Committee Methodology. For purposes of determining the number of shares of Common Stock issuable to the Employee in respect of the Earned Performance Shares, the Committee shall:
(a) Calculate the Total Shareholder Return for the Company and each company in the Peer Group for the Performance Period.
(b) Rank the Company and each member of the Peer Group based on Total Shareholder Return with the company having the highest Total Shareholder Return ranking in the first position and the company with the lowest Total Shareholder Return ranking in the tenth position.
(c) Determine the number of Earned Performance Shares by multiplying the Employee’s Target Amount by the Payout Multiplier in the Ten Company Payout Schedule below: Notwithstanding the calculations described in clause (c) above, in the event the Total Shareholder Return for the Company is (I) less than 0%, the Payout Multiplier applied in clause (c) shall not exceed 1.00 or (II) greater than or equal to 20%, the Payout Multiplier applied in clause (c) shall not be less than 1.00. If any calculation with respect to the Earned Performance Shares would result in a fractional share, the number of shares of Common Stock to be issued shall be rounded up to the nearest whole share.
Committee Methodology. Subject to Exhibit C, for purposes of determining the number of RSUs that vest, the Committee shall:
(a) Calculate the Cumulative EBITDA for the Company during the Performance Period.
(b) Determine the Payout Multiplier to be utilized in determining the number of RSUs that vest, and thus the number of shares of Common Stock to be issued to the Grantee, based on the Payout Schedule below: 2 Insert number of Target RSUs (i.e., the number of RSUs that would vest if the Payout Multiplier were 1.0).
(c) Determine the number of RSUs that vest, and thus the number of shares of Common Stock to be issued to Grantee, by multiplying the number of Target RSUs by the Payout Multiplier.
(d) If any calculation with respect to the number of RSUs that vest, and thus the number of shares of Common Stock to be issued hereunder would result in a fractional share, the number of shares of Common Stock to be issued shall be rounded down to the nearest whole share.
Committee Methodology. The RSUs and Target RSUs shall be trifurcated into three equal parts, with one-third being allocated to each Performance Period (to avoid partial shares, the portion of RSUs and Target RSUs allocated to a specific Performance Period shall be reduced to the nearest whole number, with the excess rolling forward into the next sequentially ordered Performance Period). The Committee shall calculate the number of Earned RSU’s applicable to each Performance Period as soon as reasonably practicable following expiration of the applicable Performance Period and issuance of the Company’s audited financial statements for the applicable Performance Period, and in all events as soon as practicable in order to determine the number of Earned RSU’s existing on the Vesting Date. Subject to Exhibit C, for the applicable Performance Period, the Committee shall calculate the number of Earned RSUs for such Performance Period as follows:
i. Performance Period I: Multiply the number of Target RSUs allocable to Performance Period I by the Multiplier in the FCF Chart below, with such answer being the Earned RSUs for the Performance Period I. To the extent the number of RSUs allocated to Performance Period I exceed the Earned RSU’s for Performance Period I, such excess RSUs shall be immediately and automatically forfeited.
Committee Methodology. For purposes of determining the number of shares of Common Stock issuable to the Employee in respect of the Earned Performance Shares, the Committee shall:
(a) Calculate the Total Shareholder Return for the Company and each company in the Peer Group for the applicable Performance Period.
(b) Rank the Company and each member of the Peer Group based on Total Shareholder Return with the company having the highest Total Shareholder Return ranking in the first position and the company with the lowest Total Shareholder Return ranking in the ninth position.
(c) Determine the number of Earned Performance Shares based on the Eight Peer Company Payout Schedule below:
(d) Multiply the Employee’s Target Amount by the Payout Multiplier. Notwithstanding the calculations described in clauses (c) and (d) above, in the event the Total Shareholder Return for the Company as calculated in clause (a) above is (I) less than 0%, the Payout Multiplier applied in clause (d) shall not exceed 1.00, and (II) greater than or equal to 20%, the Payout Multiplier applied in clause (d) shall not be less than 1.00. If any calculation with respect to the Earned Performance Shares would result in a fractional share, the number of shares of Common Stock to be issued shall be rounded up to the nearest whole share.
Committee Methodology a. The RSUs vested and earned shall be divided into four performance periods.
b. For purposes of determining the Company’s ROIC during any particular performance period, the Committee shall calculate ROIC each calendar quarter (each a measurement period) within such Performance Period, with ROIC for the applicable Performance Period equaling the average ROIC for each of the quarterly measurement periods during the Performance Period.
c. For the applicable Performance Period, calculate the number of Earned RSUs for such Performance Period as follows (for the avoidance of doubt, Earned RSUs are not vested and will not become vested RSU’s until the vesting restrictions set forth in the Performance Unit Agreement are met): i. Performance Period One: Calculate ROIC for Performance Period One. Multiply 1/3 of the Target RSUs by the Multiplier, with such answer being the Earned RSUs for Performance Period One. i. Performance Period Two: Calculate ROIC for Performance Period Two. Multiply 1/3 of the Target RSUs by the Multiplier, with such answer being the Earned RSUs for Performance Period Two. ii. Performance Period Three: Calculate ROIC for Performance Period Three. Multiply 1/3 of the Target RSUs by the Multiplier, with such answer being the Earned RSUs for the Performance Period Three. iii. Performance Period Four: Calculate ROIC for Performance Period Four. Multiply the Target RSUs by the Multiplier, with such answer, reduced by the amount of Earned RSU’s attributable to the other Performance Periods (but not reduced below zero) being the Earned RSUs for Performance Period Four.
d. Determine the number of Vested RSUs, which shall equal the sum of the Earned RSUs for Performance Periods One, Two, Three and Four calculated pursuant to paragraph c above. e. If any calculation with respect to the number of RSUs that are earned, and thus the number of shares of Common Stock to be issued hereunder would result in a fractional share, the number of shares of Common Stock to be issued shall be rounded down to the nearest whole share. 7 HOU:3760738.2
Committee Methodology. The RSUs shall be trifurcated into three equal parts, with one-third being allocated to each Performance Period (to avoid partial shares, the portion of RSUs allocated to a specific Performance Period shall be reduced to the nearest whole number, with the excess rolling forward into the next sequentially ordered Performance Period). The Committee shall calculate the number of Earned RSU’s applicable to each Performance Period as soon as reasonable practicable following expiration of the applicable Performance Period, and in all events as soon as practicable in order to determine the number of Earned RSU’s existing on the Vesting Date or other vesting event. Subject to Exhibit C, for purposes of determining the number of Earmed RSUs for a particular Performance Period, the Committee shall:
(a) Calculate the Uptime Percentage on an aggregate basis for the Company’s rig fleet for the applicable Performance Period.
(b) Utilizing the calculated Uptime Percentage, determine the applicable multiplier for the Performance Period based upon the charts below. Payout Schedule (Performance Period I) Uptime Percentage Multiplier Uptime Percentage equal to 98.5% or above 2.00 Uptime Percentage between 98.00% and 98.5% Determined by Extrapolation Company Uptime Percentage = 98.00% 1.00 Uptime Percentage between 98.00% and 97.5% Determined by Extrapolation Uptime Percentage = 97.5% .01 Uptime Percentage less than 97.5% 0.00 Payout Schedule (Performance Period II) Uptime Percentage Multiplier Uptime Percentage equal to 98.25% or above 2.00 Uptime Percentage between 97.75% and 98.25% Determined by Extrapolation Company Uptime Percentage = 97.75% 1.00 Uptime Percentage between 97.75% and 97.25% Determined by Extrapolation Uptime Percentage = 97.25% .01 Uptime Percentage less than 97.25% 0.00 Payout Schedule (Performance Period III) Uptime Percentage Multiplier Uptime Percentage equal to 98.00% or above 2.00 Uptime Percentage between 97.5% and 98.00% Determined by Extrapolation Company Uptime Percentage = 97.5% 1.00 Uptime Percentage between 97.5% and 97.00% Determined by Extrapolation Uptime Percentage = 97.00% .01 Uptime Percentage less than 97.00% 0.00
(c) For the applicable Performance Period, calculate the number of Earned RSUs for such Performance Period as follows:
i. Performance Period I: Multiply the number of Target RSUs allocable to Performance Period I by the Multiplier in the chart above, with such answer being the Earned RSUs for the Performance Period I. To the ...
Committee Methodology. Subject to Exhibit C, for purposes of determining the number of RSUs that vest, the Committee shall: 2 Insert number of Target RSUs (i.e., the number of RSUs that would vest if the Payout Multiplier were 1.0).
(a) Calculate the Total Shareholder Return for the Company and each member of the Peer Group for the Performance Period.
(b) Rank the Company and each member of the Peer Group based on Total Shareholder Return with the entity having the highest Total Shareholder Return ranking in the first position and the entity with the lowest Total Shareholder Return ranking in the ninth position.
(c) Determine the Payout Multiplier to be utilized in determining the number of RSUs that vest, and thus the number of shares of Common Stock to be issued to the Grantee based on the Payout Schedule below: 1 2.00 2 2.00 3 2.00 4 1.50 5 1.00 6 0.75 7 0.50 8 0.25 9 0.00
(d) Determine the number of RSUs that vest, and thus the number of shares of Common Stock to be issued to Grantee, by multiplying the number of Target RSUs by the Payout Multiplier.
(e) If any calculation with respect to the number of RSUs that vest, and thus the number of shares of Common Stock to be issued hereunder would result in a fractional share, the number of shares of Common Stock to be issued shall be rounded down to the nearest whole share.
Committee Methodology. The Award and Target Award shall be trifurcated into three equal parts, with one-third being allocated to each Performance Period (to avoid partial shares, the portion of the Award and Target Award allocated to a specific Performance Period shall
Committee Methodology. The RSUs and Target RSUs shall be trifurcated into three equal parts, with one-third being allocated to each Performance Period (to avoid partial shares, the portion of RSUs and Target RSUs allocated to a specific Performance Period shall be reduced to the nearest whole number, with the excess rolling forward into the next sequentially ordered Performance Period). The Committee shall calculate the number of Earned RSU’s applicable to each Performance Period as soon as reasonable practicable following expiration of the applicable Performance Period, and in all events as soon as practicable in order to determine the number of Earned RSU’s existing on the Vesting Date or other vesting event. Subject to Exhibit C, for purposes of determining the number of Earmed RSUs for a particular Performance Period, the Committee shall:
(a) Calculate the TRIR for the Company for the applicable Performance Period.
(b) Determine the Industry TRIR for the applicable Performance Period,
(c) For the applicable Performance Period, compare the Company TRIR to the Industry TRIR and determine the applicable multiplier for the Performance Period based upon the chart below. Payout Schedule Company TRIR Multiplier Company TRIR equal to 90% or less of the Industry TRIR 2.00 Company TRIR between 100% and 90% of Industry TRIR Between 1.00 and 2.00 (determined by extrapolation) Company TRIR = Industry TRIR 1.00 Company TRIR between 100% and 110% of Industry TRIR Between .01 and 1.00 (determined by extrapolation) Company TRIR = 110% of Industry TRIR .01 Company TRIR greater than 110% of Industry TRIR 0.00
(d) For the applicable Performance Period, calculate the number of Earned RSUs for such Performance Period as follows:
Committee Methodology. The RSUs and Target RSUs shall be trifurcated into three equal parts, with one-third being allocated to each Performance Period (to avoid partial shares, the portion of RSUs and Target RSUs allocated to a specific Performance Period shall be reduced to the nearest whole number, with the excess rolling forward into the next sequentially ordered Performance Period). The Committee shall calculate the number of Earned RSU’s applicable to each Performance Period as soon as reasonable practicable following expiration of the applicable Performance Period, and in all events as soon as practicable in order to determine the number of Earned RSU’s existing on the Vesting Date. Subject to Exhibit C, for purposes of determining the number of Earned RSUs for a particular Performance Period, the Committee shall: (a) Calculate the Total Shareholder Return for the Company and each member of the Peer Group for the Performance Period. 1 HOU:3760738.2
(b) Rank the Company and each member of the Peer Group based on Total Shareholder Return with the entity having the highest Total Shareholder Return ranking in the first position and the entity with the lowest Total Shareholder Return ranking in the ninth position.
(c) Determine the Payout Multiplier to be utilized in determining the number of RSUs that vest, and thus the number of shares of Common Stock to be issued to the Grantee based on the Payout Schedule below: Eight Company Payout Schedule Company Ranking Payout Multiplier 1 2.00 2 2.00 3 1.67 4 1.33 5 1.00 6 0.67 7 0.33 8 0.00 9 0.00 (d) For the applicable Performance Period, calculate the number of Earned RSUs for such Performance Period as follows: i. .
