Examples of STI Award in a sentence
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.
An STI Deferral Eligible Employee may elect to cancel a Deferral Election made pursuant to this section on account of Changed Personal Circumstances provided such election is made on or before the date that is six months before the end of the performance period over which the STI Award shall be determined.
Any election made pursuant to this section shall remain in effect unless and until changed by the Participant; provided, however, that with respect to any STI Award earned during any future taxable year, such election becomes irrevocable on the date that is six months before the end of the performance period over which the STI Award shall be determined.
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.
With respect to Eligible Employees who have a portion of their STI Award designated as a “Deferred STI Award,” if the date of termination is after the end of the STI Plan performance year and after the Threshold/First Payment Date for such STI Award, the amount of the Deferred STI Award portion not yet paid.
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.
For avoidance of doubt, the terms STI Target and STI Award as used in this Section include any portion of an STI Target and STI Award designated as a Deferred STI Award (described above).
If earned, the STI Award shall be paid no later than February 15th of each year with respect to the preceding fiscal year.
The Participant may not construe any eligibility to future payment of the STI Award in the form of Share Awards or Shares or other benefits.
Pursuant to the provisions of the Plan, Eligible Persons may defer an additional part of the STI Award in the form of Voluntary Share Awards.