2021 PSU Changes
TSR Performance Multiplier Narrowed
Performance multiplier is calculated according to the following schedule, with linear interpolation determined between the percentile ranks shown below.
CWB’s TSR Ranking
Performance Multiplier
25 th Percentile and below
50%
50 th Percentile
100%
80 th Percentile and above
150%
However, if CWB delivers negative TSR during the performance period but is ranked above the 50 th percentile, the performance multiplier will be reduced to 100%.
Strategic Initiatives Performance Multiplier Narrowed
Performance multiplier is calculated according to the following schedule, with linear interpolation determined between the percentile ranks shown below.
Assessment of Goal Attainment
Performance Multiplier
Exceptional Performance
125 – 150%
Above Expectations
105 – 125%
Met Expectations
95 – 105%
Below Expectations
50 – 95%
The three-year strategic initiatives measure is maintained, with a weighting of 40%, as a continued focus on CWB’s long -range strategic direction is appropriate.
We generally do not disclose performance metrics for a specific grant before vesting, as we consider these metrics and our strategic initiatives as commercially sensitive information.
2022 PSU Grant
The PSUs granted in fiscal 2022 were structured similarly to those granted in fiscal 2021.
2023 PSU Design
The PSUs granted in fiscal 2023 were structured similarly to those granted in 2022, with the exception that the changes made to the relative TSR component of the PSUs, resulting in a symmetrical performance/payout schedule (as outlined below).
2023 PSU Changes
TSR Performance Multiplier Narrowed
Performance multiplier is calculated according to the following schedule, with linear interpolation determined between the percentile ranks shown below.
CWB’s TSR Ranking
Performance Multiplier
25 th Percentile and below
50%
50 th Percentile
100%
75 th Percentile and above
150%
However, if CWB delivers negative TSR during the performance period but is ranked above the 50 th percentile, the performance multiplier will be reduced to 100%.
Restricted Share Unit (RSU) Plan
Overview
• RSUs granted under the RSU Plan are bookkeeping entries credited to an account created for each Participant. • Each RSU represents a unit with an underlying value equivalent to the value of one CWB common share. • Notional dividends accrue to the RSU holder and are converted on the dividend date into additional RSUs that vest in accordance with the respective grant. • On the grant date for RSUs, the value of the applicable allocation (based on a percentage of base salary as shown on the table on page 44) is divided by the weighted average trading price of one CWB common share on the grant date and the four trading days preceding the grant date to arrive at the number of RSUs granted to the executive. • In fiscal 2020, the HR Committee approved changes to the LTIP composition effective for fiscal 2021. RSUs were removed from NEO LTIP (except for special recruitment/retention purposes).
Grant Determination
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