Common use of Performance Periods Clause in Contracts

Performance Periods. (a) Subject to the terms and conditions of this Agreement, 50% of the Target Number (the “2014/2015 Target Number”) shall have a one-year performance period, consisting of the period beginning October 1, 2014 and ending September 30, 2015 (the “2014/2015 Performance Period”), after which the 2014/2015 Target Number of Restricted Stock Units, if and when vested, will be paid in Shares. At the end of the 2014/2015 Performance Period, the value of the 2014/2015 Target Number of Restricted Stock Units that vest as provided in Section 4 of this Agreement, and are paid as provided in Section 5 of this Agreement, shall not exceed any maximum limits set by the Board of Directors pursuant to its resolutions adopted on August 18, 2014, or otherwise contained in the Plan. (b) Subject to the terms and conditions of this Agreement, the remaining 50% of the Target Number (the “2014/2018 Target Number”) shall have a four-year performance period, consisting of the period beginning October 1, 2014 and ending September 30, 2018 (the “2014/2018 Performance Period”), after which the 2014/2018 Target Number of Restricted Stock Units, if and when vested, will be paid in Shares. At the end of the 2014/2018 Performance Period, the value of the 2014/2018 Target Number of Restricted Stock Units that vest as provided in Section 4 of this Agreement, and are paid as provided in Section 5 of this Agreement, shall not exceed any maximum limits set by the Board of Directors pursuant to its resolutions adopted on August 18, 2014, or otherwise contained in the Plan.

Appears in 1 contract

Sources: Restricted Stock Unit Agreement (Reynolds American Inc)

Performance Periods. (a) Subject to the terms and conditions of this Agreement, 50% of the Target Number (the “2014/2015 2017 Target Number”) shall have a onetwelve-year month performance period, consisting of the period beginning October 1, 2014 2016 and ending September 30, 2015 2017 (the “2014/2015 2017 Performance Period”), after which the 2014/2015 2017 Target Number of Restricted Stock Units, if and when vested, will be paid in Shares. At the end of the 2014/2015 2017 Performance Period, the value of the 2014/2015 2017 Target Number of Restricted Stock Units that vest as provided in Section 4 of this Agreement, and are paid as provided in Section 5 of this Agreement, shall not exceed any maximum limits set by the Board of Directors pursuant to its resolutions adopted on August 18September 15, 20142016, or otherwise contained in the Plan. (b) Subject to the terms and conditions of this Agreement, the remaining 50% of the Target Number (the “2014/2018 2018 Target Number”) shall have a fourtwelve-year month performance period, consisting of the period beginning October 1, 2014 2017 and ending September 30, 2018 2018, (the “2014/2018 2018 Performance Period”), after which the 2014/2018 2018 Target Number of Restricted Stock Units, if NAI-1502151968v3 (c) and when vested, will be paid in Shares. At the end of the 2014/2018 2018 Performance Period, the value of the 2014/2018 2018 Target Number of Restricted Stock Units that vest as provided in Section 4 of this Agreement, and are paid as provided in Section 5 of this Agreement, shall not exceed any maximum limits set by the Board of Directors pursuant to its resolutions adopted on August 18September 15, 20142016, or otherwise contained in the Plan.

Appears in 1 contract

Sources: Restricted Stock Unit Agreement (Reynolds American Inc)

Performance Periods. (a) Subject to the terms and conditions of this Agreement, 50% of the Target Number (the “2014/2015 Target Number”) shall have a one-year performance period, consisting of the period beginning October 1, 2014 and ending September 30, 2015 (the “2014/2015 Performance Period”), after which the 2014/2015 Target Number of Restricted Stock Units, if and when vested, will be paid in Shares. At the end of the 2014/2015 Performance Period, the value of the 2014/2015 Target Number of Restricted Stock Units that vest as provided in Section 4 of this Agreement, and are paid as provided in Section 5 of this Agreement, shall not exceed any maximum limits set by the Board of Directors pursuant to its resolutions adopted on August 18, 2014, or otherwise contained in the Plan. (b) Subject to the terms and conditions of this Agreement, the remaining 50% of the Target Number (the “2014/2018 2014/2016 Target Number”) shall have a fourtwo-year performance period, consisting of the period beginning October 1, 2014 and ending September 30, 2018 2016 (the “2014/2018 2014/2016 Performance Period”), after which the 2014/2018 2014/2016 Target Number of Restricted Stock Units, if and when vested, will be paid in Shares. At the end of the 2014/2018 2014/2016 Performance Period, the value of the 2014/2018 2014/2016 Target Number of Restricted Stock Units that vest as provided in Section 4 of this Agreement, and are paid as provided in Section 5 of this Agreement, shall not exceed any maximum limits set by the Board of Directors pursuant to its resolutions adopted on August 18, 2014, or otherwise contained in the Plan.

Appears in 1 contract

Sources: Restricted Stock Unit Agreement (Reynolds American Inc)