TBVPS definition

TBVPS means, except as otherwise provided below, the tangible book value per common share outstanding of the Company as reported by the Company. For this purpose, TBVPS at the beginning and end of the Performance Period shall each be computed by excluding goodwill and intangible assets (excluding amounts attributable to non-controlling interests) and accumulated other comprehensive income (loss) (“AOCI”), net of deferred income tax related to AOCI, as presented on the Company’s balance sheet. TBVPS calculations may be modified by the Compensation and Human Capital Committee (“CHCC”) to reflect transactions not in the ordinary course of business which may affect tangible book value per share (including, but not limited to, share issuances or conversions, share repurchases, extraordinary distributions, and capital adjustments or other transactions affecting tangible book value per share) or in response to other unusual or non-recurring events or changes in applicable laws, regulations, or accounting principles (including, but not limited to, changes affecting the determination of the deferred income tax assets or liabilities reflected or disclosed in the Company’s financial statements or otherwise in connection with or relating to the imposition of a global minimum tax). The determination of TBVPS by the CHCC shall be final and binding on the Company and the Employee.
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Examples of TBVPS in a sentence

  • The initial number of Restricted Shares earned based on TBVPS at the end of the Performance Period as determined above will be adjusted by the Percentage Modification Factor set forth below based on the Company’s Relative TSR Performance percentile ranking over the Performance Period; provided, however, that if the Company’s TSR for the Performance Period is less than zero, then the number of earned Restricted Shares will not be adjusted upward.

  • No Restricted Shares will be earned if the annualized growth rate in TBVPS over the Performance Period is below the Threshold set forth above.

  • Subject to the annual growth in TBVPS being greater than the Threshold, the Modified Threshold Restricted Shares will be equal to 37.5% of the Target Restricted Shares and the Modified Maximum Restricted Shares will be equal to 250.0% of the Target Restricted Shares.