Common use of Standard Performance Terms Clause in Contracts

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:

Appears in 1 contract

Samples: Performance Unit Agreement (Metlife Inc)

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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 Shares except in so far as Sections 22 or 3 apply. If Shares are paid to you, 3, or 14 applyyou will receive evidence of ownership of those Shares. (b) The Performance Period for your Performance Units 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 Units Shares payable in accordance with this Section 1 (your “Final Performance UnitsShares”), and your Final Performance Units Shares 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 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 UnitsShares. 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:

Appears in 1 contract

Samples: Performance Share Agreement (Metlife Inc)

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 Shares except in so far as Sections 2, 3, or 14 apply. If Shares are paid to you, you will receive evidence of ownership of those Shares. (b) The Performance Period for your Performance Units 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 Units Shares payable in accordance with this Section 1 (your “Final Performance UnitsShares”), and your Final Performance Units Shares 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 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 UnitsShares. 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:

Appears in 1 contract

Samples: Performance Share Agreement (Metlife Inc)

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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, 2 or 14 3 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 The Administrator will determine your Final Performance Units payable in accordance with this Section 1 (your “Final Performance Units”), and your . 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 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:

Appears in 1 contract

Samples: Performance Unit Agreement (Metlife Inc)

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