Examples of preceding calendar year in a sentence
As soon as practicable following January 1 of each of the four calendar years commencing with the year following the Grant Year, the Company shall determine the XXX for the Preceding Calendar Year.
For each subsequent calendar year, the Minimum XXX Target shall mean the greater of 10.5% XXX or the highest XXX computed for any Preceding Calendar Year since and including the Grant Year, provided that if a limitation on vesting is imposed by Section 4.2(d) below, the Minimum XXX Target shall be the XXX Target that correlates to the level to which Vesting became restricted in the Preceding Calendar Year.
If the XXX for a calendar year, when determined in accordance with Section 4.1, equals or exceeds the Minimum XXX Target for that year, then a percentage of the Grant Shares shall vest based on the XXX Target for that calendar year (but not including the XXX Target achieved in any Preceding Calendar Year).