EXHIBIT 10.3
[NAME] - Equity Award Notification
[DATE] Performance Share Units (PSU) Award
Target Grant Value: $[_____]
Number of Shares: Based on [DATE]
|
| |
Award Type | Number of Shares |
PSUs | [_____] |
Note: The terms of the [DATE] One-Time Equity Award are in accordance with the terms and conditions of the Ralph Lauren Corporation 2010 Long-Term Incentive Plan as well as with the terms and conditions of executive’s employment agreement date [DATE].
Information concerning goals is strictly confidential
PSUs:
| |
• | Vest after end of Fiscal 2022 based on achievement of cumulative performance during Fiscal 2020-2022 as certified by the Compensation and Organizational Development Committee based on performance goal and payout range shown below: |
|
| | | |
Performance Level
| % of Goal Achieved
| FY20-FY22
Cumulative Earnings Per Share
Goal
| % of Target Award Earned
|
Threshold | 90% | $[ ] | 50% |
Target | 100% | $[ ] | 100% |
Maximum | 110% | $[ ] | 200% |
PSU vesting is interpolated for performance between 90% - 110% of Target. Vesting typically occurs in June, but may be earlier or later. No payout will be earned for performance below Threshold.