Performance Unit Plan Clause Samples

A Performance Unit Plan is a contractual provision that outlines a system for awarding compensation or benefits to employees based on the achievement of specific performance goals. Typically, this clause details the criteria for earning performance units, the measurement periods, and the method for calculating payouts, which may be in the form of cash, stock, or other incentives. By clearly defining how and when employees can earn additional rewards, the Performance Unit Plan motivates employees to meet or exceed organizational objectives and aligns their interests with those of the company.
Performance Unit Plan. Performance shares awarded under the Performance Unit Plan ("Corporation Performance Shares") shall be treated as follows:
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Performance Unit Plan. Executive shall participate in the Performance Unit Plan of the Company set forth in Attachment 3 to this Agreement.
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Performance Unit Plan. EXHIBIT B FORM OF OPINION OF CD&P TO BE DELIVERED PURSUANT TO SECTION 5(D) 1. The Company and Montpelier Re are duly incorporated and validly existing under the laws of Bermuda in good standing (meaning that they have not failed to make any required filing with any Bermuda government authority or to pay any Bermuda government fee or tax which would make them liable to be struck off the register of companies maintained by the Registrar under the Act and thereby cease to exist under the laws of Bermuda). 2. The Company has the necessary corporate power and authority to execute and file the Registration Statement under the Securities Act and to enter into and perform its obligations under the Transaction Agreements and the Securities. Neither the execution and filing under the Securities Act of the Registration Statement by the Company, nor the execution and delivery of the Transaction Agreements and the Securities and the performance by the Company of its obligations thereunder will violate the Company Constitutional Documents nor any applicable law, regulation, order or decree in Bermuda. 3. The Company has taken all corporate action required to authorize its (i) execution, delivery and performance of the Transaction Agreements and the Securities; and (ii) execution and filing of the Registration Statement with the Commission under the Securities Act. The Transaction Agreements have been duly authorized and executed by or on behalf of the Company and constitute the valid and binding obligations of the Company enforceable in accordance with their terms. The Securities have been duly authorized by the Company for issuance as contemplated by the Prospectus. The Registration Statement has been duly executed by or on behalf of the Company. 4. No order, consent, approval, licence, authorisation or validation of or exemption by any government or public body or authority of Bermuda or any sub-division thereof is required (i) to authorize or in connection with the execution and filing of the Registration Statement, or (ii) in connection with the sale of the Securities pursuant to the Agreement, or (iii) in connection with the execution, delivery, performance and enforcement of the Transaction Agreements and the Securities, except such as have been duly obtained in accordance with Bermuda law and which are in full force and effect. 5. The Company and Montpelier Re have the necessary corporate power and authority and all permits, licenses and authorisations required b...
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Performance Unit Plan. Standby Letter of Credit Agreement, among Montpelier Re and Fleet National Bank, dated as of February 26, 2002.
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Performance Unit Plan. In full and final settlement of any and all of Executive's rights under the Performance Unit Plan, he shall receive a payment on or before December 31, 2003 in the amount of One Hundred Ninety-One Thousand Eight Hundred ($191,800.00) Dollars.
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Related to Performance Unit Plan

  • Performance Share Award If your Award includes a Performance Share Award, and you voluntarily terminate your employment prior to the end of the Performance Period, you will forfeit your entire Performance Share Award. 

  • Performance Share Awards On the Performance Share Vesting Date next following the Executive's date of death, the number of Performance Shares that shall become Vested Performance Shares shall be determined by multiplying (a) that number of shares of Company Common Stock subject to the Performance Share Agreement that would have become Vested Performance Shares had no such termination occurred; provided, however, in no case shall the number of Performance Shares that become Vested Performance Shares exceed 100% of the Target Number of Performance Shares set forth in the Performance Share Agreement, by (b) the ratio of the number of full months of the Executive's employment with the Company during the Performance Period (as defined in the Performance Share Agreement) to the number of full months contained in the Performance Period. Vested Common Shares shall be issued in settlement of such Vested Performance Shares on the Settlement Date next following the Executive’s date of death.

  • Performance Units Subject to the limitations set forth in paragraph (c) hereof, the Committee may in its discretion grant Performance Units to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which sets forth the terms and conditions of the Award.

  • Performance Award You are hereby awarded, on the Grant Date, a Performance Award with a target value of [AMOUNT].

  • Performance Share Units The Committee may, in its discretion, grant to Executive performance share units subject to performance vesting conditions (collectively, the “Performance Units”), which shall be subject to restrictions on their sale as set forth in the Plan and an associated Performance Unit Grant Letter.