments will be made to Adjusted Net Earnings and A...
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Related to ROTC Award

  • Performance Share Award If your Award includes a Performance Share Award, and you voluntarily terminate your employment prior to the end of the Performance Period, you will forfeit your entire Performance Share Award. 

  • Incentive Award The three (3) year rolling average of earnings growth and Return On Equity (the "XXX") and determined as of December 31 of each plan year shall determine the Director's Incentive Award Percentage, in accordance with the attached Schedule A. The chart on Schedule A is specifically subject to change annually at the sole discretion of the Company's Board of Directors. The Incentive Award is calculated annually by taking the Director's Annual Fees for the Plan Year in which the XXX and Earnings Growth was calculated times the Incentive Award Percentage.

  • Performance Share Awards On the Performance Share Vesting Date next following the Executive's date of death, the number of Performance Shares that shall become Vested Performance Shares shall be determined by multiplying (a) that number of shares of Company Common Stock subject to the Performance Share Agreement that would have become Vested Performance Shares had no such termination occurred; provided, however, in no case shall the number of Performance Shares that become Vested Performance Shares exceed 100% of the Target Number of Performance Shares set forth in the Performance Share Agreement, by (b) the ratio of the number of full months of the Executive's employment with the Company during the Performance Period (as defined in the Performance Share Agreement) to the number of full months contained in the Performance Period. Vested Common Shares shall be issued in settlement of such Vested Performance Shares on the Settlement Date next following the Executive’s date of death.

  • Performance Award You are hereby awarded, on the Grant Date, a Performance Award with a target value of [AMOUNT].

  • Restricted Stock Unit Award The Grantee is hereby granted NUMBER OF SHARES restricted stock units (the "Restricted Stock Units"). Each Restricted Stock Unit represents the right to receive one share of the Company's Common Stock, $.001 par value (the "Stock"), subject to the terms and conditions of this Agreement and the Plan.

  • RSU Award An RSU Award shall be similar in nature to a Restricted Stock Award except that no shares of Stock are actually transferred to the Holder until a later date specified in the applicable Award Agreement. Each RSU shall have a value equal to the Fair Market Value of a share of Stock.

  • Performance Share Units The Committee may, in its discretion, grant to Executive performance share units subject to performance vesting conditions (collectively, the “Performance Units”), which shall be subject to restrictions on their sale as set forth in the Plan and an associated Performance Unit Grant Letter.

  • Performance Shares Each Performance Share is a bookkeeping entry that records the equivalent of one Share. Upon the vesting of the Performance Shares as provided in Section 2, the vested Performance Shares will be settled as provided in Section 3.

  • Grant Award On and subject to the terms and conditions set forth herein, Triumph hereby agrees to make a grant (the “Grant”) to Grantee in the aggregate maximum amount of up to Two Hundred Thousand and 00/100 Dollars ($200,000.00) (the “Maximum Grant Amount”) to provide partial funding for the Project.

  • Stock Award Pursuant to the Plan, the Company, on ________ __, 20__ (the “Date of Grant”) granted to the Participant, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, a Stock Award covering _________ shares of Common Stock, hereafter described as the “Shares.”

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