Common use of Performance Metric Clause in Contracts

Performance Metric. All or a portion of the PRSUs shall be eligible to vest based on the Company’s level of achievement of cumulative free cash flow as set forth in the budgets (the “Performance Metric Target”) approved by the Company’s Board of Directors (the “Board”) for the years ending December 31, 2018 and December 31, 2019 (together, the “Performance Period”). The annual free cash flow component for each of 2018 and 2019 of the Performance Metric Target shall be set at the time such applicable budget is approved by the Board. Free cash flow shall be derived from cash flow provided by operating activities, net of additions to property and equipment, restricted and other investment activity and the return of capital from investment in unconsolidated entities. The Compensation Committee of the Board shall adjust or modify the calculation of free cash flow and/or the Performance Metric Target for the Performance Period in accordance with Sections 4(b) and 12(c) of the Plan, as applicable.

Appears in 2 contracts

Samples: Employment Agreement (Sirius Xm Holdings Inc.), Employment Agreement (Sirius Xm Holdings Inc.)

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Performance Metric. All or a portion of the PRSUs shall be eligible to vest based on the Company’s level of achievement of cumulative free cash flow as set forth in the budgets (the “Performance Metric Target”) approved by the Company’s Board of Directors (the “Board”) for the years ending December 31, 2018 2019 and December 31, 2019 2020 (together, the “Performance Period”). The annual free cash flow component for each of 2018 2019 and 2019 2020 of the Performance Metric Target shall be set at the time such applicable budget is approved by the Board. Free cash flow shall be derived from cash flow provided by operating activities, net of additions to property and equipment, restricted and other investment activity and the return of capital from investment in unconsolidated entities. The Compensation Committee of the Board shall adjust or modify the calculation of free cash flow and/or the Performance Metric Target for the Performance Period in accordance with Sections 4(b) and 12(c) of the Plan, as applicable. The Performance Metric Target for the Performance Period shall be the same (and shall be calculated in the same manner) for Executive as it is for similarly-situated executives of the Company.

Appears in 1 contract

Samples: Employment Agreement (Sirius Xm Holdings Inc.)

Performance Metric. All or a portion of the PRSUs shall be eligible to vest based on the Company’s level of achievement of cumulative free cash flow as set forth in the budgets (the “Performance Metric Target”) approved by the Company’s Board of Directors (the “Board”) for the years ending December 31, 2018 2024 and December 31, 2019 2025 (together, the “Performance Period”). The annual free cash flow component for each of 2018 2024 and 2019 2025 of the Performance Metric Target shall be set at the time such applicable budget is approved by the Board. Free cash flow shall be derived from cash flow provided by operating activities, net of additions to property and equipment, restricted and other investment activity and the return of capital from investment in unconsolidated entities. The Compensation Committee of the Board shall adjust or modify the calculation of free cash flow and/or the Performance Metric Target for the Performance Period in accordance with Sections 4(b) and 12(c) of the Plan, as applicable. The Performance Metric Target for each of the years ending December 31, 2024 and 2025 shall be reasonable in light of the Company’s business plan and budget for the applicable year and other factors affecting the Company’s business taken as a whole.

Appears in 1 contract

Samples: Employment Agreement (Sirius Xm Holdings Inc.)

Performance Metric. All or a portion of the PRSUs shall be eligible to vest based on the Company’s level of achievement of cumulative free cash flow as set forth in the budgets (the “Performance Metric Target”) approved by the Company’s Board of Directors (the “Board”) for the years ending December 31, 2018 2020 and December 31, 2019 2021 (together, the “Performance Period”). The annual free cash flow component for each of 2018 2020 and 2019 2021 of the Performance Metric Target shall be set at the time such applicable budget is approved by the Board. Free cash flow shall be derived from cash flow provided by operating activities, net of additions to property and equipment, restricted and other investment activity and the return of capital from investment in unconsolidated entities. The Compensation Committee of the Board shall adjust or modify the calculation of free cash flow and/or the Performance Metric Target for the Performance Period in accordance with Sections 4(b) and 12(c) of the Plan, as applicable.

Appears in 1 contract

Samples: Employment Agreement (Sirius Xm Holdings Inc.)

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Performance Metric. All or a portion of the PRSUs shall be eligible to vest based on the Company’s level of achievement of cumulative free cash flow as set forth in the budgets (the “Performance Metric Target”) approved by the Company’s Board of Directors (the “Board”) for the years ending December 31, 2018 2019 and December 31, 2019 2020 (together, the “Performance Period”). The annual free cash flow component for each of 2018 2019 and 2019 2020 of the Performance Metric Target shall be set at the time such applicable budget is approved by the Board. Free cash flow shall be derived from cash flow provided by operating activities, net of additions to property and equipment, restricted and other investment activity and the return of capital from investment in unconsolidated entities. The Compensation Committee of the Board shall adjust or modify the calculation of free cash flow and/or the Performance Metric Target for the Performance Period in accordance with Sections 4(b) and 12(c) of the Plan, as applicable.

Appears in 1 contract

Samples: Employment Agreement (Sirius Xm Holdings Inc.)

Performance Metric. All or a portion of the PRSUs shall be eligible to vest based on the Company’s level of achievement of cumulative free cash flow as set forth in the budgets (the “Performance Metric Target”) approved by the Company’s Board of Directors (the “Board”) for the years ending December 31, 2018 and December 31, 2019 (together, the “Performance Period”). The annual free cash flow component for each of 2018 and 2019 of the Performance Metric Target shall be set at the time such applicable budget is approved by the Board. Free cash flow shall be derived from cash flow provided by operating activities, net of additions to property and equipment, restricted and other investment activity and the return of capital from investment in unconsolidated entities. The For the avoidance of doubt, the Compensation Committee of the Board shall adjust or modify the calculation of free cash flow and/or the Performance Metric Target for the Performance Period in accordance with Sections 4(b) and 12(c) of the Plan, as applicable.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (Sirius Xm Holdings Inc.)

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