Common use of Modifier Clause in Contracts

Modifier. Following the completion of the Performance Period, the Conditional PRU Award will be adjusted by the TSR modifier as set forth in this Section 3(b) (the “TSR modifier”). The TSR modifier will be equal to zero if the minimum level is not met, resulting in no payout under this Agreement, and the modifier cannot exceed 150%. A Recipient’s PRU Award (if any) shall equal the Conditional PRU Award multiplied by the TSR modifier, as approved by the Committee. The TSR modifier will be as follows based on the Company’s calendar three-year performance as compared to the fiscal three-year performance of the TSR Peer Group over the same period: 0% if performance is below the minimum level, 70% if performance is at the minimum level, 100% if performance is at the target level, and 150% if performance is at or above the maximum level. For performance between the minimum level and the target level, a proportionate TSR modifier percentage between 70% and 100% will be applied based on relative performance between minimum and target. For performance between the target level and the maximum level, a proportionate TSR modifier percentage between 100% and 150% will be applied based on relative performance between target and maximum. The TSR modifier with respect to the Company’s TSR relative to the TSR of the TSR Peer Group during the Performance Period will be as follows for the entire Performance Period: Company TSR Relative to TSR Peer Group TSR* Minimum (20th percentile) Target (50th percentile) Maximum (80th percentile or above) TSR Modifier .70 1.00 1.50 * Company TSR and TSR Peer Group TSR will be computed using average six-month closing prices preceding the / / and / / measurement dates, and shall in each case assume reinvestment of dividends paid during the Performance Period.

Appears in 1 contract

Sources: Performance Based Rsu Grant Agreement (TTM Technologies Inc)

Modifier. Following the completion of the Performance Period, the Conditional PRU Award will be adjusted by the TSR modifier as set forth in this Section 3(b) (the “TSR modifier”). The TSR modifier will be equal to zero if the minimum level is not met, resulting in no payout under this Agreement, and the modifier cannot exceed 150%. A Recipient’s PRU Award (if any) shall equal the Conditional PRU Award multiplied by the TSR modifier, as approved by the Committee. The TSR modifier will be as follows based on the Company’s calendar fiscal three-year performance as compared to the fiscal three-year performance of the TSR Peer Group over the same period: 0% if performance is below the minimum level, 7060% if performance is at the minimum level, 100% if performance is at the target level, and 150% if performance is at or above the maximum level. For performance between the minimum level and the target level, a proportionate TSR modifier percentage between 7060% and 100% will be applied based on relative performance between minimum and target. For performance between the target level and the maximum level, a proportionate TSR modifier percentage between 100% and 150% will be applied based on relative performance between target and maximum. The TSR modifier with respect to the Company’s TSR relative to the TSR of the TSR Peer Group during the Performance Period will be as follows for the entire Performance Period: Company TSR Relative to TSR Peer Group TSR* Minimum (20th 10th percentile) Target (50th percentile) Maximum (80th percentile or above) TSR Modifier .70 .60 1.00 1.50 * Company TSR and TSR Peer Group TSR will be computed using average six-month closing prices preceding the / / 12/29/15 and / / 12/31/18 measurement dates, and shall in each case assume reinvestment of dividends paid during the Performance Period.

Appears in 1 contract

Sources: Performance Based Rsu Grant Agreement (TTM Technologies Inc)

Modifier. Following the completion of the Performance Period, the Conditional PRU Award will be adjusted by the TSR modifier as set forth in this Section 3(b) (the “TSR modifier”). The TSR modifier will be equal to zero if the minimum level is not met, resulting in no payout under this Agreement, and the modifier cannot exceed 150%. A Recipient’s PRU Award (if any) shall equal the Conditional PRU Award multiplied by the TSR modifier, as approved by the Committee. The TSR modifier will be as follows based on the Company’s calendar fiscal three-year performance as compared to the fiscal three-year performance of the TSR Peer Group over the same period: 0% if performance is below the minimum level, 7060% if performance is at the minimum level, 100% if performance is at the target level, and 150% if performance is at or above the maximum level. For performance between the minimum level and the target level, a proportionate TSR modifier percentage between 7060% and 100% will be applied based on relative performance between minimum and target. For performance between the target level and the maximum level, a proportionate TSR modifier percentage between 100% and 150% will be applied based on relative performance between target and maximum. The TSR modifier with respect to the Company’s TSR relative to the TSR of the TSR Peer Group during the Performance Period will be as follows for the entire Performance Period: Company TSR Relative to TSR Peer Group TSR* Minimum Target Maximum (20th 10th percentile) Target (50th percentile) Maximum (80th percentile or above) TSR Modifier .70 .60 1.00 1.50 * Company TSR and TSR Peer Group TSR will be computed using average six-month closing prices preceding the / / 12/29/15 and / / 12/31/18 measurement dates, and shall in each case assume reinvestment of dividends paid during the Performance Period.

Appears in 1 contract

Sources: Performance Based Restricted Stock Unit Grant Agreement