Common use of Adjustment of Base Grant for Performance Metrics Clause in Contracts

Adjustment of Base Grant for Performance Metrics. Fifty percent (50%) of the Base Grant will increase or decrease based upon the Company’s “Average Performance” with respect to the “Performance Metrics,” as follows: If the Company’s Average Performance is: The Number of Performance Shares will be: 90th Percentile or greater 1.0 X Base Grant 75th Percentile .75 X Base Grant 50th Percentile 0.5 X Base Grant 25th Percentile 0.25 X Base Grant Less than 25th Percentile None If intermediate percentiles are achieved, the number of Performance Shares awarded pursuant to this Subsection 5(b) will be prorated (partial shares will be rounded down to the nearest whole share when applicable). For example, if the Company’s Average Performance during the Performance Period places the Company’s performance in the 60th percentile, then the number of Performance Shares would be increased to .60 (0.5 X 60/50) multiplied by the Base Grant. In no event will Employee be entitled to receive a number of Performance Shares pursuant to this Subsection (b) greater than 1.0 times the Base Grant.

Appears in 4 contracts

Samples: Performance Share Award Agreement (Arizona Public Service Co), Performance Share Award Agreement (Arizona Public Service Co), Performance Share Award Agreement (Pinnacle West Capital Corp)

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Adjustment of Base Grant for Performance Metrics. Fifty percent (50%) of the Base Grant will increase or decrease based upon the Company’s “Average Performance” with respect to the “Performance Metrics,” as follows: If the Company’s Average Performance is: The Number of Performance Shares will be: 90th Percentile or greater greater75th Percentile 1.0 X Base Grant 75th Percentile .75 Grant.75 X Base Grant 50th Percentile 0.5 X Base Grant 25th Percentile 0.25 X Base Grant Less than 25th Percentile None If intermediate percentiles are achieved, the number of Performance Shares awarded pursuant to this Subsection 5(b) will be prorated (partial shares will be rounded down to the nearest whole share when applicable). For example, if the Company’s Average Performance during the Performance Period places the Company’s performance in the 60th percentile, then the number of Performance Shares would be increased to .60 (0.5 X 60/50) multiplied by the Base Grant. In no event will Employee be entitled to receive a number of Performance Shares pursuant to this Subsection (b) greater than 1.0 times the Base Grant.

Appears in 2 contracts

Samples: Performance Share Award Agreement (Arizona Public Service Co), Performance Share Award Agreement (Arizona Public Service Co)

Adjustment of Base Grant for Performance Metrics. Fifty percent (50%) of the Base Grant will increase or decrease based upon the Company’s “Average Performance” with respect to the “Performance Metrics,” as follows: The Number of Performance Shares will If the Company’s Average Performance is: The Number of Performance Shares will be: 90th Percentile or greater 1.0 X Base Grant 75th Percentile .75 X Base Grant 50th Percentile 0.5 X Base Grant 25th Percentile 0.25 X Base Grant Less than 25th Percentile None If intermediate percentiles are achieved, the number of Performance Shares awarded pursuant to this Subsection 5(b) will be prorated (partial shares will be rounded down to the nearest whole share when applicable). For example, if the Company’s Average Performance during the Performance Period places the Company’s performance in the 60th percentile, then the number of Performance Shares would be increased to .60 (0.5 X 60/50) multiplied by the Base Grant. In no event will Employee be entitled to receive a number of Performance Shares pursuant to this Subsection (b) greater than 1.0 times the Base Grant.

Appears in 2 contracts

Samples: Performance Share Agreement (Pinnacle West Capital Corp), Performance Share Agreement (Pinnacle West Capital Corp)

Adjustment of Base Grant for Performance Metrics. Fifty percent (50%) of the Base Grant will increase or decrease based upon the Company’s “Average Performance” with respect to the “Performance Metrics,” as follows: If the Company’s Average Performance is: The Number of Performance Shares will be: 90th Percentile or greater greater75th Percentile 1.0 X Base Grant 75th Percentile .75 Grant.75 X Base Grant 50th 55th Percentile 0.5 X Base Grant 25th Percentile 0.25 X Base Grant Less than 25th Percentile None If intermediate percentiles are achieved, the number of Performance Shares awarded pursuant to this Subsection 5(b) will be prorated (partial shares will be rounded down to the nearest whole share when applicable). For example, if the Company’s Average Performance during the Performance Period places the Company’s performance in the 60th percentile, then the number of Performance Shares would be increased to .60 (0.5 X 60/50) multiplied by the Base Grant. In no event will Employee be entitled to receive a number of Performance Shares pursuant to this Subsection (b) greater than 1.0 times the Base Grant.

Appears in 1 contract

Samples: Performance Share Award Agreement (Arizona Public Service Co)

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Adjustment of Base Grant for Performance Metrics. Fifty percent (50%) of the Base Grant will increase or decrease based upon the Company’s “Average Performance” with respect to the “Performance Metrics,” as follows: The Number of Performance Shares will If the Company’s Average Performance is: The Number of Performance Shares will be: 90th Percentile or greater 1.0 X Base Grant 75th Percentile .75 X Base Grant 50th Percentile 0.5 X Base Grant 25th Percentile 0.25 X Base Grant Less than 25th Percentile None If intermediate percentiles are achieved, the number of Performance Shares awarded pursuant to this Subsection 5(b) will be prorated (partial shares will be rounded down to the nearest whole share when applicable). For example, if the Company’s Average Performance during the Performance Period places the Company’s performance in the 60th percentile, then the number of Performance Shares would be increased to .60 (0.5 X 60/50) multiplied by the Base Grant. In no event will Employee be entitled to receive a number of Performance Shares pursuant to this Subsection (b) greater than 1.0 .75 times the Base Grant, even if the Company’s Average Performance during the Performance Period places the Company’s performance higher than the 75th percentile.

Appears in 1 contract

Samples: Performance Share Agreement (Pinnacle West Capital Corp)

Adjustment of Base Grant for Performance Metrics. Fifty percent (50%) of the Base Grant will increase or decrease based upon the Company’s “Average Performance” with respect to the “Performance Metrics,” as follows: If the Company’s Average Performance is: The Number of Performance Shares will be: 90th Percentile or greater greater75th Percentile 1.0 X Base Grant 75th Percentile .75 Grant.75 X Base Grant 50th Percentile 0.5 X Base Grant 25th Percentile 0.25 X Base Grant Less than 25th Percentile None If intermediate percentiles are achieved, the number of Performance Shares awarded pursuant to this Subsection 5(b) will be prorated (partial shares will be rounded down to the nearest whole share when applicable). For example, if the Company’s Average Performance during the Performance Period places the Company’s performance in the 60th percentile, then the number of Performance Shares would be increased to .60 (0.5 X 60/50) multiplied by the Base Grant. In no event will Employee be entitled to receive a number of Performance Shares pursuant to this Subsection (b) greater than 1.0 times the Base Grant.

Appears in 1 contract

Samples: Performance Share Award Agreement (Arizona Public Service Co)

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