Examples of Fixed Award in a sentence
If sufficient Plan Shares are not available under this Plan for a Fixed Award or Fixed Service Award to be made to an Outside Director, including a Subsequent Outside Director, and thereafter Plan Shares become available through forfeiture or by reason of the purchase of additional shares of Common Stock by 6 the Trustee, such Outside Director(s) shall then receive a Plan Share Award, sharing pro rata among such Outside Directors the number of Plan Shares then available under this Plan.
All Fixed Award amounts that are based upon the Overall Performance Level shall be subject to an automatic percentage adjustment based on the Safety Modifier.
NOW THEREFORE BE IT RESOLVED, That the first paragraph of Section 6.02 of the RRP shall be amended in its entirety to read as follows: 1 2 (b) Each individual who is first elected as an Outside Director subsequent to the date of the Association's Conversion ("Subsequent Outside Directors") shall be granted a Plan Share Award of 5,300 Plan Shares subject to (a) above (the "Fixed Award"), as of the effective date of such election.
The remaining ten percent (10%) of such Fixed Award shall be discretionary and shall be determined by the Committee, in its sole discretion, to be any amount within clause (i) of the Discretionary Bonus Range.
In the case of death during the Performance Period, the Committee shall have discretion to pay a Fixed Award (or a prorated portion thereof) to the Participant’s estate, or if there is no administration of the estate, to the heirs at law, on the Payment Date.
Except as otherwise may be provided by the Committee, in its sole discretion, no Fixed Award amount shall be payable for a Performance Measure unless the Threshold Achievement for such Performance Measure is achieved.
Ninety percent (90%) of such Fixed Award shall be based on the Overall Performance Level and the achievement of the Performance Goals.
If a Participant’s employment is terminated after the end of the Performance Period, but prior to the Payment Date, for any reason other than termination for Cause, the amount of any Fixed Award applicable to the Performance Period shall be paid to the Participant in accordance with the provisions of Article 5 on the Payment Date.
In the event of Disability during the Performance Period (absent termination), the Committee shall have discretion to pay a Fixed Award (or a prorated portion thereof) to the Participant on the Payment Date.
For each Performance Period, the Committee shall also establish and approve (i) with respect to all Participants, a payout schedule setting forth the Fixed Award amount potentially payable upon the achievement of Threshold Achievement, Target Achievement, and Maximum Achievement levels, and (ii) with respect to Tier 2 Participants, a Pool Payout Schedule for Threshold Achievement, Target Achievement, and Maximum Achievement levels, to be used for establishing the Tier 2 Pool.