Standard Performance Terms. (a) The terms of this Section 1 shall be referred to as the “Standard Performance Terms” and will apply to your Performance Shares except in so far as Sections 2 (Change of Status) or 3 (Change of Control) apply.
(b) The Performance Period for your Performance Shares will begin on [date], [year] and end on the December 31 immediately preceding the third anniversary of the beginning of the Performance Period. After the conclusion of the Performance Period, the Committee shall certify in writing the number of Performance Shares payable in accordance with Section 1(c) (your “Final Performance Shares”), and your Final Performance Shares will be due and payable in Shares.
(c) The Committee will determine your Final Performance Shares by multiplying your Performance Shares by the “Performance Factor.” The Performance Factor means a percentage (from zero to 200%) which is the sum of two other percentages (each from zero to 100%), described in (1) and (2) below.
(1) The first percentage will be based on the Company’s performance with respect to Change in Annual Net Operating Income Available to Common Shareholders Per Share during the Performance Period relative to the other companies in the Standard and Poor’s Insurance Index, determined according to Table 1 of Schedule A to this Agreement. For this purpose, (a) “Net Operating Income Available to Common Shareholders Per Share” for any period means net income, excluding: (1) after-tax net investment gains and losses, (2) after-tax adjustments related to net investment gains and losses, (3) after-tax discontinued operations other than discontinued real estate, and (4) preferred stock dividends, in each case determined according to generally accepted accounting principles, divided by the weighted average number of shares outstanding during such period determined on a diluted basis under generally accepted accounting principles; and (b) “Change in Annual Net Operating Income Available to Common Shareholders Per Share” means Net Operating Income Available to Common Shareholders Per Share in the final calendar year of the Performance Period divided by Net Operating Income Available to Common Shareholders Per Share in the calendar year immediately preceding the beginning of the Performance Period.
(2) The second percentage will be based on the Company’s performance with respect to Proportionate Total Shareholder Return during the Performance Period relative to the other companies in the Standard and Poor’s Insurance Ind...
Standard Performance Terms. (a) The terms of this Section 1 shall be referred to as the “Standard Performance Terms” and will apply to your Performance Shares except in so far as Sections 2 (Change of Status) or 3 (Change of Control) apply.
(b) The Performance Period for your Performance Shares will begin on [date], [year] and end on the December 31 immediately preceding the third anniversary of the beginning of the Performance Period. After the conclusion of the Performance Period, the Committee shall certify in writing the number of Performance Shares payable in accordance with this Section 1 (your “Final Performance Shares”), and your Final Performance Shares will be due and payable in Shares at the time specified in Section 8.
(c) If the Committee determines in writing that the Company met one or more of the Section 162(m) Goals, then you will be eligible for a payment of up to 200% of your Performance Shares. The “Section 162(m) Goals” shall be the following:
(1) Positive Company income from continuing operations before provision for income tax, excluding net investment gains (losses) (determined in accordance with Section 3(a) of Article 7.04 of SEC Regulation S-X), which includes total net investment gains (losses) and net derivatives gains (losses), as presented in the financial statements in the Company’s Annual Report on Form 10-K for the calendar year preceding the beginning of the Performance Period (“Adjusted Income”), for the Performance Period.
(2) Positive Adjusted Income for the third calendar year of the Performance Period.
(3) Positive Company Proportionate Total Shareholder Return for the Performance Period, as defined for the Company in Section 1(d)(2).
Standard Performance Terms. (a) The Performance Period for your Performance Shares will begin on [date], [year] and end on the December 31 immediately preceding the third anniversary of the beginning of the Performance Period.
(b) Except in so far as Sections 2 (Change of Status) or 3 (Change of Control) apply to your Performance Shares, after the conclusion of the Performance Period, the Committee shall certify in writing the number of Performance Shares payable in accordance with Section 1(c) (your "Final Performance Shares"), and your Final Performance Shares will be due and payable in Shares.
(c) The Committee will determine your Final Performance Shares by multiplying your Performance Shares by the "Performance Factor." The Performance Factor means a percentage (from zero to 200%) which is the sum of two other percentages (each from zero to 100%), described in (1) and (2) below.
Standard Performance Terms. (a) The terms of this Section 1 shall be referred to as the “Standard Performance Terms” and will apply to your Performance Units except in so far as Sections 2, 3, or 14 apply.
(b) The Performance Period for your Performance Units will begin on January 1, [year] and end on the December 31 immediately preceding the third anniversary of the beginning of the Performance Period. After the conclusion of the Performance Period, the Committee shall certify in writing the number of Performance Units payable in accordance with this Section 1 (your “Final Performance Units”), and your Final Performance Units will be due and payable in cash equal to the Closing Price on the date the Committee determines your Final Performance Units. Your Final Performance Units will be due and payable at the time specified in Section 8.
(c) If the Committee determines in writing that the Company met one or more of the Section 162(m) Goals, then you will be eligible for a payment of up to 175% of your Performance Units. Notwithstanding any other terms of this Agreement, your payment may not exceed this amount. The “Section 162(m) Goals” shall be the following:
(1) Positive Company Adjusted Income for the Performance Period.
(2) Positive Company Adjusted Income for the third calendar year of the Performance Period.
(3) Positive Company Total Shareholder Return for the Performance Period.
(4) Positive Company Total Shareholder Return for the third calendar year of the Performance Period.
(5) For purposes of this Section 1(c), the following definitions shall apply:
Standard Performance Terms. (a) The terms of this Section 1 shall be referred to as the “Standard Performance Terms” and will apply to your Performance Units except in so far as Sections 2 (Change of Status) or 3 (Change of Control) apply.
(b) The Performance Period for your Performance Units will begin on [date], [year] and end on the December 31 immediately preceding the third anniversary of the beginning of the Performance Period. The Administrator will determine your Final Performance Units in accordance with this Section 1 (your “Final Performance Units”). Each Final Performance Unit will be paid in cash equal to the Closing Price of Common Stock on the date designated by the Administrator following the last day of the Performance Period. Your Final Performance Units will be due and payable in cash at the time specified in Section 16.
(c) If the Committee determines in writing that the Company met one or more of the Section 162(m) Goals, then you will be eligible for a payment of up to 200% of your Performance Units. The “Section 162(m) Goals” shall be the following:
(1) Positive Company income from continuing operations before provision for income tax, excluding net investment gains (losses) (defined in accordance with Section 3(a) of Article 7.04 of United States Securities and Exchange Commission Regulation S-X ), which includes total net investment gains (losses) and net derivatives gains (losses), as presented in the financial statements in the Company’s Annual Report on Form 10-K for the calendar year preceding the beginning of the Performance Period (“Adjusted Income”), for the Performance Period.
(2) Positive Adjusted Income for the third calendar year of the Performance Period.
(3) Positive Company Proportionate Total Shareholder Return for the Performance Period, as defined for the Company in Section 1(d)(2).
Standard Performance Terms. (a) The terms of this Section 1 shall be referred to as the "Standard Performance Terms" and will apply to your Performance Shares except in so far as Sections 2 (Change of Employment Status) or 3 (Change of Control) apply.
(b) The initial Performance Period for your Performance Shares (the "Initial Performance Period") will begin on the January 1 preceding the Grant Date and end on December 31 immediately following the Grant Date. The secondary Performance Period for your Performance Shares (the "Secondary Performance Period") will begin on the January 1 preceding the date of grant and end on the December 31 immediately preceding the third anniversary of the beginning of the Secondary Performance Period. After the conclusion of the Secondary Performance Period, the Committee shall certify in writing the number of Performance Shares payable in accordance with Section 1(c) (your "Final Performance Shares"), and your Final Performance Shares will be due and payable in Shares.
(c) The Committee will determine your Final Performance Shares by multiplying your Performance Shares by the "Performance Factor." The Performance Factor means a percentage (from zero to 240%) which is the product of the Initial Performance Factor and the TSR multiplier as defined in (1) and (2) below, respectively.
Standard Performance Terms. (a) The terms of this Section 1 shall be referred to as the “Standard Performance Terms” and will apply to your Performance Shares except in so far as Sections 2 (Change of Employment Status) or 3 (Change of Control) apply.
Standard Performance Terms. (a) The terms of this Section 1 shall be referred to as the "Standard Performance Terms" and will apply to your Performance Shares except in so far as Sections 2 (Change of Status) or 3 (Change of Control) apply.
(b) The Performance Period for your Performance Shares will begin on [date], [year] and end on the December 31 immediately preceding the third anniversary of the beginning of the Performance Period. After the conclusion of the Performance Period, the Committee shall certify in writing the number of Performance Shares payable in accordance with this Section 1 (your "Final Performance Shares"), and your Final Performance Shares will be due and payable in Shares at the time specified in Section 8.
(c) If the Committee determines in writing that the Company had net income available to common shareholders for either the third calendar year of the Performance Period or for the Performance Period as a whole, then you will be eligible for a payment of up to 200% of your Performance Shares. Net income available to common shareholders for any period will be determined with reference to the Company's Form 10-K on file with the Securities and Exchange Commission for the third year of the Performance Period on the date of the Committee's determination.
(d) If, under Section 1(c), you are eligible for a payment, the Committee will determine your Final Performance Shares by multiplying your Performance Shares by the "Performance Factor." The Performance Factor means a percentage (from zero to 200%) which is the sum of two other percentages (each from zero to 100%), described in (1) and (2) below, multiplied by the factor determined by (3) below, if applicable.
Standard Performance Terms. (a) The terms of this Section 1 shall be referred to as the “Standard Performance Terms” and will apply to your Performance Shares except in so far as Sections 2 or 3 apply. If Shares are paid to you, you will receive evidence of ownership of those Shares.
(b) The Performance Period for your Performance Shares will begin on January 1, [year] and end on the December 31 immediately preceding the third anniversary of the beginning of the Performance Period. After the conclusion of the Performance Period, the Committee shall certify in writing the number of Performance Shares payable in accordance with this Section 1 (your “Final Performance Shares”), and your Final Performance Shares will be due and payable in Shares at the time specified in Section 8.
(c) If the Committee determines in writing that the Company met one or more of the Section 162(m) Goals, then you will be eligible for a payment of up to 175% of your Performance Shares. Notwithstanding any other terms of this Agreement, your payment may not exceed this amount. The “Section 162(m) Goals” shall be the following:
(1) Positive Company Adjusted Income for the Performance Period.
Standard Performance Terms
