Payout Share Units definition

Payout Share Units and “vested Payout Share Units” have the meanings specified in Sections 6.5 and 7.1. “Payout Share Units” are the outstanding performance-adjusted number of Performance RSUs calculated in accordance with Section 6.5 that are eligible to vest in accordance with Section 7.1 provided that all of the other conditions of the Award Agreement are met. “Vested Payout Share Units” are outstanding performance-adjusted Performance RSUs that have vested in accordance with Section 7.1.
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Payout Share Units refers to the performance-adjusted number of units that are eligible to vest. “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act. “PNC Designated Person” means (a) the Committee or its delegate if you are (or were when you ceased to be an employee of PNC) either a Group 1 covered employee (Corporate Executive Group member) including any equivalent successor classification or subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to PNC securities (or both); or (b) the Committee, the CEO, or the Chief Human Resources Officer of PNC, or any other individual or group as may be designated by one of the foregoing to act as PNC Designated Person for purposes of this Agreement. “Qualifying Termination” has the meaning set forth in Section B of this Agreement. “Restricted Territory” means (a) if you are employed by (or, if you are not an employee, providing the majority of your services to) PNC in the United States or Canada as of the Termination Date, the United States and Canada, (b) if you are employed by (or, if you are not an employee, providing the majority of your services to) PNC in the United Kingdom as of the Termination Date, the United Kingdom or (c) if you are employed by (or, if you are not an employee, providing the majority of your services to) PNC in Germany as of the Termination Date, Germany or the United Kingdom. “Retirement” means your termination of employment with PNC at any time for any reason (other than termination of employment by reason of your death, by PNC for Cause or by reason of termination of employment in connection with a divestiture of assets or a divestiture of one or more subsidiaries of PNC if the Committee or the CEO or his or her designee so determines prior to such divestiture) on or after the first date on which you have both attained at least age 55 and completed five years of service, where a year of service is determined in the same manner as the determination of a year of vesting service calculated under the provisions of The PNC Financial Services Group, Inc. Pension Plan. “Termination Date” means the last day of your employment with PNC. If you are employed by a Subsidiary that ceases to be a Subsidiary or ceases to be a consolidated subsidiary of the Corporation under U.S. generally accepted accounting principles and you do not continue to be employed by or otherwise have a Service Relationship with PNC, then for p...
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Payout Share Units refers to the performance-adjusted number of units that are eligible to vest.
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Examples of Payout Share Units in a sentence

  • Upon a Change of Control, Dividend Equivalents accrued (without reinvestment or interest) between the Grant Date and the Change of Control will vest and be paid out in cash, less the payment of any applicable withholding taxes pursuant to Section 6 of Appendix A, if and when the Award vests and pays out, as if you were the record holder of the number of Shares equal to the number of vested Payout Share Units underlying the Award from the Grant Date through the date of the Change of Control.

  • The amount of Payout Share Units is rounded down to the nearest whole share unit.

  • In the event of your death following a Change of Control, the Payout Share Units and the Final Award Date will be determined as described above.

  • The Final Award Date is typically the date on which the Committee makes its determination as to the size of the payout to be paid out to you, but:  In the event of a Change of Control, the amount of Payout Share Units will be calculated (as of the date of the Change of Control) as described in paragraph 8 below and determination of the Final Award will be made as soon as practicable after the Change of Control.


More Definitions of Payout Share Units

Payout Share Units refers to the performance-adjusted number of IPUs that are eligible to vest. • The amount of Payout Share Units authorized by the Committee to be paid out to you in accordance with this Agreement is the “Final Award.”
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Payout Share Units means the performance-adjusted number of PRSUs in a Tranche that are eligible to vest. With respect to each Tranche, the calculation of Payout Share Units is determined as follows (with all percentages rounded to the nearest .01): • The Annual Corporate Performance Factor is first determined for the performance year related to that Tranche (ranging from 0.00% to 125.00%). • The Annual Tier 1 Risk-Based Performance Factor for that same Tranche (either 0.00% or 100%) is then applied to the Annual Corporate Performance Factor. • If the Annual Tier 1 Risk-Based Performance Factor is 0.00%, the award is forfeited and cancelled as set forth in Section C.3. • If the Annual Tier 1 Risk-Based Performance Factor is 100.00%, then the Annual Risk Review Performance Factor will be applied to the Tranche. • The Annual Risk Review Performance Factor for that same Tranche (ranging from 0.00% to 100.00%) is then applied to the Annual Corporate Performance Factor to generate the overall “Annual Performance Factor” for the Tranche (ranging from 0.00% to 125.00%). • The number of Payout Share Units for that Tranche is calculated by applying the Annual Performance Factor as a percentage of the initial outstanding PRSUs in a Tranche, rounded down to the nearest whole unit.
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Payout Share Units means the performance-adjusted number of PRSUs in a Tranche that are eligible to vest. With respect to each Tranche, the calculation of Payout Share Units is determined as follows (with all percentages rounded to the nearest .01): • The number of Payout Share Units for that Tranche is calculated by applying the Annual Risk Review Performance Factor for the applicable performance year as a percentage of the initial outstanding PRSUs in the corresponding Tranche, rounded down to the nearest whole unit. • Initial outstanding PRSUs in a Tranche that do not become Payout Share Units will be cancelled. • Payout Share Units not otherwise cancelled will become vested, settled and paid upon satisfaction of all applicable terms of this Agreement.
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Payout Share Units refers to the performance-adjusted number of IPUs that are eligible to vest. • The amount of Payout Share Units authorized by the Committee to be paid out to you in accordance with this Agreement is the “Final Award.” All performance metrics, including any adjustments, will be determined on the basis of: (x) PNC’s internal financial information, with respect to PNC’s absolute performance; (y) either publicly-disclosed financial information or internal financial information that is anticipated to be publicly disclosed in an upcoming filing with the SEC, with respect to PNC’s relative performance to members of the Peer Group; and (z) publicly-disclosed financial information; with respect to members of the Peer Group, in each case, as of the date immediately prior to the date the Committee certifies the performance metrics and only where such amounts can be reasonably determined.
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Payout Share Units means the performance-adjusted number of PRSUs in a Tranche that are eligible to vest. With respect to each Tranche, the calculation of Payout Share Units is determined as follows (with all percentages rounded to the nearest .01): • The Annual Risk Review Performance Factor is determined for the performance year related to that Tranche to generate the overall “Annual Performance Factor” for the Tranche (ranging from 0.00% to 100.00%). • The number of Payout Share Units for that Tranche is calculated by applying the Annual Performance Factor as a percentage of the initial outstanding PRSUs in a Tranche, rounded down to the nearest whole unit. Initial outstanding PRSUs in a Tranche that do not become Payout Share Units will be cancelled.
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Payout Share Units means the performance-adjusted number of Share Units calculated in accordance with Section 6 and eligible to be used in determining the payout amount for a Tranche of Performance RSUs and related Dividend Equivalents that are settled and paid out in accordance with Sections 7 and 8 of the Agreement.
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Related to Payout Share Units

  • Performance Shares means Shares or an Award denominated in Shares which may be earned in whole or in part upon attainment of performance criteria established by the Administrator.

  • Performance Share Award means an Award entitling the recipient to acquire shares of Stock upon the attainment of specified Performance Goals.

  • Performance Share Unit or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;

  • Deferred Shares means an award made pursuant to Section 7 of this Plan of the right to receive Common Shares at the end of a specified Deferral Period.

  • Stock Units means investment units under the Deferred Delivery Plan, each of which is deemed to be equivalent to one share of Stock.

  • Deferred Share Unit or “DSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 7;

  • Performance Stock Award means a Stock Award granted under the terms and conditions of Section 6(c)(i).

  • Restricted Stock Units means an Award of stock units subject to such restrictions and conditions as the Administrator may determine at the time of grant.

  • Performance Stock Unit means a right granted to a Participant pursuant to Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee.

  • Performance Unit Award means an award of Performance Units under this Plan.

  • Restricted Share Unit means the right granted to a Participant pursuant to Article 7 to receive a Share at a future date.

  • Share Unit means either an RSU or a PSU, as the context requires.