Common use of Performance Target Clause in Contracts

Performance Target. (i) Subject to the Participant’s continued employment or service with the Company, a specified percentage of the RSUs shall vest if both (A) the Participant remains in continuous employment or continuous service with the Company on [END YEAR], and (B) the Company achieves EPS growth (as measured by the extent to which the Company’s EPS for fiscal [END YEAR] exceeds the Company’s EPS for fiscal [BEGINNING YEAR]) equal to or in excess of the amounts set forth on Exhibit A (the “Performance Target”). Unless provided otherwise by the Committee, the Participant shall be deemed to not be in continuous employment or continuous service if the Participant’s status changes from employee to non-employee, or vice-versa. The actual number of RSUs that may vest may range from zero to 200% of the Target Amount based on the extent to which the Performance Target is achieved, in accordance with the methodology set out on Exhibit A. If the Company does not achieve the minimum Performance Target as set out on Exhibit A, then no RSUs shall vest and all RSUs shall be cancelled in their entirety and no vesting shall occur unless and until the Committee certifies that the Performance Target has been met (the “Certification”).

Appears in 3 contracts

Samples: Restricted Stock Unit Agreement, Restricted Stock Unit Agreement (Carnival PLC), Restricted Stock Unit Agreement (Carnival PLC)

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Performance Target. (i) Subject to the Participant’s continued employment or service with the Company, a specified percentage of the RSUs shall vest if both (A) the Participant remains in continuous employment or continuous service with the Company on [END YEAR]through the Settlement Date as defined in Sub-section (b) below, and (B) the Company achieves EPS growth (as measured by achieves, at a minimum, the extent threshold level of performance with respect to which the Company’s EPS for fiscal [END YEAR] exceeds the Company’s EPS for fiscal [BEGINNING YEAR]) equal to or in excess of the amounts performance goals set forth on Exhibit A (the “Performance TargetTargets”). Unless provided otherwise by the Committee, the Participant shall be deemed to not be in continuous employment or continuous service if the Participant’s status changes from employee to non-employee, or vice-versa. The actual number of RSUs that may vest may range from zero to 200% [MAXIMUM %] of the Target Amount based on the extent to which the Performance Target is Targets are achieved, and may be further adjusted up or down by up to [TSR %] based upon the Company’s Relative Total Shareholder Return (as defined on Exhibit A) at the end of the 3-year performance cycle as set forth on Exhibit A, in accordance with the methodology set out on Exhibit A. If A, subject to a maximum payout cap of [MAXIMUM %]. (I) if the Company does not achieve the minimum threshold level of the Performance Target Targets as set out on Exhibit A, then no RSUs shall vest and all this grant of RSUs shall be cancelled in their entirety its entirety, and (II) no vesting shall occur unless and until the Committee certifies that the Performance Target has Targets have been met and determined the Company’s Relative Total Shareholder Return (the “Certification”).

Appears in 2 contracts

Samples: 2011 Stock Plan (Carnival PLC), Employee Share Plan (Carnival PLC)

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Performance Target. (i) Subject to the Participant’s continued employment or service with the Company, a specified percentage of the RSUs shall vest if both (A) the Participant remains in continuous employment or continuous service with the Company on [END YEAR], and (B) the Company achieves EPS growth (as measured by the extent to which the Company’s EPS for fiscal [END YEAR] exceeds the Company’s EPS for fiscal [BEGINNING YEAR]) equal to or in excess of the amounts set forth on Exhibit A (the “Performance Target”). Unless provided otherwise by the Committee, the Participant shall be deemed to not be in continuous employment or continuous service if the Participant’s status changes from employee to non-employee, or vice-versa. The actual number of RSUs that may vest may range from zero to 200% of the Target Amount based on the extent to which the Performance Target is achieved, in accordance with the methodology set out on Exhibit A. If Except as provided in Section 2(a)(ii), (I) if the Company does not achieve the minimum Performance Target as set out on Exhibit A, then no RSUs shall vest and all RSUs shall be cancelled in their entirety entirety, and (II) no vesting shall occur unless and until the Committee certifies that the Performance Target has been met (the “Certification”).

Appears in 2 contracts

Samples: Restricted Stock Unit Agreement (Carnival PLC), Restricted Stock Unit Agreement (Carnival PLC)

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