Terms of Award Clause Example with 5 Variations from Business Contracts
This page contains Terms of 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.
Terms of Award. 5.1Determination of Target Awards. Prior to, or reasonably promptly following the commencement of each Performance Period, the Committee, in its sole discretion, shall establish the Target Award for each Participant, the payment of which shall be conditioned on the achievement of the Performance Goals for the Performance Period. 5.2Determination of Performance Goals and Performance Formula. Prior to, or reasonably promptly following the commencement of, each Performance Period, the Committee, in... its sole discretion, shall establish in writing the Performance Goals for the Performance Period and shall prescribe a formula for determining the percentage of the Target Award (which may be greater than 100%) which may be payable based upon the level of attainment of the Performance Goals for the Performance Period. The Performance Goals shall be based on one or more Performance Criteria, each of which may carry a different weight, and which may differ from Participant to Participant. 5.3Adjustments. The Committee is authorized to adjust or modify the calculation of a Performance Goal for a Performance Period in its sole discretion.View More
Variations of a "Terms of Award" Clause from Business Contracts
Terms of Award. 5.1Determination of Target Awards. Prior to, or reasonably promptly following the commencement of each Performance Period, the Committee, in its sole discretion, shall establish the Target Award for each Participant, the payment of which shall be conditioned on the achievement of the Performance Goals for the Performance Period. 5.2Determination (a) Determination of Performance Goals and Performance Formula. Prior to, or reasonably promptly following the commencement of, each Performance Period,... the Committee, in its sole discretion, shall establish in writing the Performance Goals for the Performance Period and shall prescribe a formula for determining the percentage possible amount of an Award, including varying levels of Award depending on performance, and relative weight to be applied to performance criteria factoring into the Target Award (which may be greater than 100%) which may be payable based upon the level determination of attainment of the Performance Goals for the Performance Period. The Performance Goals shall be based on one or more Performance Criteria, each of which may carry a different weight, and which may differ from Participant to Participant. 5.3Adjustments. Goals. 3 (b) Adjustments. The Committee is authorized to may adjust or modify the calculation of a Performance Goal and related criteria and the weighting thereof for a Performance Period in its sole discretion. View More
Terms of Award. 5.1Determination 5.1 Determination of Target Awards. Prior to, or reasonably promptly following the commencement of each Performance Period, but no later than the Determination Date, the Committee, in its sole discretion, shall establish the Target Award for each Participant, Participant or group of Participants, the payment of which shall be conditioned on the achievement of the Performance Goals for the Performance Period. 5.2Determination 5.2 Determination of Performance Goals and Performance... Formula. Prior to, or reasonably promptly following the commencement of, each Performance Period, but no later than the Determination Date, the Committee, in its sole discretion, shall establish in writing the Performance Goals for the Performance Period and shall prescribe a formula for determining the percentage of the Target Award (which may be greater than 100%) which may be payable based upon the level of attainment of the Performance Goals for the Performance Period. The Performance Goals shall be based on one or more Performance Criteria, each of which may carry a different weight, and which may differ from Participant to Participant. 5.3Adjustments. The Performance Goals may be set for a group of participants based on one of more Performance Criteria applied to the Company as a whole or any other subgroup as authorized in Section 2.17. 5.3 Adjustments. The Committee is authorized authorized, in its discretion, to adjust or modify the calculation of a Performance Goal for a Performance Period in its sole discretion. connection with any one or more of the following events: (a) asset write-downs; (b) significant litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting standards or principles, or other laws or regulatory rules affecting reporting results; (d) any reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management's discussion and analysis of financial condition and results of operations appearing in the Company's annual report to shareholders for the applicable year or period; (f) acquisitions or divestitures; (g) any other specific unusual or nonrecurring events or objectively determinable category thereof; (h) foreign exchange gains and losses; and (i) a change in the Company's fiscal year. No adjustment shall be made if the effect would be to cause an Award to fail to qualify as performance-based compensation under Section 162(m) of the Code. View More
Terms of Award. 5.1Determination 5.1 Determination of Target Awards. Prior to, or reasonably promptly following the commencement of each Performance Period, the Committee, Committee (or the CEO, as applicable), in its sole discretion, shall establish the Target Award for each Participant, the payment of which shall be conditioned on the achievement of the Performance Goals for the Performance Period. 5.2Determination 5.2 Determination of Performance Goals and Performance Formula. Formula; Discretionary Awards. ...(a) Prior to, or reasonably promptly following the commencement of, each Performance Period, the Committee, in its sole discretion, shall establish in writing the Performance Goals for the Performance Period and shall prescribe a formula for determining the percentage of the Target Award (which may be greater than 100%) which may be payable based upon the level of attainment of the Performance Goals for the Performance Period. The Performance Goals shall be based on one or more Performance Criteria, each of which may carry a different weight, and which may differ from Participant to Participant. 5.3Adjustments. (b) In addition to the Performance Goals, the Committee may establish a discretionary component of the Awards (the "Discretionary Award") designed to reward notable achievements which may not be captured in the Performance Goals. If the Committee establishes Discretionary Awards for a particular Performance Period, it shall also prescribe the percentage of the Target Award which is attributable to such Discretionary Award. 7 5.3 Adjustments. (a) The Committee is authorized to adjust or modify the calculation of a Performance Goal for a Performance Period in connection with any one or more of the following events: (i) changes in the Company's business plan; (ii) asset write-downs; (iii) significant litigation or claim judgments or settlements; (iv) the effect of changes in tax laws, accounting standards or principles, or other laws or regulatory rules affecting reporting results; (v) any reorganization and restructuring programs; (vi) acquisitions or divestitures; (vii) any other specific unusual or nonrecurring events or objectively determinable category thereof; (viii) commodity prices; (ix) a change in the Company's fiscal year; and (x) changes in the Company's (or its sole discretion. Affiliate's) capital expenditure budget. (b) The CEO is authorized to adjust or modify, at his discretion, the Target Awards and the allocation of Awards among Participants other than executive officer Participants. View More
Terms of Award. 5.1Determination 5.1 Determination of Target Awards. Prior to, or reasonably promptly following the commencement of each Performance Period, Period the Committee, in its sole discretion, shall establish the Target Award for each Participant, the payment of which shall be conditioned on the achievement of the Performance Goals for the Performance Period. 5.2Determination 5.2 Determination of Performance Goals and Performance Formula. Prior to, or reasonably promptly following the commencement of,... each Performance Period, the Committee, in its sole discretion, shall establish in writing the Performance Goals for the Performance Period and shall prescribe a formula for determining the percentage of the Target Award (which may be greater than 100%) which may be payable based upon the level of attainment of the Performance Goals for the Performance Period. Period (the "Performance Formula"). The Performance Goals shall be based on one or more Key Performance Criteria, Indicators, each of which may carry a different weight, and which may differ from Participant to Participant. 5.3Adjustments. 5.3 Adjustments. The Committee is authorized authorized, in its sole discretion, to adjust or modify the calculation of a Performance Goal for a Performance Period in its sole discretion. connection with any one or more of the following events: (a) asset write-downs; Exhibit A-1 – (b) significant litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting standards or principles, or other laws or regulatory rules affecting reporting results; (d) any reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management's discussion and analysis of financial condition and results of operations appearing in the Company's annual report to shareholders for the applicable year or period; (f) acquisitions or divestitures; (g) any other specific unusual or nonrecurring events or objectively determinable category thereof; (h) foreign exchange gains and losses; and (i) a change in the Company's fiscal year. View More
Terms of Award. 5.1Determination 8.1Determination of Target Awards. Prior to, or reasonably promptly following the commencement of each Performance Period, the Committee, in its sole discretion, shall establish the Target Award for each Participant, the payment of which shall be conditioned on the achievement of the Performance Goals for the Performance Period. 5.2Determination 8.2Determination of Performance Goals and Performance Formula. Prior to, or reasonably promptly following the commencement of, each Per...formance Period, the Committee, in its sole discretion, shall establish in writing and communicate to each Participant (as applicable from Participant to Participant) the Performance Goals for the Performance Period and shall prescribe a and, subject to Section 5.3, the prescribed formula for determining the percentage of the Target Award (which may be greater than 100%) which may be payable based upon the level of attainment of the Performance Goals for the Performance Period. The Performance Goals shall be based on one or more Performance Criteria, each of which may carry a different weight, and which may differ from Participant to Participant. 5.3Adjustments. Participant.5CORE/3001926.0072/175794833.3 8.3Adjustments. The Committee is authorized to adjust or modify the calculation of a Performance Goal for a Performance Period in its sole discretion. View More
