STI Award definition
Examples of STI Award in a sentence
Following such termination of Employee’s employment for Cause, except as set forth in this Section 8(c)(ii), Employee shall have no further rights to any compensation or any other benefits under this Agreement (including, but not limited to, any payment of any STI Award that has not been paid as of the date of Employee’s termination of employment).
The criteria applicable to the initial STI Award, and the form and timing of payment of the STI Award, are set forth on Exhibit A hereto, and the criteria applicable to subsequent STI Awards, and the form and timing of payment of subsequent STI Awards, will be set forth in awards adopted by the Compensation Committee during the first fiscal quarter of each fiscal year.
The Pro-Rata STI Award, if any, will be paid on the date short-term incentive awards for such STI Year are paid to other executives of the Company.
Each STI Award, if any, shall be paid as soon as administratively feasible after the Board (or a committee thereof) certifies whether the applicable performance targets for the applicable STI Year have been achieved, but in no event later than March 15 following the end of such STI Year.
The STI Award shall be paid as soon as practicable following the last day of the fiscal year, but in no event later than one day prior to the date that is 2 1/2 months following the last day of the fiscal year.
The criteria for achieving the STI Award shall be as set forth in Exhibit A.
The target STI Award for each fiscal year shall be 100% of Base Salary (or such greater percentage of Base Salary as the Board or Compensation Committee shall determine, in its sole discretion) and, if earned, shall be paid by no later than March 15th of each year with respect to the preceding year.
Upon a Change of Control, the Company shall (i) pay to Employee, on the thirtieth (30th) day following the effective date of the Change of Control and payable in a lump sum an amount equal to three (3) times target STI Award under Section 4, and (ii) immediately vest any unvested LTI Award.
If earned, the STI Award shall be paid no later than February 15th of each year with respect to the preceding fiscal year.
Notwithstanding anything in this Section 3(b) to the contrary, no STI Award, if any, nor any portion thereof, shall be payable for any STI Year unless Employee remains continuously employed by the Company from the Effective Date through the date on which such STI Award is paid, except as otherwise provided in Section 7(f).