Performance Award Clause Example with 4 Variations from Business Contracts
This page contains Performance Award clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Performance Award. a. Performance Awards may be granted to participants at any time and from time to time, as shall be determined by the Committee. The Committee shall have complete discretion in determining the number, amount and timing of awards granted to each participant. Such Performance Awards may be in the form of shares of Common Stock or Stock Units. Performance Awards may be awarded as short-term or long-term incentives. Performance targets may be based upon, without limitation, Company-wide, divisional ...and/or individual performance. 7 b. The Committee shall have the authority at any time to make adjustments to performance targets for any outstanding Performance Awards which the Committee deems necessary or desirable unless at the time of establishment of such targets the Committee shall have precluded its authority to make such adjustments. c. Payment of earned Performance Awards shall be made in accordance with terms and conditions prescribed or authorized by the Committee. The participant may elect to defer, or the Committee may require or permit the deferral of, the receipt of Performance Awards upon such terms as the Committee deems appropriate.View More
Variations of a "Performance Award" Clause from Business Contracts
Performance Award. a. (a) "Performance Awards" will consist of Awards for which the Committee has set performance goals at its discretion which, depending on the extent to which they are met, will determine the number of shares of Common Stock and/or cash value of Awards that will be paid out to the Participants. Performance Awards may be granted to participants Participants at any time and from time to time, as shall be determined by the Committee. The Committee shall have complete discretion in determining the n...umber, amount and timing of awards Performance Awards granted to each participant. Such Participant. Performance Awards may take such form as may be in determined by the form Committee, including without limitation, cash, Stock Options, Awards of shares of Common Stock, Awards of Restricted Stock or Restricted Stock Units. Units, Other Stock-Based Awards or any combination thereof. Performance Awards may be awarded as short-term or long-term incentives. (b) Performance targets Awards under the Plan may be made subject to the attainment of one or more of the specified performance goals, as determined by the Committee in its sole discretion. Performance goals may be based upon, without limitation, upon Company-wide, divisional Affiliate, divisional, project team, and/or individual performance. 7 b. The Board or the Committee shall have the authority at any time to make adjustments to performance targets goals for any outstanding Performance Awards which the Board or the Committee deems necessary or desirable unless at the time of establishment of such targets goals the Board or the Committee shall have precluded its authority to make such adjustments. c. (c) Payment of earned Performance Awards shall be made in accordance with terms and conditions prescribed or authorized by the Committee. Performance Awards shall be payable in cash or in shares Common Stock, or a combination thereof, as determined by the Committee. 6 11. Effect of Termination of Service on Awards; Forfeiture. (a) The participant Committee may elect provide, by rule or regulation or in any Award, or may determine in any individual case, the circumstances in which Awards shall be exercised, vested, paid or forfeited in the event a Participant ceases to defer, be an employee, director or other service provider prior to the end of a performance period, period of restriction or the exercise, vesting or settlement of such Award. Unless otherwise determined by the Committee may require if, with respect to any Award, (1) Participant's termination of employment or permit service, as applicable, occurs before the deferral of, end of the receipt period of Performance restriction or the vesting date applicable to such Award (or the applicable portion of such Award) or (2) any performance goals are not achieved in whole or in part (as determined by the Committee) by the end of the period for measuring such performance goals, then all such then unvested and/or unearned Awards upon such terms shall be forfeited by the Participant. (b) Awards under the Plan shall not be affected by the change of a Participant's status within or among the Company and any subsidiaries or Affiliates, so long as the Committee deems appropriate. Participant remains an employee, officer, director or other service provider. For purposes of the Plan and any Award hereunder, if an entity that the Participant is employed by or otherwise providing services to ceases to be a subsidiary or an Affiliate, a Participant shall be deemed to terminated employment or service, as applicable, on the date of the entity's change in status, unless the Participant continues as an employee or service provider in respect of the Company or another subsidiary or Affiliate (after giving effect to the change in status). View More
Performance Award. a. (a) Benefits may be granted with performance-vesting terms, including, without limitation, the metrics set forth in Section 11 ("Performance Awards"). Performance Awards may be granted to participants at any time and from time to time, as shall be determined by the Committee. The Committee shall have complete discretion in determining the number, amount and timing of awards granted to each participant. Such participant; provided, that for Performance Awards may subject to Section 409A of the ...Code, these determinations must be in made on or before the form date of shares grant of Common Stock or Stock Units. the Performance Award. Performance Awards may be awarded as short-term or long-term incentives. Performance targets may be based upon, without limitation, upon Company-wide, divisional and/or individual performance. 7 b. performance, or other factors as determined by the Committee. (b) The Committee shall have the authority at any time to make adjustments to performance targets for any outstanding Performance Awards which the Committee deems necessary or desirable unless at the time of establishment of such targets the Committee shall have precluded its authority to make such adjustments. c. adjustments, provided that, for Performance Awards that are subject to Section 409A of the Code, the adjustments are compliant with Section 409A of the Code and the regulations thereunder. (c) Payment of earned Performance Awards shall be made in accordance with terms and conditions prescribed or authorized by the Committee. The participant may elect to defer, or the Committee may require or permit the deferral of, the receipt of Performance Awards upon such terms as the Committee deems appropriate. appropriate, provided that, for Performance Awards that vest on or after January 1, 2005, any election and deferral is compliant with the requirements of Section 409A of the Code and the regulations thereunder. View More
Performance Award. a. (a) Performance Awards may be granted to participants at any time and from time to time, as shall be determined by the Committee. Performance Awards may constitute Performance-Based Awards, as described in Section 11 hereof. The Committee shall have complete discretion in determining the number, amount and timing of awards granted to each participant. Such participant; provided, that for Performance Awards subject to Section 409A of the Code, these determinations must be made on or before the... date of grant of the Performance Award. Performance Awards may be in the form of shares of Class A Common Stock or Stock Units. Performance Awards may be awarded as short-term or long-term incentives. Performance targets may be based upon, without limitation, upon Company-wide, divisional and/or individual performance. 7 b. The performance, or other factors as determined by the Committee. (b) With respect to those Performance Awards that are not intended to constitute Performance-Based Awards, the Committee shall have the authority at any time to make adjustments to performance targets for any outstanding Performance Awards which the Committee deems necessary or desirable unless at the time of establishment of such targets the Committee shall have precluded its authority to make such adjustments. c. adjustments, provided that, for Performance Awards that are subject to Section 409A of the Code, the adjustments are compliant with Section 409A of the Code and the regulations thereunder. (c) Payment of earned Performance Awards shall be made in accordance with terms and conditions prescribed or authorized by the Committee. The participant may elect to defer, or the Committee may require or permit the deferral of, the receipt of Performance Awards upon such terms as the Committee deems appropriate. appropriate, provided that, for Performance Awards that vest on or after January 1, 2005, any election and deferral is compliant with the requirements of Section 409A of the Code and the regulations thereunder. View More
Performance Award. a. (a) "Performance Awards" will consist of Awards for which the Committee has set performance goals at its discretion which, depending on the extent to which they are met, will determine the number of shares of Common Stock and/or cash value of Awards that will be paid out to the Participants. Performance Awards may be granted to participants Participants at any time and from time to time, as shall be determined by the Committee. The Committee shall have complete discretion in determining the n...umber, amount and timing of awards Performance Awards granted to each participant. Such Participant. Performance Awards may take such form as may be in determined by the form Committee, including without limitation, cash, Stock Options, Awards of shares of Common Stock, Awards of Restricted Stock or Restricted Stock Units. Units, Other Stock-Based Awards or any combination thereof. Performance Awards may be awarded as short-term or long-term incentives. (b) Performance targets Awards under the Plan may be made subject to the attainment of one or more of the specified performance goals, as determined by the Committee in its sole discretion. Performance goals may be based upon, without limitation, upon Company-wide, divisional Affiliate, divisional, project team, and/or individual performance. 7 b. The Board or the Committee shall have the authority at any time to make adjustments to performance targets goals for any outstanding Performance Awards which the Board or the Committee deems necessary or desirable unless at the time of establishment of such targets goals the Board or the Committee shall have precluded its authority to make such adjustments. c. (c) Payment of earned Performance Awards shall be made in accordance with terms and conditions prescribed or authorized by the Committee. The participant may elect to defer, or the Committee may require or permit the deferral of, the receipt of Performance Awards upon such terms shall be payable in cash or in shares Common Stock, or a combination thereof, as determined by the Committee deems appropriate. Committee. View More
