The LTIP Sample Clauses

The LTIP clause establishes the terms and conditions of a Long-Term Incentive Plan, which is designed to reward employees or executives based on the achievement of specific performance goals over an extended period. Typically, this clause outlines eligibility criteria, the types of awards (such as stock options or performance shares), vesting schedules, and the performance metrics used to determine payouts. Its core practical function is to incentivize sustained performance and align the interests of key personnel with the long-term success of the company, thereby promoting retention and motivation.
The LTIP. 7.1.1 Viavi consents for the purposes of Rule 21.1 of the Code to the Target granting further awards under the LTIP on or around March 2024 (subject to dealing restrictions) (the “2024 Awards”): (i) in the ordinary course of business and in accordance with its usual practice including in terms of recipients, quantum (total of c. £10.3 million) and performance conditions, for the financial year beginning on 1 January 2024; and (ii) over 1,215,644 shares in respect of awards it had approved in November 2023 and intended to grant on 15 December 2023 but was unable to do so due to dealing restrictions (the “December Awards”). 7.1.2 Pursuant to rule 13.7 of the LTIP rules, if the Effective Date occurs prior to the Normal Vesting Date (as defined in the LTIP rules) of any 2024 Awards and any other LTIP awards granted in 2024 or after (other than (a) the 2024 Notified Employee Awards, which will vest as set out in paragraph 7.1.4 below and (b) the Previously Triggered Awards, which will be treated as set out in paragraph 6.1 above) (the “Rollover 2024 Awards"), the Rollover 2024 Awards will not vest early on the date of the Court Order and shall automatically rollover on the Effective Date into an award under Viavi’s 2003 Equity Incentive Plan (the "Replacement Viavi Awards") with the following terms: (i) the terms of the Replacement Viavi Awards will be the same as set out in the rules of Viavi’s 2003 Equity Incentive Plan, subject to the terms set out in paragraphs 7.1.2(ii) to (vi) below which will take precedence; (ii) the Replacement Viavi Awards for Relevant Replacement Award Participants shall be equal in value to the Rollover 2024 Awards calculated as follows: the number of shares of Viavi common stock equal to the product (rounded down to the nearest whole share) of (1) the number of shares subject to such Rollover 2024 Awards multiplied by (2) the Exchange Ratio; (iii) all existing performance conditions will be disapplied and no further performance conditions will be applied; (iv) each of the vesting and payment dates of the Replacement Viavi Award will be no longer than each of the vesting and payment dates of the Rollover 2024 Awards being replaced; (v) no post-vesting holding period will apply to the Replacement Viavi Awards; and (vi) one-third of a Replacement Viavi Award will vest on a participant’s termination of employment with the Viavi Group after the Effective Date where such termination (1) occurs prior to the first anniversary of the Effect...
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Related to The LTIP

  • Vesting of Award Subject to Section 2(b) below and the other terms and conditions of this Agreement, this Award shall become vested in three equal annual installments on the first, second and third anniversaries of the date hereof. Unless otherwise provided by the Company, all dividends and other amounts receivable in connection with any adjustments to the Shares under Section 4(c) of the Plan shall be subject to the vesting schedule in this Section 2(a).

  • Annual Incentive Plan Executive shall be entitled to participate fully in the Company's 1996 Management Incentive Compensation Plan, as amended (the "MICP"), and as may be further amended, modified, or replaced, from time to time, in accordance with the terms and conditions set forth herein and therein.

  • Incentive Bonus Plan Employee shall be eligible for a bonus opportunity of up to 65% of his annual base salary in accordance with the Company’s Incentive Bonus Plan as modified from time to time, payable in cash and/or equity of the Company (at the Company’s discretion). The bonus payment and the Company’s targeted performance shall be determined and approved by the Board or the compensation committee thereof.

  • Forfeiture of Awards The Restricted Stock Units granted hereunder (and gains earned or accrued in connection therewith) shall be subject to such generally applicable policies as to forfeiture and recoupment (including, without limitation, upon the occurrence of material financial or accounting errors, financial or other misconduct or Competitive Activity) as may be adopted by the Administrator or the Board from time to time and communicated to the Employee or as required by applicable law, and are otherwise subject to forfeiture or disgorgement of profits as provided by the Plan.

  • Terms of Award The following terms used in this Agreement shall have the meanings set forth in this paragraph 1: