Discretionary Performance Award means the variable remuneration and benefits which may be granted to an Eligible Employee in respect of an Assessment Period, part of which is granted in the form of an Award, the value of which depends on the objectives achieved and the performance of the Eligible Employee and/or RBS Poland during such period. For the avoidance of doubt, this does not include base salary, one-off awards and benefits awarded under the generally applicable laws as well as other benefits acquired on a basis other than assessing the objectives and performance of the Eligible Employee and/or RBS Poland;
Examples of Discretionary Performance Award in a sentence
If a payment is made under any three-year incentive plan, it will consist of two parts: the Award Percentage and Discretionary Performance Award.
Notwithstanding the foregoing, the Compensation Committee shall determine and approve payment of any portion of an Executive’s Target Annual Incentive and Target Incentive Award that is constituted by a Discretionary Performance Award.
The Committee may pay all, some or noneof the Discretionary Performance Award for any Participant, may adopt a different Discretionary Performance Award for different Participants, and may adopt a different Discretionary Performance Award for any Participant during different Plan Years.
The “Annual Incentive Award” shall refer to the final annual portion of a Participant’s Target Incentive Award payable on the Annual Payment Date, if any; which as noted above may be constituted by separate Awards based on achievement of established performance goals (described in subsection 4.1 below), a Discretionary Performance Award (described in subsection 4.2 below) or a combination of both types of Awards.
Any Discretionary Performance Award shall only be payable in the sole and absolute discretion of the Committee, and, in the case of Participants other than the Company’s Chief Executive Officer, after consultation with the CEO and review of his written assessment of each Participant’s performance during the applicable Plan Year.