Integration Performance Target definition

Integration Performance Target or “Performance Goal” means $109 million in annualized, run-rate cost savings in non-interest expense achieved by the Company during the Performance Period, as compared to the combined, annualized, run-rate costs reflected as non-interest expense of the Company and First Midwest as standalone companies during the second quarter of 2021, in each case determined after excluding all Merger-related charges, costs and provisions, certain intangible and tax credit amortization, special one-time costs, strategic investments in personnel or technology and other similar costs.
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Examples of Integration Performance Target in a sentence

  • The remaining Performance Shares underlying the Integration Award shall be payable upon achievement of cost savings during the Performance Period between seventy-five percent (75%) of the Integration Performance Target and one hundred percent (100%) or more of the Integration Performance Target.

  • If the Integration Performance Target described herein is not achieved, the Committee shall not grant a replacement award.

  • The Integration Award will be paid based upon approval by the Committee of the percentage of achievement of the Integration Performance Target during the Performance Period, with fifty percent (50%) of the Performance Shares underlying the Integration Award being payable upon achievement during the Performance Period of cost savings equal to a minimum seventy-five percent (75%) of the Integration Performance Target.

  • If the Committee determines that the Integration Performance Target has been achieved prior to the end of the Performance Period, then it may accelerate the vesting and payment of the Integration Award, but not to a date that is earlier than the one-year minimum vesting period provided in the Plan.

  • For example, if the Company’s percentage achievement of the Integration Performance Target and resulting Integration Performance Level were 85%, then 70% of the Target Integration Performance Units would become Achieved Integration Performance Units; if that percentage attainment and resulting Integration Performance Level were 95%, the number of such Achieved Integration Performance Units would equal 90% of the Target Integration Performance Units.