STI Award definition
Examples of STI Award in a sentence
Following such termination of Employee’s employment for Cause, except as set forth in this Section 8(c)(ii), Employee shall have no further rights to any compensation or any other benefits under this Agreement (including, but not limited to, any payment of any STI Award that has not been paid as of the date of Employee’s termination of employment).
The criteria applicable to the initial STI Award, and the form and timing of payment of the STI Award, are set forth on Exhibit A hereto, and the criteria applicable to subsequent STI Awards, and the form and timing of payment of subsequent STI Awards, will be set forth in awards adopted by the Compensation Committee during the first fiscal quarter of each fiscal year.
An STI Deferral Eligible Employee may elect to cancel a Deferral Election made pursuant to this section on account of Changed Personal Circumstances provided such election is made on or before the date that is six months before the end of the performance period over which the STI Award shall be determined.
Each STI Award, if any, shall be paid as soon as administratively feasible after the Board (or a committee thereof) certifies whether the applicable performance targets for the applicable STI Year have been achieved, but in no event later than March 15 following the end of such STI Year.
Any election made pursuant to this section shall remain in effect unless and until changed by the Participant; provided, however, that with respect to any STI Award earned during any future taxable year, such election becomes irrevocable on the date that is six months before the end of the performance period over which the STI Award shall be determined.