Number of Performance Units Earned. Except as may be provided in section 7 below, after completion of the Performance Period, the total number of Performance Units will be earned and vested based entirely on Relative TSR (as determined in section 6.A) as of the last day of the Performance Period. For purposes of this Award, TSR shall be expressed as a compound annual growth rate and calculated as follows: TSR = ( Ending Stock Price + Dividends PaidBeginning Stock Price ) (1/3) - 1
Number of Performance Units Earned. Exhibit C attached hereto sets forth the formula for calculating the number of Performance Units earned based on the Fiscal 2025 EBITDA achieved. Pursuant to Exhibit C, the number of Performance Units earned shall be determined by multiplying the number of Performance Units by a fraction (subject to a maximum of one (1)), the numerator of which shall equal (i) Fiscal 2025 EBITDA achieved minus (ii) Target Fiscal 2025 EBITDA, and the denominator of which shall equal (a) Maximum Fiscal 2025 EBITDA minus (b) Target Fiscal 2025 EBITDA. If the level of performance achieved is less than or equal to the Target Fiscal 2025 EBITDA, then no Performance Units shall be earned pursuant to this Section 3.3(c). For the avoidance of doubt, if the Grantee experiences a termination of employment or a Change of Control occurs, in either case, prior to the end of the Performance Period, no Performance Units shall be earned under this Section 3(c).
Number of Performance Units Earned. Except as may be provided in paragraph 7 below, after completion of the Performance Period, the total number of Performance Units will be earned and vested based entirely on the three-year average ROIC (as determined in paragraph 6.A.) as of the last day of the Performance Period. For purposes of this Award, ROIC shall be expressed as follows: Three-Year Average ROIC = ( ( NOPAT (Yr1)Average Invested Capital (Yr1) ) + ( NOPAT (Yr2)Average Invested Capital (Yr2) ) + ( NOPAT (Yr3)Average Invested Capital (Yr3) ) ) ÷ 3 Return on invested capital (ROIC) is a profit measure that is calculated by taking the Company's net operating profit after tax (NOPAT), divided by average invested capital. NOPAT represents net income plus after tax interest expense, adjusted for after tax income related to average liquidity (cash, short-term investments and company-owned life insurance policies) in excess of $200 million and the deferral of a portion of restructuring or other charges to the extent approved by the Committee. Average invested capital represents the average shareholders' equity and average long-term debt, adjusted for average liquidity in excess of $200 million and the impact of recent acquisitions or other adjustments to the extent approved by the Committee.
Number of Performance Units Earned. Except as may be provided in paragraph 7 below, after completion of the Performance Period, the total number of Performance Units will be earned and vested based entirely on the three-year average ROIC (as determined in paragraph 6.A.) as of the last day of the Performance Period. For purposes of this Award, ROIC shall be expressed as follows: Three-Year Average ROIC = ( ( NOPAT (Yr1)Average Invested Capital (Yr1) ) + ( NOPAT (Yr2)Average Invested Capital (Yr2) ) + ( NOPAT (Yr3)Average Invested Capital (Yr3) ) ) ÷ 3 Return on invested capital (ROIC) is a profit measure that is calculated by taking the Company's net operating profit after tax (NOPAT), divided by average invested capital. NOPAT represents net income plus after tax interest expense, adjusted for after tax interest income related to cash and short-term investments in excess of $100 million, investment gains and losses related to variable life company-owned life insurance policies and the deferral of a portion of restructuring or other charges to the extent approved by the Committee. Average invested capital represents the average shareholders' equity and average long-term debt, adjusted for average cash and short-term investments (including variable life company-owned life insurance policies) in excess of $100 million and the impact of recent acquisitions or other adjustments to the extent approved by the Committee.
Number of Performance Units Earned. After completion of the Performance Period, the number of Performance Units earned under this Agreement based on cash flow measures greater than or equal to $2.60/share through $6.50/share will be determined according to the following formula: Number of Performance Units Earned = [Target Number of Performance Units/2] + {[(Target Number of Performance Units/2)/1.3] x [actual cash flow result – 2.60]}, provided that no Performance Units will be earned until the actual cash flow result equals at least $2.60/share and the number of Performance Units earned will not exceed 200% of the target number under this Award. Earned Performance Units will be paid in Shares or cash and vest in thirds on 3/1/08; 2/28/09 and 2/27/10, respectively. The earned Shares will be transferred to you at the vesting date.
Number of Performance Units Earned. The number of Performance Units earned under this Agreement will be based [●]% on Absolute TSR and [●]% on Relative TSR. TSR shall be expressed as a percentage, calculated as the quotient of (A) Ending Stock Price plus Dividends Paid and (B) Beginning Stock Price, minus one (1): TSR = ((Ending Stock Price + Dividends Paid)/Beginning Stock Price) - 1
Number of Performance Units Earned. Except as may otherwise be provided in this Award Agreement, after completion of the Performance Period, the number of Performance Units earned shall be determined by multiplying (i) the Target Award, (ii) the Average, and (iii) the “Relative TSR Percentage”. The “Relative TSR Percentage” will be determined by comparing the Company’s Total Shareholder Return (“TSR”) against the TSR of each company in the peer group (“Relative TSR”) in accordance with the following schedule: TBD For purposes of the foregoing, interpolation shall be used in the event the Company’s percentile rank does not fall directly within one of the Relative TSR percentiles listed above Each earned Performance Unit will be released following the date on which the Committee certifies the Company’s attainment of the Relative TSR Percentage (the “Vesting Date”). Upon the release of your earned Performance Units, the Company will issue you one (1) Share for each earned Performance Unit as soon as practicable following the close of the applicable Performance Period, but in no event more than 60 days following the last day of the Performance Period. Notwithstanding any provision under this Award Agreement and in _______ Initial ###AWARD REF### ###FIRST NAME### ###LAST NAME### ###DATE### accordance with the terms of the Plan, your maximum aggregate payout (determined as of the last day of the Performance Period) will be equal to ###maximum###% of the Target Award. Notwithstanding the foregoing, the Company may, in its sole discretion, settle your earned Performance Units in the form of Shares but require you to sell such Shares immediately or within a specified period of time following your termination of employment (in which case you hereby expressly authorize the Company to issue sales instructions to any brokerage firm and/or third party administrator engaged by the Company on your behalf).
Number of Performance Units Earned. Following the Performance Period, on the Determination Date, the Administrator shall determine whether and to what extent the RTSR Performance Goal has been satisfied for the Performance Period and shall determine the number of Performance Units that shall become nonforfeitable hereunder and under the Agreement on the basis of the following:
Number of Performance Units Earned. After completion of the Performance Period, the number of Performance Units earned under this Agreement will be based 50% on Absolute TSR and 50% on Relative TSR. For purposes of this Award, TSR shall be expressed as a compound annual growth rate and calculated as follows:
Number of Performance Units Earned. Except as may otherwise be provided in this Award Agreement, after completion of the Performance Period, the number of Performance Units earned shall be determined by multiplying the applicable portion of the Target Award and the results certified by the Committee as set forth in Exhibits A, B and C. Earned Performance Units will vest on the last day of the Company's ###Third Performance Fiscal Year### fiscal year and be paid in Shares as soon as administratively practicable following the close of the applicable Performance Period. Upon the release of your earned Performance Units, the Company will issue you one (1) Share for each earned Performance Unit as soon as practicable following the close of the applicable Performance Period, but in no event more than 60 days following the last day of the Performance Period. Notwithstanding any provision under this Award Agreement and in accordance with the terms of the Plan, your maximum aggregate payout (determined as of the last day of the Performance Period) will be equal to 200% of the Target Award. Notwithstanding the foregoing, the Company may, in its sole discretion, settle your earned Performance Units in the form of Shares but require you to sell such Shares immediately or within a specified period of time following your termination of employment (in which case you hereby expressly authorize the Company to issue sales instructions to any brokerage firm and/or third-party administrator engaged by the Company on your behalf). _______ Initial ###AWARD REF### ###FIRST NAME### ###LAST NAME### ###DATE###
