Target Awards definition
Examples of Target Awards in a sentence
No assignment or transfer of a TSR Target Award or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except by will or the laws of descent and distribution), shall vest in the assignee or transferee any interest or right herein whatsoever, and immediately upon such purported assignment or transfer, the TSR Target Awards shall terminate and become of no further effect.
Whenever the word “Participant” is used in any provision of this Award Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the TSR Target Awards may be transferred by will or by the laws of descent and distribution, the word “Participant” shall be deemed to include such person or persons.
Target Awards granted pursuant to the Plan shall be evidenced by Award Agreements.
The Committee may establish Target Awards in a different manner for different groups of Participants.
In calculating the number of actual Awards, Target Awards will be determined after taking into account any adjustments due to employment changes, as described below.
Each Participant will be assigned an Incentive Level with associated Target Awards expressed as percentages of the Participant's Annual Incentive Base Salary.
Subject to the terms and conditions of the Plan and the Agreement, the Company grants to Participant a performance restricted stock unit award (the “Units”) entitling Participant to <Number of Target Awards Granted> performance restricted stock units (such number of units, the “Target Award Number”).
Target and maximum incentive awards are shown below: Position Target Award Maximum Award Corporate SVP's/Business 40% 80% Segment Presidents and above Corporate/Business Segment 30% 60% VP's/BU President or GM Unit VP or Directors 20% 40% Each business unit will establish an accrual equal to the sum of the Target Awards of approved participants.
Whenever the word "Participant" is used in any provision of this Award Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the TSR Target Awards may be transferred by will or by the laws of descent and distribution, the word "Participant" shall be deemed to include such person or persons.
Subject to any blackouts pursuant to the Company’s ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ policy, any Above Target Awards that are awarded to the Executive will be issued by the Company no later than March 15th of the year following the year in respect of which such Above Target Award was earned (e.g., by March 15, 2016 in respect of the Above Target Award, if any, relating to the 2015 calendar year).