S&P Index definition
Examples of S&P Index in a sentence
Sub-Licensee hereby acknowledges that it has received, reviewed, and understands the License Agreement entered into between First Trust and S&P relating to use of the S&P Index and S&P Mark.
S&P shall have the right, in its sole discretion, to cease creation, compilation and publication of any S&P Index and S&P shall be under no obligation to offer a replacement or substitute index.
The Units shall be earned based on the achievement of both the Company’s absolute Annualized TSR and the Company’s relative Annualized TSR as compared to the S&P Index (as defined and described in Exhibit A attached hereto, and collectively, the “Performance Goals”) during the period commencing as of the Date of Grant and ending on the second anniversary of the Date of Grant (the “Performance Period”).
For the purpose of determining the fee adjustment for investment performance, as described above, the net assets of the Fund will be averaged over the same period as the performance of the Fund and the investment record of the S&P Index are computed.
If the Company’s Annualized TSR over the Performance period is less than the Annualized TSR of the S&P Index over the Performance Period, a number of Units shall be earned equal to (i) the total number of Units granted multiplied by (ii) the applicable “Percentage of Units Earned” as indicated in Table II below based on the achievement during the Performance Period of Annualized TSR at the levels designated in Table II below.
The foregoing notwithstanding, any computation of the investment performance of the Fund and the investment record of the S&P Index shall be in accordance with any then applicable rules of the Securities and Exchange Commission.
Table I – Annualized TSR Outperforms S&P Index Annualized TSR over Performance Period Percentage of Units Earned* Less than 6.5% 0% *Interpolation: To the extent performance falls between two levels in the table above, linear interpolation shall apply in determining the percentage of the units that are earned.
Table II – Annualized TSR Underperforms S&P Index Annualized TSR over Performance Period Percentage of Units Earned* Less than 6.5% 0% *Interpolation: To the extent performance falls between two levels in the table above, linear interpolation shall apply in determining the percentage of the units that are earned.
For this purpose cash distributions on the securities which comprise the S&P Index shall be treated as reinvested in the S&P Index at least as frequently as the end of each calendar quarter following the payment of the dividend.
The investment record of the S&P Index for any period, expressed as a percentage of the S&P Index level at the beginning of such period, shall be the sum of (i) the change in the level of the S&P Index during such period and (ii) the value, computed consistently with the S&P Index, of cash distributions made by companies whose securities comprise the S&P Index accumulated to the end of such period.