Year 3 Performance Shares Sample Clauses

Year 3 Performance Shares. Subject to Sections 3(d), 5, 6, 7(a) and 7(b) of this Agreement, one-third of the Target Amount (or [1/3 OF TARGET AMOUNT] Performance Shares) will be eligible to vest based on achievement of the performance targets set forth in the table below for Performance Year 3 (June 1, 2022 through May 31, 2023) (the “Year 3 Performance Shares”). One-half of the Year 3 Performance Shares shall be eligible to vest based on the Company’s Worldwide Revenue Growth achieved for Performance Year 3 (the “Year 3 Revenue Shares”), and one-half of the Year 3 Performance Shares shall be eligible to vest based on the Company’s Worldwide Adjusted EPS achieved for Performance Year 3 (the “Year 3 EPS Shares”), each in accordance with the following table: Provided; however; the baseline to calculate adjusted EPS growth for Performance Year 3 shall be the greater of: (a) actual adjusted EPS for FY22; and (b) $0.10. The number of Year 3 Revenue Shares and Year 3 EPS Shares eligible to vest shall be calculated by multiplying the number of Year 3 Revenue Shares or Year 3 EPS Shares, as applicable, by the Revenue Payout Percentage or EPS Payout Percentage, respectively, set forth in the table above for the applicable level of achievement. Each of the Revenue Payout Percentage and EPS Payout Percentage shall not be below 0% and shall not exceed 200%, and the Revenue Payout Percentage and EPS Payout Percentage for performance between the levels set forth in the table above shall be determined by straight-line interpolation between such levels. Therefore, subject to Section 3(d) of this Agreement, the total number of Year 3 Performance Shares eligible to vest (the “Year 3 Eligible Performance Shares”) shall be equal to: Year 3 Eligible Performance Shares = (Year 3 Revenue Shares * Revenue Payout Percentage) + (Year 3 EPS Shares * EPS Payout Percentage).
Sample 1
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Year 3 Performance Shares. Subject to Sections 3(d), 5, 6, 7(a) and 7(b) of this Agreement, one-third of the Target Amount (or ____ Performance Shares) will be eligible to vest based on achievement of the performance targets set forth in the table below for Performance Year 3 (June 1, 2021 through May 31, 2022) (the “Year 3 Performance Shares”). One-half of the Year 3 Performance Shares shall be eligible to vest based on the Company’s Worldwide Revenue Growth achieved for Performance Year 3 (the “Year 3 Revenue Shares”), and one-half of the Year 3 Performance Shares shall be eligible to vest based on the Company’s Worldwide Adjusted EPS achieved for Performance Year 3 (the “Year 3 EPS Shares”), each in accordance with the following table: Year 3 Performance Shares Worldwide Revenue Growth Worldwide Adjusted EPS (50% of Year 3 Performance Shares) (50% of Year 3 Performance Shares) Target(%) WorldwideRevenue Growth(%) Revenue Payout Percentage(%) Target(%) Worldwide Adjusted EPS($) EPS Payout Percentage(%) 150.00% 10.5% 200% 116.00% $ 0.87 200% 140.00% 9.8% 180% 112.80% $ 0.85 180% 130.00% 9.1% 160% 109.60% $ 0.82 160% 120.00% 8.4% 140% 106.40% $ 0.80 140% 110.00% 7.7% 120% 103.20% $ 0.77 120% 100.00% 7% 100% 100.00% $ 0.75 100% 90.00% 6.3% 80% 96.80% $ 0.73 80% 80.00% 5.6% 60% 93.60% $ 0.70 60% 70.00% 4.9% 40% 90.40% $ 0.68 40% 60.00% 4.2% 20% 87.20% $ 0.65 20% 50.00% 3.5% 0% 85.00% $ 0.64 0% The number of Year 3 Revenue Shares and Year 3 EPS Shares eligible to vest shall be calculated by multiplying the number of Year 3 Revenue Shares or Year 3 EPS Shares, as applicable, by the Revenue Payout Percentage or EPS Payout Percentage, respectively, set forth in the table above for the applicable level of achievement. Each of the Revenue Payout Percentage and EPS Payout Percentage shall not be below 0% and shall not exceed 200%, and the Revenue Payout Percentage and EPS Payout Percentage for performance between the levels set forth in the table above shall be determined by straight-line interpolation between such levels. Therefore, subject to Section 3(d) of this Agreement, the total number of Year 3 Performance Shares eligible to vest (the “Year 3 Eligible Performance Shares”) shall be equal to: Year 3 Eligible Performance Shares = (Year 3 Revenue Shares * Revenue Payout Percentage) + (Year 3 EPS Shares * EPS Payout Percentage).
Sample 1

Related to Year 3 Performance Shares

  • 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 The Performance Shares earned by the Grantee will be determined and delivered to the Grantee as soon as practicable subsequent to the determination of the Corporation’s financial results for the Performance Cycle and approval by the Plan Administrator. The corresponding shares of the Corporation’s common stock will be purchased on the open market.

  • Performance Units Subject to the limitations set forth in paragraph (c) hereof, the Committee may in its discretion grant Performance Units to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which sets forth the terms and conditions of the Award.

  • 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 Stock Units The Company may grant to Executive performance stock units (“PSUs”) pursuant to the Incentive Plan. All PSUs are subject to and conditioned on approval of the grant and its terms by the Board. All granted PSUs shall vest as provided in the applicable PSU grant notice and grant agreement (“PSU Agreement”). All PSUs shall be subject to the terms and conditions of the Incentive Plan and a PSU Agreement in a form prescribed by the Company, which Executive must sign as a condition to receiving the PSUs.

  • 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. 

  • Unvested Common Shares Issued in Settlement of Performance Share Awards If the Executive terminates employment pursuant to Sections 6(b), 6(d) or 6(e)(i) after the Performance Share Vesting Date, the vesting of all Unvested Common Shares (as defined in the Performance Share Agreement) issued in settlement of the Performance Share Award shall be accelerated in full effective as of the date of such termination.

  • 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.

  • 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.

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