Common use of Award Determination Clause in Contracts

Award Determination. At the end of the Performance Period, the Peer Companies and the Company shall be ranked together based on their TSR for the Performance Period with the highest TSR being number 1 and the lowest TSR being the number of Peer Companies, including the Company, remaining in the group at the end of the Performance Period, with any and all Failed Companies and Delisted Companies being ranked in last place on the list. Based on the Company's relative TSR rank among the Peer Companies for the Performance Period, Executive will have earned Performance Shares as determined by the Company's rank as follows: • If the Company is ranked at or above the 90th percentile of the Peer Companies, 200% of the Target Award • If the Company is ranked at the 50th percentile or median of the Peer Companies, including the Company, 100% of the Target Award • If the Company is ranked at the 25th percentile of the Peer Companies, including the Company, 50% of the Target Award • If the Company is ranked below the 25th percentile of the Peer Companies, including the Company, no award will be paid EXHIBIT VERSION If the Company is ranked between any of these payout levels, the percentage multiple of the Target Award will be interpolated based on the actual percentile ranking of the Company (rounded to the nearest whole percentile) in relation to the payout levels. Notwithstanding the preceding, if the Company's overall TSR is negative, no more than one hundred percent (100%) of the Target Award will be paid to the Executive. Any partial shares will be rounded up to the next whole number.

Appears in 2 contracts

Samples: 2016 Performance Share Agreement (PDC Energy, Inc.), 2016 Performance Share Agreement (PDC Energy, Inc.)

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Award Determination. At the end of the Performance Period, the Peer Companies and the Company shall be ranked together based on their TSR for the Performance Period with the highest TSR being number 1 and the lowest TSR being the number of Peer Companies, including the Company, remaining in the group at the end of the Performance Period, with any and all Failed Companies and Delisted Companies being ranked in last place on the list. Based on the Company's relative TSR rank among the Peer Companies for the Performance Period, Executive will have earned Performance Shares as determined by the Company's rank as follows: • If the Company is ranked number 1, 200% of the Target Award • If the Company is ranked at or above the 90th 75th percentile of the Peer Companies, 200including the Company, 150% of the Target Award • If the Company is ranked at the 50th percentile or median of the Peer Companies, including the Company, 100% of the Target Award • If the Company is ranked at the 25th percentile of the Peer Companies, including the Company, 50% of the Target Award • If the Company is ranked below the 25th percentile of the Peer Companies, including the Company, no award will be paid EXHIBIT VERSION If the Company is ranked between any of these payout levels, the percentage multiple of the Target Award will be interpolated based on the actual percentile ranking of the Company (rounded to the nearest whole percentile) in relation to the payout levels. Notwithstanding the preceding, if the Company's overall TSR is negative, no more than one hundred percent (100%) of the Target Award will be paid to the Executive. Any partial shares will be rounded up to the next whole number.

Appears in 1 contract

Samples: 2014 Performance Share Agreement (PDC Energy, Inc.)

Award Determination. At the end of the Performance Period, the Peer Companies and the Company shall be ranked together based on their TSR for the Performance Period with from the highest TSR being number 1 and to the lowest TSR being the number of Peer Companies, including the Company, remaining in the group at the end of the Performance Period, with any and all Failed Companies and Delisted Companies being ranked in last place on the list. Based on the Company's relative TSR rank among the Peer Companies for the Performance Period, Executive will have earned Performance Shares as determined by the Company's rank as follows: • If the Company is ranked number 1, 200% of the Target Award • If the Company is ranked at or above the 90th 75th percentile of the Peer Companies, 200including the Company, 150% of the Target Award • If the Company is ranked at the 50th percentile or median of the Peer Companies, including the Company, 100% of the Target Award • If the Company is ranked at the 25th percentile of the Peer Companies, including the Company, 50% of the Target Award • If the Company is ranked below the 25th percentile of the Peer Companies, including the Company, no award will be paid EXHIBIT VERSION If the Company is ranked between any of these payout levels, the percentage multiple of the Target Award will be interpolated based on the actual percentile ranking of the Company (rounded to the nearest whole percentile) in relation to the payout levels. Notwithstanding the preceding, if the Company's overall TSR is negative, no more than one hundred percent (100%) of the Target Award will be paid to the Executive. Any partial shares will be rounded up to the next whole number.

Appears in 1 contract

Samples: 2013 Performance Share Agreement (PDC Energy, Inc.)

Award Determination. At the end of the Performance Period, the Peer Companies and the Company shall be ranked together based on their TSR for the Performance Period with from the highest TSR being number 1 and to the lowest TSR being the number of Peer Companies, including the Company, remaining in the group at the end of the Performance Period, with any and all Failed Companies and Delisted Companies being ranked in last place on the list. Based on the Company's ’s relative TSR rank among the Peer Companies for the Performance Period, Executive will have earned Performance Shares as determined by the Company's ’s percentile rank as follows: • If the Company is ranked number 1, 200% of the Target Award • If the Company is ranked at or above the 90th 75th percentile of the Peer Companies, 200including the Company, 150% of the Target Award • If the Company is ranked at the 50th percentile or median of the Peer Companies, including the Company, 100% of the Target Award • If the Company is ranked at the 25th percentile of the Peer Companies, including the Company, 50% of the Target Award • If the Company is ranked below the 25th percentile of the Peer Companies, including the Company, no award will be paid EXHIBIT VERSION If the Company is ranked between any of these payout levels, the percentage multiple of the Target Award will be interpolated based on the actual percentile ranking of the Company (rounded to and the nearest whole percentile) in relation to the payout levelsactual percentile that ranking represents. Notwithstanding the preceding, if the Company's ’s overall TSR is negative, no more than one hundred percent (100%) of the Target Award will be paid to the Executive. Any partial shares will be rounded up to the next whole number.

Appears in 1 contract

Samples: 2012 Performance Share Agreement (Petroleum Development Corp)

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Award Determination. At the end of the Performance Period, the Peer Companies and the Company shall be ranked together based on their TSR for the Performance Period with from the highest TSR being number 1 and to the lowest TSR being the number of Peer Companies, including the Company, remaining in the group at the end of the Performance Period, with any and all Failed Companies and Delisted Companies being ranked in last place on the list. Based on the Company's relative TSR rank among the Peer Companies for the Performance Period, Executive will have earned Performance Shares as determined by the Company's percentile rank as follows: · If the Company is ranked at or above the 90th percentile of the Peer Companiesnumber 1, 200% of the Target Award · If the Company is ranked at the 75th percentile of the Peer Companies, including the Company, 150% of the Target Award · If the Company is ranked at the 50th percentile or median of the Peer Companies, including the Company, 100% of the Target Award · If the Company is ranked at the 25th percentile of the Peer Companies, including the Company, 50% of the Target Award · If the Company is ranked below the 25th percentile of the Peer Companies, including the Company, no award will be paid EXHIBIT VERSION If the Company is ranked between any of these payout levels, the percentage multiple of the Target Award will be interpolated based on the actual percentile ranking of the Company (rounded to and the nearest whole percentile) in relation to the payout levelsactual percentile that ranking represents. Notwithstanding the preceding, if the Company's overall TSR is negative, no more than one hundred percent (100%) of the Target Award will be paid to the Executive. Any partial shares will be rounded up to the next whole number.

Appears in 1 contract

Samples: Performance Share Agreement (Petroleum Development Corp)

Award Determination. At the end of the Performance Period, the Peer Companies and the Company shall be ranked together based on their TSR for the Performance Period with the highest TSR being number 1 and the lowest TSR being the number of Peer Companies, including the Company, remaining in the group at the end of the Performance Period, with any and all Failed Companies and Delisted Companies being ranked in last place on the list. Based on the Company's relative TSR rank among the Peer Companies for the Performance Period, Executive will have earned Performance Shares as determined by the Company's rank as follows: • If the Company is ranked at or above the 90th percentile of the Peer Companies, 200% of the Target Award • If the Company is ranked at the 50th percentile or median of the Peer Companies, including the Company, 100% of the Target Award • If the Company is ranked at the 25th percentile of the Peer Companies, including the Company, 50% of the Target Award • If the Company is ranked below the 25th percentile of the Peer Companies, including the Company, no award will be paid EXHIBIT VERSION If the Company is ranked between any of these payout levels, the percentage multiple of the Target Award will be interpolated based on the actual percentile ranking of the Company (rounded to the nearest whole percentile) in relation to the payout levels. Notwithstanding the preceding, if the Company's overall TSR is negative, no more than one hundred percent (100%) of the Target Award will be paid to the Executive. Any partial shares will be rounded up to the next whole number.

Appears in 1 contract

Samples: 2015 Performance Share Agreement (PDC Energy, Inc.)

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