Performance Unit Awards Sample Clauses
The Performance Unit Awards clause defines the terms under which employees or participants are granted performance-based compensation units, typically tied to the achievement of specific company or individual performance goals. These awards usually vest over a set period and may be paid out in cash, stock, or other forms of value depending on the company’s plan and the level of performance achieved. By clearly outlining the criteria for earning and receiving these awards, the clause incentivizes desired behaviors and aligns employee interests with organizational objectives, while also providing transparency and predictability in compensation.
Performance Unit Awards. Each JDSU MSU Award that is outstanding immediately prior to the Effective Time shall be converted as of the Effective Time into either a Viavi MSU Award or a Holdings MSU Award as follows:
Performance Unit Awards. Subject to the terms and provisions of the Plan, Performance Unit Awards may be granted to one or more Participants upon such terms and conditions, and at any time and from time to time, as shall be determined by the Committee. A Performance Unit Award grants the Participant the right to receive a specified number of shares of Stock or a cash payment equal to the Fair Market Value (determined as of a specified date) of a specified number of shares of Stock depending on the satisfaction of any one or more Performance Goals during one or more Performance Periods as determined by the Committee. At the discretion of the Committee, the Award Agreement may provide for payment for vested Performance Unit Awards in cash, shares of Stock of equivalent cash value, or in a combination thereof.
Performance Unit Awards. Performance Units that are awarded to a Participant shall have a Payment Value during a Performance Period determined on the basis of the performance of the Company over such Performance Period, in accordance with the applicable Payment Schedule. The Payment Schedule, Performance Period and Performance Criteria applicable to Performance Units are set forth in Exhibit I hereto. Except as may be otherwise set forth in the Plan or herein, no Performance Unit may be earned prior to the Measurement Date of the applicable Performance Period and then only to the extent set forth in the applicable Payment Schedule.
Performance Unit Awards a. At such time as the Compensation Committee determines, it shall establish and approve the performance goals and performance periods of the remaining three of the four tranches of five thousand (5,000) performance unit awards (the “Performance Unit Awards”) granted to the Executive, the Compensation Committee having already approved the performance goals for the first five thousand (5,000) of such Performance Unit Awards. Such performance goals and performance periods shall be in accordance with the terms and conditions of the Company’s 2005 Omnibus Incentive Plan, as the same may be amended from time to time (the “2005 Plan”), and subject to the terms and conditions of the Performance Unit Award Agreements to be executed by the Company and the Executive with respect to each Performance Unit Award. To the extent earned at the end of the applicable performance period, each Performance Unit Award described in this Section III.a will vest on the August 1st next following the end of the respective performance period, subject to the Executive’s continued employment with the Company through the vesting date; provided, however, in no event shall the last such vesting date be later than August 1, 2017. All performance goals and performance periods of the Performance Unit Awards are subject to approval by the Compensation Committee.
b. Nothing herein is intended to give the Executive the right to be employed by the Company in any capacity or for any duration of time. The Company reserves the right to terminate the Executive’s employment at any time for any reason.
Performance Unit Awards. Effective as of the Commencement Date, Executive shall participate in the Performance Unit Program in accordance with the terms and conditions thereof and on the same basis as other senior executives of the Company; provided, however, that any award payable to Executive under such Program with respect to each of the three-year performance periods ending on December 31, 1998, 1999 or 2000 will be made as though Executive had participated in such Program throughout such performance periods (except in the event of a Termination of Employment, in which case the provisions of the Performance Unit Program shall apply).
Performance Unit Awards. During the Employment Term, the Employee will be eligible to receive an annual award of Performance Units (as defined in the 2021 Plan). The target annual Performance Unit award to the Employee will be 100% of Base Salary, and each such award shall be subject to performance,vesting and other requirements specified by, or determined in accordance with, the 2021 Plan.
Performance Unit Awards. 10(A).01.
Performance Unit Awards. (a) GENERAl. A Performance Unit Award is an Award entitling the recipient to acquire cash or shares of Stock, or a combination of cash and shares of Stock, upon the attainment of specified performance goals. The Committee in its sole discretion shall determine whether and to whom Performance Unit Awards shall be made, the performance goals applicable under each such Award, the periods during which performance is to be measured and all other limitations and conditions applicable to a Performance Unit Award. Performance goals may vary from participant to participant and between groups of participants and shall be based upon such Company, business unit or individual performance factors or criteria as the Committee may deem appropriate, including those factors described in Section 5(iv)(B) above. Performance periods may overlap and participants may participate simultaneously with respect to Performance Unit Awards that are subject to different performance periods and different performance goals. The Committee may adjust the performance goals and periods applicable to a Performance Unit Award to take into account changes in law and accounting and tax rules and to make such adjustments as the Committee deems necessary or appropriate to reflect the inclusion or exclusion of the impact of extraordinary or unusual items, events or circumstances in order to avoid windfalls or hardships. Performance Units may be awarded independent of or in connection with the grant of any other Award under the Plan.
Performance Unit Awards. Your outstanding performance unit awards which you hold as of the Separation Date will be governed by the terms of the applicable ▇▇▇▇▇▇ Equity Incentive Plan(s) and terms and conditions thereunder in effect at the time of grant. The performance unit awards for the Fiscal 2015-2017 and Fiscal 2016-2018 cycles granted to you will be immediately cancelled and forfeited on the Separation Date.
Performance Unit Awards. With respect to Performance Unit Awards, in the event of a Participant’s termination of Continuous Service by the Company or any Affiliate without Cause or by the Participant for Good Reason, in either case, within 12 months following a Change in Control, all Performance Goals or other vesting criteria will be deemed achieved at 100% of target levels and all other terms and conditions will be deemed met as of the date of the Participant’s termination of Continuous Service. To the extent practicable, any actions taken by the Board under the immediately preceding clauses (a) and (b) will occur in a manner and at a time that allows affected Participants the ability to participate in the Change in Control with respect to the Class B Units subject to their Awards.