PRSU Award. Subject to and pursuant to all terms and conditions stated in this Agreement and in the Plan, as of the Grant Date, the Company hereby grants a Performance Award to the Participant in the form of performance-based Restricted Stock Units (the “PRSUs”) with the target number set forth on Exhibit A. Such target number consists of three tranches (each, a “Tranche”), with (a) the first such Tranche consisting of one-third of the target PRSUs, rounded down to the nearest whole PRSU (the “Year 1 PRSUs”), (b) the second such Tranche consisting of one-third of the target PRSUs, rounded down to the nearest whole PRSU (the “Year 2 PRSUs”), and (c) the third such Tranche consisting of the remainder of the target PRSUs (the “Year 3 PRSUs”). Each PRSU awarded under this Agreement shall represent a contingent right to receive one share of the Company’s common stock as described more fully herein, to the extent such PRSU is earned and becomes payable pursuant to the terms of this Agreement. Notwithstanding, PRSUs as initially awarded have no independent economic value, but rather are mere units of measurement used for purposes of calculating the value of benefits, if any, to be paid under this Agreement.
PRSU Award. Holder : [___________] Grant Date: [________ ___] Number of Target P R SUs in the Award: [___________] Maximum Number of PRSUs *: [___________] * The actual number of PRSUs that may be earned and xxxx xx pursuant to the terms and conditions of this Award will be between 0% and [X] % of the Target P RSUs in the Award. The Maximum Number of PRSUs represents [X] % of the Target PRSUs. 2.
PRSU Award. The target number of PRSUs subject to this award (the “Target Number of PRSUs”) is set forth in the Grant Notice. The actual number of PRSUs which vest pursuant to the Award may be greater than or less than the Target Number of PRSUs based on the Company’s achievement of the Performance Goals (as defined below) during the period June 29, 2014 (the first day of the Company’s 2015 fiscal year) and ending on July 1, 2017 (the last day of the Company’s 2017 fiscal year) (the “Performance Period”) and determined in accordance with the vesting schedule set forth in Section 2(a) below. PRSUs are considered Performance Stock Units under the Stock Incentive Plan. Each PRSU represents the right to receive one share of Common Stock upon the satisfaction of the terms and conditions of this Agreement and the Stock Incentive Plan (the “Restrictions”).
PRSU Award. Also on the first regularly scheduled new hire grant date following your Start Date (the “PRSU Award Grant Date”) the Company will grant you a Fiscal Year 2021 Performance-Based Restricted Stock Unit (“PRSU”) Award to acquire such number of shares of the Company’s common stock equal to Three Million Dollars ($3,000,000) (the “Fiscal 2021 PRSU Award”). The Fiscal Year 2021 PRSU Award shall be subject to the same performance metrics and vesting schedule as the Fiscal Year 2021 performance restricted stock units granted to other senior executives of the Company. For purposes of determining performance under the Fiscal 2021 PRSU Award, the performance period and award determination will not be pro-rated based on your Start Date being after January 1, 2021 and otherwise will be deemed Subject to Section 9 below. Vesting will depend on your continued employment by the Company on the applicable performance-based vesting dates, and will be subject to the terms and conditions of the written agreement governing such grant, the Equity Plan and this Agreement.
PRSU Award. If Grantee has signed a Joint Election in the past with respect to an VC-PRSU Award granted to them by the Company and that Joint Election applies to all grants made under the Plan, Grantee need not sign another Joint Election in connection with this VC-PRSU Award.
PRSU Award. You have been awarded an initial number of performance-based restricted stock units (the “Initial PRSUs”). These PRSUs represent a right to receive shares of B&W common stock, calculated as described below, provided the applicable performance measures and vesting requirements set forth in this Agreement have been satisfied. No shares are awarded or issued to you on the Date of Grant.
PRSU Award. On the Grant Date, the Executive will be granted performance-based restricted stock units (“PRSUs”) pursuant to the Stock Incentive Plan, with a target fair value on the Grant Date of $2,400,000 (the “2019 PRSU Award”). The number of PRSUs that will be eligible to vest and the performance metrics will be determined in accordance with the PRSU award agreement in the form approved by the Compensation Committee and shall be settled in accordance with such form.
