Annual Performance Targets definition
Examples of Annual Performance Targets in a sentence
If any Restricted Shares remain unvested as of January 1, 2008, Annual Performance Targets shall be set for the 2008 calendar year and if any Restricted Shares have not vested by January 1, 2009, Annual Performance Targets shall be set for the 2009 calendar year.
The applicable Annual Performance Targets shall be established by the Committee in writing no later than 90 days after the commencement of each applicable year during the Performance Period for purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended and the regulations and guidance promulgated thereunder (the “Code”).
The Restricted Shares shall vest on the applicable Vesting Date on a year by year basis provided that the Annual Performance Targets (as hereinafter defined) for the calendar year ending on the last day of the Company's fiscal year immediately preceding such Vesting Date are met.
In the event that an Annual Performance Target is not achieved in a particular Fiscal Year, the vesting of the Performance Option shall accelerate if the subsequent Annual Performance Target(s) are achieved, such that the Performance Option shall vest as if all prior Annual Performance Targets had been met.
The determination of whether and to what extent any Annual Performance Target(s) and/or Cumulative Performance Target(s) is/are achieved shall be made by the Board (or a designated committee thereof) at such time as the financial statements in respect of the applicable Fiscal Year are completed (the date on which such determination is made, the “Determination Date”).
The determination as to whether, and to what degree, Annual Performance Targets have been achieved shall be made by the Compensation Committee, in its sole discretion.
The number of shares of Common Stock that are issuable under each Annual Performance Option shall be determined by the Compensation Committee and shall take into account Executive’s actual performance relative to his Annual Performance Targets (as defined below).
In the event that an Annual Performance Target is not achieved in a particular Fiscal Year, the vesting of the Performance Option shall accelerate if both Annual Performance Targets are achieved in any subsequent fiscal year, such that the Performance Option shall vest as if all prior Annual Performance Targets had been met.
If any Restricted Shares remain unvested as of January 1, 2018, Annual Performance Targets shall be set for the 2018 calendar year and if any Restricted Shares have not vested by January 1, 2019, Annual Performance Targets shall be set for the 2019 calendar year.
If the Company’s performance meets, but does not exceed, the Annual Performance Targets for a given fiscal year, the amount of the Bonus for such fiscal year shall equal 50% of the annualized rate of the Base Salary in effect as of the end of such fiscal year.