Grant of the Performance Units Clause Samples
The 'Grant of the Performance Units' clause defines the process by which an individual, typically an employee or executive, is awarded performance units as part of an incentive or compensation plan. This clause outlines the number of units granted, the date of the grant, and any conditions or requirements that must be met for the grant to be effective, such as board approval or execution of an agreement. Its core practical function is to formally document the award of performance-based compensation, ensuring both parties understand the terms and conditions under which the units are granted and helping to prevent disputes regarding eligibility or entitlement.
Grant of the Performance Units. The Performance Units (and Dividend Equivalents, as described further in Article II, Section 5 below) covered by this Agreement are granted to the Grantee effective on the Date of Grant and are subject to and granted upon the terms, conditions and restrictions set forth in this Agreement and in the Plan. The Performance Units and Dividend Equivalents shall become vested in accordance with Article II, Section 3 hereof. Each Performance Unit shall represent the right to receive one Common Share (or cash equal to the Market Value per Share) when the Performance Unit vests and shall at all times be equal in value to one hypothetical Common Share (or the Market Value per Share if settled in cash). The Performance Units and Dividend Equivalents shall be credited to the Grantee in an account established for the Grantee until payment in accordance with Article II, Section 4 hereof.
Grant of the Performance Units. Subject to the terms and conditions of the Plan and this Agreement, the Corporation grants to the Recipient 100,450 Performance Units (hereinafter called the “Units”). The Units shall vest and become non-forfeitable in accordance with Section 2 below. In the event of any conflict between the Plan and this Agreement, the terms of the Plan shall control. The grant of Units made under this Agreement is referred to as the “Units Award”.
Grant of the Performance Units. Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Agreement, the Company hereby grants to the Participant an Award consisting of Performance Units (the "Target Units"). In no event will the Actual Value of an Actual Unit exceed $171 for any purpose of this Award.