Performance Shares Vesting Sample Clauses
The Performance Shares Vesting clause defines the conditions under which performance-based shares granted to an employee or executive become fully owned by the recipient. Typically, this clause outlines specific performance targets or milestones—such as revenue goals or project completions—that must be met within a set timeframe for the shares to vest. By clearly establishing these requirements, the clause incentivizes achievement of key objectives and aligns the interests of the recipient with the long-term success of the company, while also protecting the company from granting shares if performance criteria are not met.
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Performance Shares Vesting. Except as otherwise stated in this Section 2, you shall become vested in the Performance Shares on the third anniversary of the Grant Date specified in Annex 1, subject to the Corporation’s achievement of the Performance Goals specified in Annex 1 during the Performance Cycle as certified by the Committee (hereinafter the “Performance Shares Vesting Date” and, together with the Restricted Stock Vesting Date, the “Vesting Date”). The Performance Goals will be based on two performance metrics weighted equally: the Relative Total Shareholder Return (the “TSR”) and the Absolute Earnings per Share (the “EPS”) goals. The Performance Cycle is a three (3) year period beginning on January 1 of the calendar year of the Grant Date and ending on December 31 of the third year. Each Performance Goal will have a defined minimum threshold (i.e., minimum result for which an incentive would be earned), target (i.e., result at which 100% of the incentive would be earned) and maximum level of performance (i.e., result at which 1.5 times the incentive target would be earned).
Performance Shares Vesting. (Vesting Date: February 24, 2020):
Performance Shares Vesting. (Vesting Date: February 27, 2018): Dollar Value of Performance Shares Award: $ Grant Date: April 29, 2015 Common Stock Market Price as of closing on Grant Date: $ Total Target Number of Performance Shares: (#) Relative Total Shareholder Return (TSR)1 - Percentile Rank among Comparator Group # of Shares Earned Opening Price = $31.52 75th Percentile or above (1.5x target shares) Target Number of Performance Shares: 50th Percentile (1x target shares) 25th Percentile (0.5x target shares) Below 25th Percentile 0 Absolute Earnings Per Share (EPS)2 - Cumulative annual EPS 2015-2017 EPS Shares Earned (% of Target)
Performance Shares Vesting. Subject to the terms and conditions of this Agreement, the Performance Shares shall vest on the third anniversary of the Effective Date of the award, subject to the achievement of Performance Goals established by the Committee during the Performance Cycle (the “Performance Shares Vesting Date”, and, in conjunction with the Restricted Stock Vesting Date, the “Vesting Date”).