Annual Performance Period definition
Examples of Annual Performance Period in a sentence
Upon the determination of the portion of the Participating Officer’s PSUs earned through his/her date of termination for such Annual Performance Period, the balance of the Participating Officer’s PSUs for such Annual Performance Period granted pursuant to this Agreement shall thereupon be forfeited and the Participating Officer shall have no further right, title and/or interest in such PSUs for such Annual Performance Period or any subsequent Annual Performance Period.
In addition to Base Salary, the Company shall pay or cause to be paid to Executive a bonus (the "Annual Bonus") for each Annual Performance Period which ends during the Post-Change Employment Period.
The Employee must remain continuously employed by a Nexeo Employer from the Effective Date to the last date of each Annual Performance Period in order to become vested in the tranche of the Performance-Based Units assigned to that Annual Performance Period.
The portion of the PSUs for such Annual Performance Period deemed to be earned by the Participating Officer will be a pro-rated portion of the PSUs granted under this Agreement for such Annual Performance Period, calculated based upon the quotient of (i) the number of calendar days from January 1 of such Annual Performance Period through the date of such termination occurring within such Annual Performance Period divided by (ii) 365.
Notwithstanding the foregoing sentence, however, in the event that any Performance-Based Units do not vest for any applicable Annual Performance Period due to the failure to achieve that Annual Performance Period’s Adjusted EBITDA performance target amount, the Performance-Based Units assigned to that Annual Performance Period shall subsequently vest upon the achievement of the Adjusted EBITDA performance target amount for the Annual Performance Period following the failed Annual Performance Period.