Vesting and Settlement of Performance Shares Sample Clauses

Vesting and Settlement of Performance Shares. The Performance Shares will be earned based on the Company’s performance against the three performance metrics outlined below for the period beginning January 1, 2022 and ending December 31, 2024 (the “Performance Cycle”).
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Vesting and Settlement of Performance Shares. The Performance Shares may be settled by delivering to the Grantee or his or her Beneficiary, as applicable, either, as determined by the Company in its sole discretion, (a) an amount of cash equal to the Fair Market Value of a Share as of the Vesting Date multiplied by the number of Performance Shares that become vested on the Vesting Date, or (b) a number of Shares equal to the whole number of Performance Shares that become vested on the Vesting Date. The date on which the Company pays cash or issues Shares to the Grantee in connection with vesting of a Performance Share is the settlement date. Except as specifically provided elsewhere under the Plan, the restrictions on Performance Shares subject to this Performance Share Award Agreement will lapse and the Performance Shares will become vested in accordance with the following performance vesting terms and conditions: The number of Performance Shares vesting will be determined by the Company’s average performance level with respect to two performance metrics: (i) actual adjusted return on average assets compared to budget 3-year cumulative average return on average assets (“ROA”) for the period beginning on January 1, 2019, and ending on December 31, 2021 (the “Performance Period”), and (ii) the Company’s actual adjusted earnings per share (“EPS”) during the Performance Period compared to budget 3-year cumulative average EPS. The Company’s performance under each metric will be given equal weight when determining the average performance level. The Vesting Date for all Performance Shares earned with respect to the Performance Period will be the date on which the Committee certifies the Company’s average performance level during the Performance Period. If the Company’s performance level falls below the “Threshold” performance level identified below, none of the Performance Shares will vest. If the Company’s performance level meets the Threshold performance level, fifty percent (50%) of the Performance Shares will vest. If the Company’s performance level meets the “Target” performance level identified below, one hundred percent (100%) of the Performance Shares will vest. If the Company’s performance level meets the “Maximum” performance level identified below, 150% of the number Performance Shares will vest. Company performance above the Maximum performance goal will not result in additional Performance Shares becoming vested. If the Company’s performance level falls in between performance levels (e.g., betw...
Sample 1
Vesting and Settlement of Performance Shares. (a) [Insert Performance Goal(s) that need to be achieved for payout.] Any performance shares awarded hereunder that the Participant does not earn at the end of the Performance Cycle pursuant to the foregoing schedule shall be forfeited. The provisions of this Section 7(a) shall not affect in any way any forfeitures under Section 3 or any provision regarding the payout of performance shares under Section 9 upon the occurrence of a Change in Control.
Sample 1
Vesting and Settlement of Performance Shares 
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Related to Vesting and Settlement of Performance Shares

  • Payment of Performance Shares Payment of any Performance Shares that become earned as set forth herein will be made in the form of Common Shares, in cash, or in a combination of the two, as determined in the sole discretion of the Committee. Payment will be made as soon as practicable after the receipt of audited financial statements of the Corporation relating to the last fiscal year of the Performance Period and with respect to Covered Employees, the determination by the Committee of the level of attainment of the Management Objectives. Performance Shares will be forfeited if they are not earned at the end of the Performance Period and, except as otherwise provided in this Agreement, if the Grantee ceases to be employed by the Corporation or a Subsidiary at any time prior to such shares becoming earned.

  • Vesting of Performance Shares As long as you remain employed with PG&E Corporation, the Performance Shares will vest on the first business day of January (the “Vesting Date”) of the third year following the date of grant specified in the cover sheet. Except as described below, all Performance Shares subject to this Agreement that have not vested shall be forfeited upon termination of your employment.

  • Grant of Performance Shares Pursuant to the provisions of the Plan and this Agreement, the Company on the Grant Date has granted and hereby evidences the grant to the Participant, subject to the terms and conditions set forth herein, in the Plan and the Addendum with Additional Country Specific Terms and Conditions attached as Exhibit A, all of which are made part of this Agreement, an award of <shares_awarded> Performance Shares (this “Award”).

  • Grant of Performance Share Units The Company hereby grants to the Participant the Target Number of PSUs Granted, effective as of the Date of Award and subject to the terms and conditions of the Plan and this Award Agreement. Each PSU represents the unsecured right to receive a number of Shares, if any, in accordance with the terms and conditions of this Award Agreement. The Participant shall not be required to pay any additional consideration for the issuance of the Shares, if any, upon settlement of the PSUs.

  • Grant of Performance Stock Units Subject to the terms of this Agreement, and the Incentive Plan, effective as of the Grant Date the Participant is hereby granted [Number] Performance Stock Units (the “Target Performance Units”). This Award contains the right to dividend equivalents (“Dividend Equivalents”) with respect to Earned Performance Units (as defined in Section 3(a)) as described in Section 4. Each Performance Stock Unit awarded hereunder shall become earned and vested as described in Section 3 and each Earned Performance Unit (and associated Earned Dividend Equivalents thereon as described in Section 4) shall be settled in accordance with Section 5.

  • Grant of Performance Units Capital One hereby grants to you an award of Units with a Target Award, as indicated on the Grant Notice. The maximum payout for this award is 150% of the Target Award plus accrued dividends pursuant to Section 6. The Units shall vest and the underlying shares of common stock of Capital One, $.01 par value per share (such underlying shares, the “Shares”), shall be issuable only in accordance with the provisions of this Agreement and the Plan.

  • Vesting and Settlement The Restricted Shares shall cease to constitute Restricted Shares, and shall become unrestricted Shares, pursuant to the vesting schedule attached as Exhibit A.

  • Award of Performance Shares Subject to all terms and conditions of the Plan and this Agreement, the Company has awarded to the Employee on the date indicated on the Award Summary the number of Performance Shares (individually, the “PS”) as shown on the Award Summary. Notwithstanding anything herein to the contrary, only active Employees and those Employees on Short Term Disability Leave, Social Service Leave, Family Medical Leave or Paid Uniform Services Leave (pursuant to the Company’s Human Resources Policies) on the effective date of the award as shown on the Award Summary shall be eligible to receive the award.

  • Award of Performance Stock Units The Company hereby grants to you, effective as of the Grant Date, an Award of Performance Stock Units for that number of Performance Stock Units communicated to you and set forth in the Company’s records (the “PSUs”), on the terms and conditions set forth in such communication, this Agreement and the Plan. Each PSU represents the right to receive one share of Stock, subject to the terms and conditions set forth herein.

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