Common use of Grant of Performance Share Award Clause in Contracts

Grant of Performance Share Award. Subject to the restrictions, terms and conditions of the Plan, the Guidelines and this Agreement, on [GRANT DATE] (the “Grant Date”) the Company awarded and granted to the Participant an award under Article IX of the Plan with the designated target number of [TARGET PERFORMANCE SHARES] Performance Shares (the “Target Performance Shares”), and providing to the Participant a conditional right to earn the Target Performance Shares, or a number of Performance Shares for each Applicable Performance Period (as defined below) ranging from 70% (at each applicable Threshold Performance level) to 200% (at each applicable Maximum Performance level) of the Target Performance Shares, by achievement of the designated levels of performance of each performance criteria as specified in the Performance Goals attached hereto as Appendix A, the earning of which would entitle the Participant to receive for each Performance Share earned, in accordance with Section 2 below, one share of Common Stock, subject to the provisions of Sections 3 and 4 below (the “Performance Share Award”). The Performance Shares granted under the Performance Share Award are Deferrable Performance Shares under the Guidelines, and the payment of shares of Common Stock upon vesting of Earned Shares (as defined below) in accordance with the terms and conditions of this Agreement may be deferred by the Participant in accordance with Section 4.2 of the Guidelines. If the Participant desires to defer the payment of Earned Shares, the Participant must complete an election form prescribed by the Committee and deliver it to the Company no later than six months before the end of the Performance Period (as defined in Section 2) or, if earlier, the date the number of Performance Shares to be earned has become readily ascertainable within the meaning of Treasury Regulation Section 1.409A-2(a)(8).

Grant of Performance Share Award. Subject to the restrictions, terms and conditions of the Plan, the Guidelines and this Agreement, on [GRANT DATE] (the “Grant Date”) the Company awarded and granted to the Participant an award under Article IX of the Plan with the designated target number of [TARGET PERFORMANCE SHARES] Performance Shares (the “Target Performance Shares”), and providing to the Participant a conditional right to earn the Target Performance Shares, or a number of Performance Shares for each Applicable Performance Period (as defined below) ranging from 70% (at each applicable Threshold Performance level) to 200% (at each applicable Maximum Performance level) of the Target Performance Shares, by achievement of the designated levels of performance of each performance criteria as specified in the Performance Goals attached hereto as Appendix A, the earning of which would entitle the Participant to receive for each Performance Share earned, in accordance with Section 2 below, one share of Common Stock, subject to the provisions of Sections 3 and 4 below (the “Performance Share Award”). The Performance Shares granted under the Performance Share Award are Deferrable Performance Shares under the Guidelines, and the payment of shares of Common Stock upon following vesting of Earned Shares (as defined below) in accordance with the terms and conditions of this Agreement may be deferred by the Participant in accordance with Section 4.2 of the Guidelines. If the Participant desires to defer the payment of Earned Shares, the Participant must complete an election form prescribed by the Committee and deliver it to the Company no later than six months before the end of the Applicable Performance Period (as defined in Section 2) or, if earlier, the date the number of Performance Shares to be earned has become readily ascertainable within the meaning of Treasury Regulation Section 1.409A-2(a)(8).