Determination of Earned Performance Units Clause Samples

The "Determination of Earned Performance Units" clause defines how and when performance units are considered earned under an agreement, typically in the context of incentive or equity compensation plans. This clause outlines the specific criteria, such as achievement of performance goals or completion of service periods, that must be met for participants to receive their allocated units. For example, it may specify that units are earned only if certain financial targets are met by a set date or if the participant remains employed through a vesting period. Its core function is to provide clear guidelines for both parties, ensuring transparency and fairness in the allocation of performance-based rewards.
Determination of Earned Performance Units. As soon as practicable following the conclusion of the Performance Period, the Committee will approve by resolution whether and to what extent the Performance Measures have been achieved for the Performance Period and certify by resolution the amount of the Performance Units to be paid to Grantee hereunder. In determining the amount of Performance Units to be paid to Grantee, the Committee may use discretion to increase or decrease the amount of the award otherwise payable to Grantee based upon such performance.
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Determination of Earned Performance Units. The number of Units that may be earned by and issuable to the Holder (the “Earned Units”) shall be based upon the achievement by the Company of the performance standards as reviewed and approved by the Committee and reflected in the resolutions of the Committee (the “Performance Goals”) over the three-year period indicated above (the “Performance Period”). The determination by the Committee with respect to the achievement of the Performance Goals shall be made in its sole discretion and as soon as administratively practicable following the Performance Period after all necessary Company information is available. The specific date on which such determination is formally made and approved by the Committee is referred to as the “Determination Date.” Within 15 business days following the Determination Date, but in no event later than March 15th of the fiscal year following the end of the Performance Period (the “Settlement Date”), the Company shall notify the Holder of the number of Units, if any, that have become Earned Units and the corresponding number of shares of Stock to be issued to the Holder in satisfaction of this award of Units, and settle each Earned Unit by delivering to the Holder one share of Stock, subject to withholding as described in Section 9 below. The number of Units which may become Earned Units will be between 0% and [____]% of the Target Number of Units depending on whether and to what extent the Performance Goals are achieved by the Company. The Company shall (a) issue or cause to be delivered to the Holder (or the Holder’s Heir, as defined below, if applicable) one or more unlegended stock certificates representing such shares, or (b) cause a book entry for such shares to be made in the name of the Holder (or the Holder’s Heir, if applicable). In the case of the Holder’s death, Stock to be delivered in settlement of Units as described above shall be delivered to the Holder’s beneficiary or beneficiaries (as designated in the manner determined by the Committee), or if no beneficiary is so designated or if no beneficiary survives the Holder, then the Holder’s administrator, executor, personal representative, or other person to whom the Units are transferred by means of the Holder’s will or the laws of descent and distribution (such beneficiary, beneficiaries or other person(s), the “Holder’s Heir”).
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Determination of Earned Performance Units. The number of Performance Units that shall be earned by Participant shall be based upon the achievement by the Company of the performance standards as reviewed and approved by the Committee and reflected in the resolutions of the Committee (the “Performance Goals”) over the three-year period indicated above and set forth in Participant’s Grant Summary Report (the “Performance Period”). The determination by the Committee with respect to the achievement of the Performance Goals shall be made as soon as administratively practicable following the Performance Period after all necessary Company information is available. The specific date on which such determination is formally made and approved by the Committee is referred to as the “Determination Date”. After the Determination Date, the Company shall notify Participant of the number of Performance Units, if any, that have become “Earned Performance Units” and the corresponding number of shares of Common Stock to be issued to Participant in satisfaction of this award of Performance Units, subject to withholding as described in Section 10 below. The number of Performance Units which may become Earned Performance Units will be between 0% and 200% of the Target Number of Performance Units depending on whether and to what extent the Performance Goals were achieved by the Company.
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Related to Determination of Earned Performance Units

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.

  • Performance Units Subject to the limitations set forth in paragraph (c) hereof, the Committee may in its discretion grant Performance Units to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which sets forth the terms and conditions of the Award.

  • Performance Share Units The Committee may, in its discretion, grant to Executive performance share units subject to performance vesting conditions (collectively, the “Performance Units”), which shall be subject to restrictions on their sale as set forth in the Plan and an associated Performance Unit Grant Letter.

  • Performance Period This Agreement shall be performed during the period which begins Oct 01 2020 and ends Sep 30 2022. All services under this Agreement must be rendered within this performance period, unless directly specified under a written change or extension provisioned under Article 14, which shall be fully executed by both parties to this Agreement.

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).