Minimum Payout definition

Minimum Payout means the cash payment in the amount __% of the Participant’s 2013 base salary. For purposes of this Incentive Award, the term “Target Payout” means the cash payment in the amount of __% of the Participant’s 2013 base salary. For purposes of this Incentive Award, the term “Maximum Payout” means the cash payment in the amount of __% of the Participant’s 2013 base salary. For purposes of this Incentive Award, the term “AFFO” means the Company’s net income or loss as set forth in the Company’s audited financial statements for the year ended December 31, 2013, excluding gains (or losses) from sales of property, plus depreciation and amortization (including amortization of deferred financing costs and amortization of franchise royalty fees) as further adjusted to exclude hotel transaction and pursuit costs and such other items, including nonrecurring expenses, as the Committee determines is appropriate and consistent with the purpose and intent of this Incentive Award. For purposes of this Incentive Award, the term “actual 2013 AFFO per share of Common Stock” means the Company’s AFFO for the year ending December 31, 2013 (rounded to the nearest ▇▇▇▇▇), divided by the weighted average number of diluted shares of Common Stock and common units of limited partnership interest in Summit Hotel OP, LP outstanding on December 31, 2013 as set forth in the Company’s audited financial statements for the year ended December 31, 2013.
View Source
Minimum Payout means the cash payment in the amount 60% of 50% of the Participant’s 2016 base salary. For purposes of the AFFO component, the term “Target Payout” means the cash payment in the amount of 60% of 100% of the Participant’s 2016 base salary. For purposes of the AFFO component, the term “Maximum Payout” means the cash payment in the amount of 60% of 200% of the Participant’s 2016 base salary. For purposes of the AFFO Component, AFFO per share will be calculated as the Company’s net income or loss as set forth in its audited consolidated financial statements for the year ending December 31, 2016, excluding gains (or losses) from sales of property, plus depreciation and amortization (including amortization of deferred financing costs and amortization of franchise application fees), as further adjusted to exclude hotel transaction and pursuit costs, equity based compensation, debt transaction costs, gain (or loss) on derivative instruments and such other items, including nonrecurring expenses, as the Committee determines is appropriate and consistent with the purpose and intent of this Incentive Award. For purposes of this Incentive Award, the term “actual 2016 AFFO per share of Common Stock” means the Company’s AFFO for the year ending December 31, 2016 (rounded to the nearest ▇▇▇▇▇), divided by the weighted average number of diluted shares of Common Stock and common units of limited partnership interest in Summit Hotel OP, LP outstanding on December 31, 2016 as set forth in the Company’s audited financial statements for the year ended December 31, 2016. RevPAR Growth Component. Under the RevPAR Growth Component, the Participant may earn a cash payment based on the Company’s year over year comparison of RevPAR growth for the Company’s same store hotels (hotels owned for the entire year ended December 31, 2015 and the entire year ending December 31, 2016, excluding assets held for sale). If the Company’s actual 2016 RevPAR Growth for its same store hotels is a least _____%, the Participant shall be entitled to the Minimum Payout (as defined below) under the RevPAR Growth Component. If the Company’s actual 2016 RevPAR Growth for its same store hotels is a least _____%, the Participant shall be entitled to the Target Payout (as defined below) under the RevPAR Growth Component. If the Company’s actual 2016 RevPAR Growth for its same store hotels is a least _____%, the Participant shall be entitled to the Maximum Payout (as defined below) under the RevPAR Growth Comp...
View Source

Examples of Minimum Payout in a sentence

  • The determination of the actual number of Shares earned, which shall not be less than the Minimum Payout nor exceed the Maximum Payout, shall occur as soon as practicable after completion of the Performance Period, but in any event not later than November 30 of the calendar year in which the Performance Period ends (the date the Committee so determines, the “Determination Date”).

  • Minimum Payout 60% 0.25 Target Payout 100% 1.00 Maximum Payout 120% 1.50 Calculations will be interpolated for actual Target EPS achievements not illustrated.

  • Once the Minimum Payout Amount as specified below is reached, the Affiliate shall issue and send an invoice to the following email address: ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇.▇▇▇.

  • For purposes of this Section 2(d), the Make-Whole Payment shall equal the amount (if any) by which the Minimum Payout (as set forth on Appendix A hereto) exceeds the aggregate fair market value (as defined in the Plan) of the shares of Company common stock represented by the Restricted Stock Unit Grant, measured as of the Election Date.

  • To the extent MPG receives any distributions during the Cerritos Measurement Period that are attributable to Cerritos Corporate Center and that (in the aggregate) exceed the Minimum Payout, MPG shall be entitled to retain all such amounts.

  • If the Company’s actual 2016 AFFO per share of Common Stock is $________________, the Participant shall be entitled to the Minimum Payout (as defined below) under the AFFO Component.

  • If Third Period Pre-Tax Income is greater than $350,138,880 but less than $414,510,091, the portion of the Incentive Bonus Pool that is payable shall equal the Minimum Payout plus the product of (A) the difference between the Maximum Payout and the Minimum Payout and (B) a fraction, the numerator of which is equal to the amount by which Third Period Pre-Tax Income exceeds $350,138,880 and the denominator equal to 64,371,211.

  • Long Term Disability Insurance - 66 2/3% of Maximum Eligible Salary - Maximum Monthly Benefit $3000 - Maximum Eligible Monthly Salary $4,500.00 - 90-Calendar Day Modified Fill Elimination Period - COLA No - Mental/Nervous Waiver: Same as Illness - Alcoholism/Drug Abuse Waiver: Same as Illness - 5% Minimum Payout - Pre-Existing Condition Waiver: Yes - Primary Social Security Offset - No Survivor Income - Offset Freeze: Yes - Educational Supplemental Program: No - Two Year Own Occupation 3.

  • If the Company’s actual 2012 AFFO per share of Common Stock is at least 90% of the budgeted amount of 2012 AFFO, the Participant shall be entitled to the Minimum Payout (as defined below) under the AFFO Component.

  • The Pro Rata Minimum Payout is the amount due to each 28 Class Member in the event that every Class Member files a claim.

Related to Minimum Payout

  • Minimum Payments $50 (with respect to all funds in the aggregate.)

  • Minimum Payment means the amount of minimum payment as stated in the Fee Schedule;

  • Minimum Payment Due means the least payment amount, specified in the “Statement of Account”, required to be paid by the “Principal Cardholder” on or before the “Payment Due Date” in order to keep the “Card Account” active. “Past Due Amount” from previous “Billing Cycle” will form part of the “Minimum Payment Due”.

  • Payout Period means the time frame during which certain benefits payable hereunder shall be distributed. Payments shall be made in monthly installments commencing on the first day of the month following the occurrence of the event which triggers distribution and continuing for a period of one hundred eighty (180) months. Should the Executive make a Timely Election to receive a lump sum benefit payment, the Executive's Payout Period shall be deemed to be one (1) month.

  • Minimum Hire Period means the Minimum Hire Period as described on the invoices, quotation, authority to hire, or any other forms as provided by the Supplier to the Client.