Target LTI definition
Examples of Target LTI in a sentence
The Executive’s Target LTI and the mix of equity grants shall be subject to change each subsequent fiscal year of the Term as determined in the sole discretion of the Compensation Committee.
With respect to calendar year 2010 and thereafter during the Term, the Target LTI and performance criteria (which shall be based on earnings before interest, taxes, depreciation and amortization (EBITDA)) shall be determined by the Board in its sole discretion.
The Target LTI Amount may be increased (but not decreased below the initial Target LTI Percentage stated above without Employee’s written consent or unless pursuant to a decrease broadly applied to all senior vice president level or higher employees) by the Board (or the Compensation Committee) in its sole discretion.
The sum of Executive’s Salary, Target Annual Bonus and Target LTI shall be referred to as his “Total Direct Compensation Opportunity”; it being understood that Total Direct Compensation Opportunity shall not include any other compensation, including, but not limited to, the Retention Bonus (as defined in Section 4(e) below), and benefits.
For the avoidance of doubt, any percentage reduction in Executive’s Target LTI shall never be greater than the percentage reduction applicable to other executive officers, for the same period as the reduction in such targets for other executive officers and, in the event such reduction is later mitigated for other executive officers, Executive’s reduction shall then be mitigated to the same extent applicable to other executive officers.
For each LTI Performance Period, the LTI will consist of two components: • RSUs. For each LTI Performance Period, Executive will be granted, as of the first day in the LTI Performance Period, a number of RSUs having an aggregate value on such first day equal to 50% of the Target LTI.
Notwithstanding the foregoing, prior to a Change in Control, Employer may decrease Executive’s Target LTI as a result of (a) an Across-the-Board Reduction in the compensation of the Employer’s executive officers, or (b) as a change in mix of the Executive’s compensation, so long as such change in mix does not result in a reduction in the Executive’s Total Aggregate Direct Compensation.
The Target LTI Amount may be increased (but not decreased below the initial Target LTI Percentage stated above without Employee’s written consent or pursuant to a decrease broadly applied to all similarly situated employees) by the Board (or the Compensation Committee) in its sole discretion.
Executive will be granted a number of RSUs having an aggregate fair value, based on the volume weighted average closing price of the Company’s common stock during the 20 trading day period ending on December 30, 2022, equal to 50% of the Target LTI.
Executive will be granted a target number of PSUs having an aggregate fair value, based on the volume weighted average closing price of the Company’s common stock during the 20 trading day period ending on December 30, 2022, equal to 50% of the Target LTI (the “Target PSUs”).