Performance Unit Payment definition

Performance Unit Payment shall have the meaning set forth in Section 3.3(a)(ii).
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Performance Unit Payment means, with respect to any such Performance Unit, a cash payment equal to the product of (A) the number of vested Performance Units as of the Effective Time (after taking into account change in control or other vesting provisions in the Company Plans and the award agreements governing the applicable Performance Units) multiplied by (B) the Merger Consideration, less any applicable withholding Taxes.
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Performance Unit Payment means, with respect to any Performance Unit, a cash payment equal to the holder’s Payout Percentage (which shall be deemed to be the greater of (a) one hundred percent (100%) and (b) if all of the Performance Goals (as defined in the relevant award agreement for such Performance Units) have been met or exceeded as of the Effective Time, the greater of (i) the Payout Percentage that such holder would have received if the Payout Percentage determination had been made at the Effective Time or (ii) the Payout Percentage determined on the Performance Measurement Date (as defined in the relevant award agreement for such Performance Units) multiplied by the Merger Consideration, without interest and less any required withholding Taxes. In no event will the Company exercise any discretion pursuant to Section 6(c) of the form award agreement for each such Performance Unit in its determination of the Payout Percentage, which shall be objectively determined in accordance with this Section 3.3(a)(ii).
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Examples of Performance Unit Payment in a sentence

  • As of the Effective Time, each Performance Unit that is outstanding as of the date of this Agreement and immediately prior to the Effective Time shall be canceled without any action on the part of any holder of such Performance Unit in consideration for the right at the Effective Time to receive, as promptly as reasonably practicable following the Effective Time, the Performance Unit Payment.

  • Except as provided in Sections 13 or 14, such delivery shall take place on the Performance Unit Payment Date.

  • PW Pipe's Performance Unit Payment incentive program ("PUP") has been terminated and nothing contained herein shall adversely impact the Employee's rights under the PUP that accrued prior to the date hereof.

  • Payment of such cash or shares of Stock shall be paid by March 15th of the calendar year immediately following the calendar year in which each Performance Period ends (the “Performance Unit Payment Date”), provided that the Participant remains an Employee as of such Performance Unit Payment Date.

  • In the event that the Comp Committee elects to pay some or all of any Quarterly Performance Unit Payment in Shares, the number of Shares to be awarded shall be Two Hundred Thirty-Three Thousand Three Hundred Thirty-Three Dollars and Thirty-Three Cents ($233,333.33) less any amount paid in cash, the result of which shall be divided by the Fair Market Value of a Share on the relevant payment date.

  • Notwithstanding anything to the contrary in this Section 4.4, Employer shall only be required to make each Quarterly Performance Unit Payment to the extent permitted under the Credit Agreement.

  • Otherwise, in the event of the occurrence of a Change in Control in which the Performance Units are not continued or assumed, the vested Performance Units shall be paid out at the earlier of the Employee’s termination of employment or the Performance Unit Payment Date.

  • If the Performance Goal is achieved, the Comp Committee may elect, in its sole discretion, to make the Quarterly Performance Unit Payment in cash, Shares or any combination of cash and Shares.

  • Payment of such cash or shares of Stock shall be paid by March 15th of the calendar year immediately following the calendar year in which each Performance Period ends (the “Performance Unit Payment Date”), provided that the Participant remains an Employee as of such Performance Unit Payment Date.(b)Change of Control.

  • The Quarterly Performance Unit Payment for each Measurement Period shall be one hundred percent (100%) if the Performance Goal is attained and zero percent (0%) if the Performance Goal is not attained.


More Definitions of Performance Unit Payment

Performance Unit Payment has the meaning specified in Section 2.3(f).
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Related to Performance Unit Payment

  • Performance Unit Award means an award of Performance Units under this Plan.

  • Performance Unit means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 10.

  • Performance Share Unit or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;

  • Performance Share means an Award denominated in Shares which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 10.

  • Performance Units means an Award which may be earned in whole or in part upon attainment of performance criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities as established by the Administrator.

  • Performance Stock Unit means a right granted to a Participant pursuant to Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee.

  • Performance Share Award means an Award entitling the recipient to acquire shares of Stock upon the attainment of specified Performance Goals.

  • Performance Award means any right granted under Section 6(d) of the Plan.

  • Cash Award means an award denominated in cash.

  • Performance Cash Award means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii).

  • Performance Share Units means Performance Share Units granted to an Eligible Individual under Section 9.1(b).

  • Performance Shares means Shares or an Award denominated in Shares which may be earned in whole or in part upon attainment of performance criteria established by the Administrator.

  • Performance Award Formula means, for any Performance Award, a formula or table established by the Committee pursuant to Section 10.3 which provides the basis for computing the value of a Performance Award at one or more levels of attainment of the applicable Performance Goal(s) measured as of the end of the applicable Performance Period.

  • Performance Compensation Award means any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan.

  • Share Unit means a unit credited by means of an entry on the books of the Corporation to a Participant pursuant to the Plan, representing the right to receive, subject to and in accordance with the Plan, for each Vested Share Unit one Share, at the time, in the manner, and subject to the terms, set forth in the Plan and the applicable Grant Agreement;

  • Incentive Award means the right to receive a cash payment to the extent Performance Goals are achieved, and shall include “Annual Incentive Awards” as described in Section 10 and “Long-Term Incentive Awards” as described in Section 11.

  • Phantom Stock Unit means the right to receive the value of one (1) share of the Company’s Common Stock, subject to the provisions of Section 8.4 of the Plan.

  • Performance Grant means an Award subject, in part, to the terms, conditions and restrictions described in Section 9, pursuant to which the recipient may become entitled to receive cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof, as determined by the Committee.

  • Performance Stock Award means a Stock Award granted under the terms and conditions of Section 6(c)(i).

  • Performance Award Agreement means a written agreement between the Company and a Holder with respect to a Performance Award.

  • Stock Unit Award means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions of Section 7(c).

  • Cash Incentive Award means a cash award granted pursuant to Section 8 of this Plan.

  • Cash Performance Award means an Award that is denominated by a cash amount to an Eligible Person under Section 10 hereof and payable based on or conditioned upon the attainment of pre-established business and/or individual Performance Goals over a specified performance period.

  • LTIP Award means each or any, as the context requires, LTIP Award issued under any Equity Incentive Plan.

  • Performance Awards means Performance Units, Performance Shares or either or both of them.

  • Stock Unit means a bookkeeping entry representing the equivalent of one Common Share, as awarded under the Plan.