Applicable Performance Period definition
Examples of Applicable Performance Period in a sentence
If the Participant desires to defer the payment of Earned Shares, the Participant must complete an election form prescribed by the Committee and deliver it to the Company no later than six months before the end of the Applicable Performance Period (as defined in Section 2) or, if earlier, the date the number of Performance Shares to be earned has become readily ascertainable within the meaning of Treasury Regulation Section 1.409A-2(a)(8).
The Committee shall certify the level of achievement of each of the Performance Goals no later than seventy-five (75) days following the end of the Applicable Performance Period (the date of each such certification the “Annual Certification Date”, and the date of the Annual Certification Date following the Full Three-Year Performance Period, the “Final Certification/Vesting Date”).
In calculating the number of Earned Shares for the Full Three-Year Performance Period or for the Second Applicable Performance Period, the number of Earned Shares, and the shares deemed earned with respect to the prior Applicable Performance Period(s) will be subtracted.
The Committee shall certify the level of achievement of each of the Performance Measures no later than the fifteenth (15th) day of the third month following the end of the Applicable Performance Period (the date of each such certification the “Annual Certification Date”, and the date of the Annual Certification Date following the Full Three-Year Performance Period, the “Final Certification Date”).
After the end of each Applicable Performance Period and prior to the commencement of the payment of Shares relating to the applicable Tranche of the PRSUs (but no later than 2 ½ months following the end of the Applicable Performance Period), the Committee shall certify in writing the extent to which the Applicable Performance Goals for the applicable Tranche of the Award and any other material terms of this Agreement with respect to such Tranche have been achieved.
In calculating the number of Earned Units for the Full Three-Year Performance Period or for the Second Applicable Performance Period, the number of Earned Units, and the Performance Units deemed earned with respect to the prior Applicable Performance Period(s) will be subtracted.
Within sixty (60) days following the Certification Date for the Applicable Performance Period or, if applicable, the date of the Participant’s termination of Service, the Participant shall be paid an aggregate amount in cash for all of the DERs earned on such date equal to the product of (i) the amount then-credited to a single DER Account maintained with respect to a Performance Unit earned on such date, multiplied by (ii) the total number of Performance Units earned on such date.
Payment of the LTIP Award shall be made solely in cash, no later than the end of the calendar year in which the Applicable Performance Period ends, subject to any deferred compensation election which may be permitted pursuant to the Company’s executive deferred income plan.
Unpaid, earned Performance Units shall be paid to the Participant (or in the event of the Participant’s death, to the Participant’s estate) in the form of Units in a lump-sum in accordance with this Section 5 within sixty (60) days following the Certification Date (as defined in Exhibit A) for the Applicable Performance Period or, if applicable, the date of the Participant’s termination of Service.
The Committee shall certify the level of achievement of each of the Performance Goals no later than seventy-five (75) days following the end of the Applicable Performance Period (the date of each such certification the “Annual Certification Date,” and the date of the Annual Certification Date following the Full Three-Year Performance Period, the “Final Certification Date”).