Performance Unit Award Sample Clauses
A Performance Unit Award clause defines the terms under which an individual is granted performance-based units, typically as part of an incentive or compensation plan. These units are usually awarded based on the achievement of specific performance goals or metrics over a set period, and may convert into cash or company stock upon vesting. The clause outlines eligibility, performance criteria, vesting schedules, and any conditions for forfeiture or payout. Its core function is to align the interests of recipients with organizational objectives by rewarding measurable performance, thereby motivating employees to achieve targeted results.
Performance Unit Award. This Performance Unit Award Agreement and the Notice of Performance Unit Award and Agreement dated February [__], 2014, a copy of which is attached hereto and incorporated herein by reference, establishes the terms and conditions for the Company’s grant of an award of «No of_Perf_Units» Performance Units (the “Award”) to the Grantee pursuant to the Plan. This Agreement, when executed by the Grantee, constitutes an agreement between the Company and the Grantee. Capitalized terms not defined in this Agreement shall have the meaning ascribed to them in the Plan.
Performance Unit Award. On the terms and conditions and subject to the restrictions, including forfeiture, hereinafter set forth, the Company hereby grants to Participant, and Participant hereby accepts, an award of [●] Restricted Incentive Units (the “Subject Award”). The Restricted Incentive Units granted hereunder shall be evidenced by the Committee in a book entry or in such other manner as the Committee may determine.
Performance Unit Award. This instrument and that certain Notice of Performance Unit Award and Agreement, dated February 18, 2010, a copy of which is attached hereto and incorporated herein by reference (the “Notice of Performance Unit Award and Agreement”), constitute evidence of the issuance and grant of a Performance Unit Award (hereinafter referred to as “Award”) of «No_of_Perf_Units» Performance Units to the Grantee by the Corporation that shall entitle the Grantee to receive shares of the Corporation’s Common Stock (hereinafter also referred to as “Common Stock”) or cash, all pursuant and subject to the terms, provisions, and conditions of this instrument (including, without limitation, the conditions, restrictions and limitations stated in paragraph 5, below) and the terms and provisions of the Plan, which are incorporated herein by reference. This instrument, when executed by the Grantee, together with the Notice of Performance Unit Award and Agreement constitute an agreement between the Corporation and the Grantee. Notwithstanding the foregoing, should there be any inconsistency between the provisions of this instrument and the terms and provisions of the Award stated in the resolutions and records of the Board of Directors of the Corporation providing for the Award or provisions of the Plan, the provisions of such resolutions and records and of the Plan shall control. The grant of such Performance Units to the Grantee shall be effective in the manner and to the extent provided in this instrument and the Plan as to all or any part of the shares of Common Stock subject to the grant from time to time during the period stated herein.
Performance Unit Award. Subject to, and pursuant to, all terms and conditions stated in this Agreement and in the Plan, as of the Grant Date, the Company hereby grants to the Grantee performance units (“Performance Units”) consisting of the right to receive Shares. Each Performance Unit shall represent a right to receive one Share of the Company’s Common Stock, to the extent such Performance Unit is vested pursuant to the terms of this Agreement. The target number of Performance Units covered by this Agreement (the “Target Award”) is set forth on Exhibit A. To the extent that Grantee vests in greater than one hundred percent (100%) of the Performance Units, additional Shares shall be issued to Grantee in accordance with Section 3.
Performance Unit Award. The Participant may earn the cash value of any Supplemental Performance Units dependent on F.N.B.’s performance relative to the Performance Metrics and the Calculated Amount described above and the vesting conditions described below. Subject to the provisions of this Agreement and the provisions of the Plan, F.N.B. hereby grants to the Participant an Award of Performance Units, equal to the dollar value of any Supplemental Performance Units, which shall become vested in an amount determined by the ICG Growth Table value, as adjusted by application of the TSR Multiplier Table value, and be payable in cash, subject to the vesting conditions in Sections 4 and 5 herein.
Performance Unit Award. II-VI hereby grants to the Recipient an Award of Performance Units under the Plan, as specified in the Summary of Award, to be earned based upon achievement of the Performance Objectives in accordance with Section 2 (this “Award”). For the purposes of this Award: (1) “Performance Period” shall mean the period from July 1, 2016 through and including June 30, 2019; (2) “Target Award” shall mean the Target Award set forth in the Summary of Award; and (3) “Maximum Award” means the maximum number of Performance Units allowable under this Agreement as set forth in the Summary of Award representing 200% of the Target Award.
Performance Unit Award. II-VI hereby grants to Recipient an Award of Performance Units under the Plan, as specified in the Summary of Award, to be earned based upon achievement of the Performance Objectives in accordance with Section 2 below (this “Award”). For the purposes of this Award: (1) “Performance Unit” shall equal one (1) share of II-VI Common Stock granted pursuant to this Agreement; (2) “Performance Period” shall mean the period from July 1, 2014 through and including June 30, 2017; (3) “Target Award” shall mean the Target Award set forth in the Summary of Award; and (4) “Maximum Award” means the maximum number of Performance Units allowable under this Agreement as set forth in the Summary of Award representing 200% of the Target Award.
Performance Unit Award. This Agreement establishes the terms and conditions for Company’s grant of an Award of: Performance Units (the “Award”): [____] to Grantee pursuant to the Plan. This Agreement, when executed by ▇▇▇▇▇▇▇, constitutes an agreement between Company and Grantee. Capitalized terms not defined in this Agreement shall have the meaning ascribed to them in the Plan. 2.
Performance Unit Award. ▇▇▇▇▇▇▇▇▇-UTI Energy, Inc., a Delaware corporation (the “Company”), pursuant to the ▇▇▇▇▇▇▇▇▇-UTI Energy, Inc. 2021 Long-Term Incentive Plan, as amended from time to time (the “Plan”), hereby awards to [_____] (the “Grantee”), effective as of the Date of Award set forth above (the “Date of Award”), a Performance Unit Award (the “Award”) on the terms and conditions as set forth in this agreement (this “Agreement”).
Performance Unit Award. This Award is granted under, and subject to, all the terms and conditions of the LTIP and the Plan, including, but not limited to, the forfeiture provision of Section 16(H) of the Plan. In consideration of this Award, the Participant agrees that without the written consent of Ashland Inc. (“Ashland”), the Participant will not (i) engage directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee or otherwise in any business or activity competitive with the business conducted by Ashland or any of its subsidiaries; or (ii) perform any act or engage in any activity that is detrimental to the best interests of Ashland or any of its subsidiaries, including, without limitation, (aa) solicit or encourage any existing or former employee, director, contractor, consultant, customer or supplier of Ashland or any of its subsidiaries to terminate his, her or its relationship with Ashland or any of its subsidiaries for any reason, or (bb) disclose proprietary or confidential information of Ashland or any of its subsidiaries to third parties or use any such proprietary or confidential information for the benefit of anyone other than Ashland and its subsidiaries (the “Participant Covenants”), provided, however, that section (ii) above shall not be breached in the event that the Participant discloses proprietary or confidential information to the Securities and Exchange Commission, to the extent necessary to report suspected or actual violations of U.S. securities laws, or the Participant’s disclosure of proprietary or confidential information is protected under the whistleblower provisions of any applicable law or regulation. The Participant understands that if he or she makes a disclosure of proprietary or confidential information that is covered above, he or she is not required to inform Ashland, in advance or otherwise, that such disclosure(s) has been made. Notwithstanding any other provision of the Plan or this Agreement to the contrary, but subject to any applicable laws to the contrary, the Participant agrees that in the event the Participant fails to comply or otherwise breaches any of the Participant Covenants either during the Participant’s employment or within twenty-four (24) months following the Participant’s termination of employment with Ashland or its subsidiaries for any reason: (i) Ashland may eliminate or reduce the amount of any compensation, benefit, or payment otherwise payable by Ashland or any of its s...