Grant of Performance Unit Award. The Company hereby grants to Participant on the date set forth above (the “Date of Grant”) the right to receive up to ____________ (_________) Performance Units having a value of $1.00 per Unit (the “Per Unit Value”) payable in cash on the terms and conditions set forth herein (the “Performance Award”).
Grant of Performance Unit Award. (a) As of ______, 202__ (the “Effective Date”), the date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (identified above) ____ restricted stock units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2019 Omnibus Incentive Plan, as may be amended from time to time (the “Plan”). The number of RSUs hereunder that are considered target RSUs shall be _____ (the “Target RSUs”). Each RSU represents the opportunity to receive a cash payment equivalent to the fair market value of a share of Common Stock on the date of vesting based upon satisfaction of certain Free Cash Flow/TSR targets and the “Payout Multiplier” as defined in Exhibit A, subject to Exhibit C. The actual number of shares of Common Stock that may be issued pursuant to the terms of this Agreement will be between 0% and 201.25% of the number of Target RSUs (as defined in Exhibit A).
(b) To determine the number, if any, of RSUs that shall be deemed earned (“Earned RSUs”), the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, there shall be three performance periods: (a) “Performance Period I” shall be deemed to begin on January 1, 202__ and end on December 31, 202__ (the “Performance Period 1 Determination Date”); (b) “Performance Period II” shall be deemed to begin on January 1, 202__ and end on December 31, 202__ (the “Performance Period II Determination Date”, and (c) “Performance Period III” shall be deemed to begin on January 1, 202__ and end on December 31, 202__ (the “Performance Period III Determination Date”). For purposes of this Agreement, each of Performance Period I, Performance Period II and Performance Period III shall be considered a “Performance Period”, and each of Performance Period I Determination Date, Performance Period II Determination Date and Performance Period III Determination Date shall be considered a “Determination Date”. It is understood that Earned RSU’s are also subject to a three-year time-based vesting requirement that begins on the Effective Date, as described in paragraph 3 below.
Grant of Performance Unit Award. In accordance with the Plan, and effective as of February 14, 2018 (the “Date of Grant”), the Company granted to the Participant, subject to the terms and conditions of the Plan and this Agreement, a Performance Unit Award (the “Award”) with respect to [__________] Performance Units, which are referred to herein as the “Target Performance Units”. The Award represents the right to receive one Common Share for each Performance Unit that is earned in accordance with, and subject to, the terms of this Agreement. Subject to the terms and conditions of this Agreement, more than 100% of the Target Performance Units may be earned but under no circumstances may more than 200% of the Target Performance Units be earned. The Award includes Dividend Equivalent Rights as described in Section 6.
Grant of Performance Unit Award. The Company has granted you performance units as an Award subject to the satisfaction of performance conditions (the “Performance Units”), subject to the terms of this Agreement and the terms of the Amended and Restated 2018 Stock Incentive Plan of Resideo Technologies, Inc. and its Affiliates (the “Plan”). The number of Performance Units awarded to you represents a target award for the applicable Performance Cycle (as defined below) (the “Target Award”). [The details for this grant can be found on [●]. The Company reserves the right to change or correct any information contained on the [●] website to reflect the terms of the Award actually made by the Company on the Grant Date or the Plan.]1
Grant of Performance Unit Award. The Committee, on behalf of the Company, hereby grants to Grantee, effective as of the Grant Date, Performance Units equal to the Target Award Amount set forth above, on the terms and conditions set forth in this Agreement, including the specific vesting requirements set forth above and the performance goal requirements (the “Performance Goals”) set forth in Exhibit B attached hereto, and as otherwise provided in the Plan. The actual number of Performance Units earned pursuant to the Award will be determined based on the achievement of the Performance Goals during the Performance Period, as further set forth in Exhibit B.
Grant of Performance Unit Award. (a) As of the effective date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (identified above) 1 restricted stock units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2012 Omnibus Incentive Plan, as amended (the “Plan”). The RSUs represent the opportunity to receive a number of shares of Common Stock of the Company based upon satisfaction of certain EBITDA targets and the “Payout Multiplier” as defined in Exhibit A, subject to Exhibit C. The actual number of shares of Common Stock that may be issued pursuant to the terms of this Agreement will be between 0% and 200% of the number of Target RSUs. The Plan is hereby incorporated in this Agreement in its entirety by reference. In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan shall control.
(b) To determine the number, if any, of RSUs that shall vest, the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, the “Performance Period” shall be deemed to begin on July 1, 2014, (the “Effective Date”) and end on June 30, 2017. The date that is the third anniversary of the date set forth on the signature page hereof shall be the “Determination Date.”
Grant of Performance Unit Award. The Company hereby grants to the Participant, subject to the terms, conditions and restrictions set forth in the Plan and those specified herein, this performance unit award specified in the Acceptance Agreement (“Performance Unit Award”). The target dollar amount that may become payable under this Performance Unit Award shall be specified in the Acceptance Agreement. The Acceptance Agreement and the terms, conditions and restrictions set forth herein, including any Appendix attached hereto, shall collectively constitute the Performance Unit Award Agreement (the “Agreement”) for this Performance Unit Award.
Grant of Performance Unit Award. The Company hereby grants to the Grantee a performance unit award (the “Award”) consisting of Six Thousand Six Hundred Eighty-four and 1654/ten thousands (6,684.1654) performance units (the “Performance Units”), which Performance Units shall be reflected in a book account maintained by the Company and shall be settled pursuant to Section 2 in shares of the Company’s common stock, par value $1.66 2/3 per share (together with the Common Stock Purchase Rights attached thereto, the “Common Stock”) to the extent provided for in this Agreement and the Plan. Each reference to the Performance Units in this Agreement will be deemed to include any additional Performance Units granted to the Grantee pursuant to Section 4.1 and any additional Performance Units granted to the Grantee or other securities issued to the Grantee pursuant to Section 4.2, and shall also include the Performance Shares (as defined in Section 2) underlying such Performance Units.
Grant of Performance Unit Award. The Company hereby grants (the "Performance Unit Award") to the Participant, subject to the terms, conditions and restrictions set forth in the Plan and those specified herein, the Performance Unit Award specified in the Acceptance Agreement for this Performance Unit Award. This Performance Unit Award shall not become effective unless and until the Participant executes and delivers to the Company, or its designee, an executed Acceptance Agreement in form and substance satisfactory to the Company, or its designee, following which this Performance Unit Award shall be effective as of the Date of Grant. The Acceptance Agreement and the terms, conditions and restrictions set forth herein shall collectively constitute the Performance Unit Award Agreement (the "Agreement") for this Performance Unit Award. 2. Non-Transferability; Vesting. The amount, if any, which becomes payable pursuant to this Performance Unit Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner during the Performance Period, other than by a then-effective designation of beneficiary (the "Designation of Beneficiary") or the default provisions of Section 3(b) hereof in the event of the Participant's death. The amount, if any, which becomes payable pursuant to this Performance Unit Award shall not be assignable by operation of law or subject to execution, attachment or similar process. Any attempted sale, pledge, assignment, hypothecation, transfer or other disposition of the amount, if any, which becomes payable pursuant to this Performance Unit Award contrary to the provisions of this Agreement or the Plan and the levy of any execution, attachment or similar process upon that amount shall be null and void and without force or effect. No transfer of the Performance Unit Award by will or by the laws of descent and distribution shall be effective to bind the Company unless the Company shall have been furnished written notice thereof and an authenticated copy of the will and/or such other evidence as the Committee may deem necessary to establish the validity of the transfer. The transfer pursuant to a then-effective Designation of Beneficiary or, if applicable, the default provisions of Section 3(b) hereof, shall be binding upon the executors, administrators, heirs and successors of the Participant. The vesting of the restrictions on the Performance Unit Award shall be subject to acceleration on the terms and conditions stated in the Plan and in Section ...
Grant of Performance Unit Award. In accordance with the Plan, and effective as of February 17, 2023 (the “Date of Grant”), the Company granted to the Participant, subject to the terms and conditions of the Plan and this PUA Agreement, a Performance Unit Award (the “Award”) with respect to [__________] Performance Units, which are referred to herein as the “Target Performance Units”. The Award represents the right to receive one Common Share for each Performance Unit that is earned in accordance with, and subject to, the terms of this PUA Agreement. Subject to the terms and conditions of this PUA Agreement, more than 100% of the Target Performance Units may be earned but under no circumstances may more than 200% of the Target Performance Units be earned. The Award includes Dividend Equivalent Rights as described in Section 6.
