Performance Bonus Award definition
Examples of Performance Bonus Award in a sentence
Subject to ECC approval, in the spring of 1998, you will be eligible for a standard grant of Stock Options, and you also will be eligible for a Performance Bonus Award for the 1998-2000 award cycle under the GTE Long-Term Incentive Plan ("LTIP").
In order to receive full Separation Benefits (including but not limited to full ISEP and the Special Exercise Period described in paragraph 5 above) and the 1998 EIP Award, and in order for your participation in the LTIP Performance Bonus Award Cycles to be as described in paragraph 5 above, you will be required to sign a release upon the expiration of the Special Assignment Period.
Each Performance Bonus Award will be payable at the same time LTIP awards are payable to other LTIP participants.
For purposes of this Letter Agreement, your 1998 Stock Option and Performance Bonus Award grants are collectively referred to as "LTIP Grants." Note that the ECC reserves the right not to make Stock Option or Performance Bonus Awards in 1998, and, if so, you will be treated in the same manner as other executives at your salary level.
You will be eligible to defer, and thus receive a match pursuant to the EPP, only those of your LTIP Performance Bonus Awards payable while you are still employed by GTE (in this case, only the 1995-97 Performance Bonus Award).