2014 Performance Share Awards. NiSource shall take any and all action as shall be necessary or appropriate, including approval of the provisions of this Section 6.03(b)(2) by the NiSource Compensation Committee pursuant to the terms of the applicable NiSource Stock Plan and this Agreement, so that each NiSource Performance Share Award granted under a NiSource Stock Plan in 2014 and held at the close of business on the Distribution Date by any person who is not a Columbia Employee will be adjusted and paid under the terms of the NiSource Stock Plan and applicable award agreement. With respect to 50% of such NiSource Performance Share Award, the number of NiSource Shares that are deemed to have been earned as of the Distribution Date shall be equal to 50% of the target number of NiSource Shares subject to such NiSource Performance Share Award. With respect to the remaining 50% of such NiSource Performance Share Award, the number of NiSource Shares earned shall be determined by the NiSource Compensation Committee based on performance results through the Distribution Date. The number of such NiSource Shares that are earned or deemed to have been earned shall then be multiplied by a fraction, the numerator of which is the NiSource Pre-Distribution Stock Price, and the denominator of which is the NiSource Post-Distribution Stock Price. Each Adjusted NiSource RSU Award shall continue to vest based on the holder’s continued service with the NiSource Parties.
Appears in 3 contracts
Samples: Employee Matters Agreement (Nisource Inc/De), Employee Matters Agreement (Columbia Pipeline Group, Inc.), Employee Matters Agreement (Columbia Pipeline Group, Inc.)
2014 Performance Share Awards. NiSource and Columbia shall take any and all action as shall be necessary or appropriate, including approval of the provisions of this Section 6.03(b)(26.03(a)(2) by the Columbia Board and the NiSource Compensation Committee pursuant to the terms of the applicable NiSource Stock Plan, the applicable Columbia Stock Plan and this Agreement, so that each NiSource Performance Share Award granted under a NiSource Stock Plan in 2014 and held at the close of business on the Distribution Date by any person who is not a Columbia Employee will be adjusted and paid replaced with a Substitute Columbia RSU Award granted under the terms of the NiSource applicable Columbia Stock Plan and applicable award agreementPlan. With respect to 50% of such NiSource Performance Share Award, the number of NiSource Shares that are deemed to have been earned as of the Distribution Date shall be equal to 50% of the target number of NiSource Shares subject to such NiSource Performance Share Award. With respect to the remaining 50% of such NiSource Performance Share Award, the number of NiSource Shares earned shall be determined by the NiSource Compensation Committee based on performance results through the Distribution Date. The number of such NiSource Shares that are earned or deemed to have been earned shall then be multiplied converted into a Substitute Columbia RSU Award by multiplying the number of such earned NiSource Shares by a fraction, the numerator of which is the NiSource Pre-Distribution Stock Price, Price and the denominator of which is the NiSource Columbia Post-Distribution Stock Price. Each Adjusted NiSource Substitute Columbia RSU Award shall continue to vest based on the holder’s continued service with the Columbia Parties, and shall have the same terms and conditions as the corresponding NiSource PartiesPerformance Share Award, except as provided herein.
Appears in 3 contracts
Samples: Employee Matters Agreement (Nisource Inc/De), Employee Matters Agreement (Columbia Pipeline Group, Inc.), Employee Matters Agreement (Columbia Pipeline Group, Inc.)
