Earned Performance Units definition
Examples of Earned Performance Units in a sentence
Upon termination of your Service (other than as set forth below) prior to the Vesting Date, you will forfeit all of your Performance Units (including your Earned Performance Units) without any consideration due to you.
This Award represents the opportunity to receive the number of Shares equal to the Earned Performance Units earned as provided for below under “Determination of Number of Earned Performance Units,” subject to the section above entitled “Vesting” and to the sections below entitled “Settlement of Earned Performance Units” and “Termination”.
The Company shall deliver to you that number of Shares, or at the discretion of the Committee, the cash value equal to the aggregate number of Earned Performance Units for the Performance Period, if any, as determined in accordance with the section entitled “Determination of Number of Earned Performance Units” above, on or as soon as practicable (but no later than 60 days) after the Vesting Date, subject to the section entitled “Termination” below.
Thereafter, for the remainder of the term of this Award Agreement, you shall be credited with Dividend Equivalents based on the number of Earned Performance Units.
The number of Performance Units that become Earned Performance Units is determined based on the Company’s Achievement Price, as follows: Below Threshold <US$81.32 0% Threshold US$81.32 50% Target US$97.87 100% Maximum US$122.23 200% *Achievement Price between listed Performance Levels will be based on linear interpolation to determine the Percentage Earned.
Subject to any terms and conditions that the Committee may impose in accordance with Section 13 of the Plan, in the event that a Change in Control occurs and, within twelve (12) months following the date of such Change in Control, your Service is terminated by the Employer Without Cause, your Earned Performance Units shall vest in full upon such termination.
For example, if the number of Earned Performance Units (expressed as a percentage of Target Units) has been determined to be 100%, and your Service terminates Without Cause on June 30, 2028, you would be entitled to receive on or after the Vesting Date 60% of the Target Units (or at the discretion of the Committee the cash value thereof) in settlement of your Earned Performance Units.
In the event that any Earned Performance Units (or any Performance Units that are deemed to be Earned Performance Units) become vested pursuant to the foregoing provisions upon termination of your Service Without Cause settlement of such Earned Performance Units or deemed Earned Performance Units shall be made on or as soon as practicable (but no later than 60 days) after the end of the Performance Period.
For the avoidance of doubt, if your Service terminates prior to May 21, 2027 for any reason, you will forfeit all of your Performance Units (including your Earned Performance Units) without any consideration due to you.
The Earned Performance Units will vest on the Vesting Date and will settle in accordance with the section below entitled, “Settlement of Earned Performance Units”, subject to the Performance Level being not less than the Threshold (as set forth on Schedule 1) and subject to your continued Service through the Vesting Date and to the Sections below entitled “Determination of Number of Earned Performance Units” and “Termination” below.