Performance Goals Condition Clause Samples
Performance Goals Condition. Except as otherwise provided herein, achievement of the performance goals condition will be measured by the Company’s Return on Average Equity, (“ROAE”) measured as the average of TrustCo’s ROAE for each of the three years within the Performance Period as set forth in Paragraph 2 compared with the ROAE of members of the comparative group of peer companies set forth on Exhibit A hereto (the “Peer Group”) during the same period (calculated by determining the performance of the Peer Group in each year and then calculating the three-year average of each member of the Peer Group set forth on Exhibit A), subject to possible adjustment as described below based upon TrustCo’s Earnings Per Share, with vesting occurring at the end of the Performance Period and payout prior to March 15, 2023. The following table outlines the Percentile Ranking and the corresponding adjustment Factor: Return on Average Equity for the Performance Period1 Maximum 60th percentile or above of the Peer Group 150% Target 50th - 59th percentile of the Peer Group 100% Threshold 40th – 49th percentile of the Peer Group 75% Below 40th percentile of the Peer Group 0% Except as set forth in the next paragraph, the number of Performance Shares that vest shall be determined by multiplying the Factor achieved by the number of Performance Shares granted under the Agreement. Additionally, if non-performing assets to total assets of the Company increases by more than 50% during the Performance Period, the total amount of cash to be paid pursuant to this Award shall be reduced by one quarter. 1 For amounts between the Threshold and Target levels or between the Target and Maximum levels, straight-line interpolation, rounded up to the next whole share, will be used to determine the number of Performance Shares that shall vest.
Performance Goals Condition. Except as otherwise provided herein, achievement of the performance goals condition will be measured by the percentage increase in the Company’s diluted earnings per share (“Diluted EPS”) as of the end of the Performance Period over the Company’s Diluted EPS for the year ended December 31, 2013 (“Base Diluted EPS), subject to the provisions of the Plan, including Section 17(d) thereof, as follows: In the event that the Company’s Diluted EPS for any calendar year during the Performance Period falls below the Base EPS, one-third of the Performance Shares will be forfeited and in such event the Participant shall not be entitled to any payment in respect of such forfeited Performance Shares under this Agreement. For purposes of this Agreement, Diluted EPS shall be determined (x) for any full calendar or fiscal year by reference to the calculations of the Company’s earnings per share as set forth in the Company’s audited financial statements for that year and (y) for any period for which audited financial statements are not prepared for the Company, by reference to the pertinent financial records of the Company.
Performance Goals Condition. The number of shares of the Company’s Common Stock earned by the Participant for the Performance Period, if any, will be determined by the Compensation Committee of the Board of Directors of the Company (“Committee”) as of the end of the Performance Period based on the level of achievement of the performance goals in accordance with Paragraph 4(d) below. The Committee shall make adjustments in the terms and conditions of, and the criteria included in, the Award in accordance with Section 14(b) of the Plan. Subject to the terms of Sections 4(f) and 4(g) of this Agreement, if the threshold level of the performance goals is not reached for the Performance Period, the Award and the Participant’s right to receive any shares of the Company’s Common Stock with respect to the Performance Period shall automatically expire and be forfeited without payment of any consideration, effective as of the last day of the Performance Period, which shall be deemed to be the Period of Restriction for the purposes of the Plan. All determinations of whether and the extent to which the performance goals have been achieved, the number of shares of the Company’s Common Stock earned by the Participant, if any, and all other matters related to this Paragraph 4 shall be made by the Committee in its sole discretion.
Performance Goals Condition. Except as otherwise provided herein, achievement of the performance goals condition will be measured by the Company's Return on Average Equity (“ROAE”) measured as the average of TrustCo’s ROAE for each of the three years within the performance period described below compared with the ROAE of members of a comparative group of peer institutions during the same period (calculated by determining the performance of the peer group in each year and then calculating the three-year average of the peer performance as described), subject to possible adjustment as described below based upon TrustCo’s average efficiency ratio over the performance period relative to the peer group’s efficiency ratio over the same period, with vesting and payout occurring at the end of the performance period and payout prior to March 15, 2021. The following table outlines the peer ranking and the corresponding adjustment factor: Maximum 60th percentile or above of the Peer Group 150% Target 50th - 59th percentile of the Peer Group 100% Threshold 40th – 49th percentile of the Peer Group 75% Below 40th percentile of the Peer Group 0% If the Company’s three-year average efficiency ratio, calculated in a fashion similar to the ROAE calculation described above, is below the 40th percentile of the peer group, the total award is reduced by one third. Performance Period: January 1, 2018 to December 31, 2020 Peer group: Consists of publicly held bank and savings and loan holding companies headquartered in New York, New Jersey and/or Florida with assets of between $2 and $10 billion (as of September 30 of each year), utilizing data which is filed with the appropriate securities regulatory agency.
Performance Goals Condition. The Company's Return on Average Equity measured as the average of each of the three years within the defined performance period against a comparative group of peer institutions with vesting and payout occurring at the end of the performance period and payout prior to March 15, 2020. The following table outlines the peer ranking and the corresponding adjustment factor: 60th and above percentile of the Peer Group 125% 50th - 59th percentile of the Peer Group 100% 40th – 49th percentile of the Peer Group 75% Below 40th percentile of the Peer Group 0% Performance Period: January 1, 2017 to December 31, 2019 Peer group: Consists of Publicly held bank and thrift holding companies headquartered in New York, New Jersey and or Florida with assets of between $2 and $10 billion (determined measured as of September 30, 2019), utilizing data which is filed with the appropriate securities regulatory agency.
Performance Goals Condition. The Company's Return on Average Equity measured as the average of each of the three years within the defined performance period against a comparative group of peer institutions with vesting and payout occurring at the end of the performance period and payout prior to March 15, 2020. The following table outlines the peer ranking and the corresponding adjustment factor: 60th and above percentile of the Peer Group 125% 50th - 59th percentile of the Peer Group 100% 40th – 49th percentile of the Peer Group 75% Below 40th percentile of the Peer Group 0% Performance Period: January 1, 2017 to December 31, 2019 Peer group: Consists of Publicly held bank and thrift holding companies headquartered in New York, New Jersey and or Florida with assets of between $2 and $10 billion (determined measured as of September 30, 2019), utilizing data which is filed with the appropriate securities regulatory agency.