Performance Share Grant definition

Performance Share Grant means an Award of units representing shares of Common Stock granted pursuant to the provisions of Section 9 of the Plan.
View Source
Performance Share Grant. - shall mean a number of shares of Restricted Stock granted to the Participant at the beginning of a Performance Period that ranges from 20% to 100%, as determined by the Committee, of the Participant’s base earnings, not to exceed $1,000,000 for purposes of this Plan, during the year of award divided by the average of the closing prices per share of Common Stock during the month immediately preceding the Performance Period.
View Source

Examples of Performance Share Grant in a sentence

  • The Executive hereby accepts the Performance Share Grant and agrees to the following restrictions and conditions.

  • In the event of a Change in Control, the Performance Share Grant shall be deemed earned at the Target level, all restrictions on those Performance Shares shall immediately lapse and distribution of the Target level of Performance Shares shall be governed by the terms of the Plan.

  • The Executive shall not sell, exchange, transfer, pledge, hypothecate or otherwise dispose of this Performance Share Grant prior to the conclusion of the Performance Period and distribution of earned Performance Shares in accordance with Paragraph 1 of this Agreement.

  • A Section 83(b) Election must be filed with the Internal Revenue Service within thirty (30) days of the Performance Share Grant Date in connection with the grant of any Performance Shares.

  • This Performance Share Grant Agreement, to the extent issued to a Covered Employee, as defined in the Plan, is intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code.

  • Award Recipient, by execution of this Agreement, (i) represents that he or she is familiar with the terms and provisions of the Plan and the Summary of Performance Share Grant, and (ii) agrees to abide by all of the terms and conditions of this Agreement, the Summary of Performance Share Grant and the Plan.

  • You may elect under Section 83(b) of the Internal Revenue Code of 1986, as amended, to be taxed at the time Performance Shares are granted on the Performance Share Grant Date (a “Section 83(b) Election”).

  • The Plan is hereby incorporated by reference into this Agreement and the Plan and Summary of Performance Share Grant are made a part hereof as though fully set forth in this Agreement.

  • Except as provided in (b) below, if the Executive’s active employment with the Company terminates for any reason prior to the effective date upon which the Committee determines the number of Performance Shares, if any, earned by the Executive, all earned and unearned Performance Shares granted under this Agreement shall be forfeited by the Executive and this Performance Share Grant shall be null and void.

  • The target number of Performance Shares covered by this Agreement (the "Target Award") is set forth on the Summary of Performance Share Grant.