Common use of Issuance of Performance Shares Clause in Contracts

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s “Target XXX Award” and Participant’s “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX Award is ____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXX” is 8.0 percent; Participant’s “Target XXX” is 14.7 percent; and Participant’s “Maximum XXX” is 23.5 percent. If, at the end of the Performance Period, the Company’s Average XXX is equal to the Threshold XXX, the Participant will be entitled to receive fifty percent (50%) of the Target XXX Award; if the Company’s Average XXX is equal to the Target XXX, the Participant will be entitled to receive one hundred percent (100%) of the Target XXX Award; and if the Company’s Average XXX is equal to or greater than the Maximum XXX, the Participant will be entitled to receive two hundred percent (200%) of the Target XXX Award. If the Company’s Average XXX is otherwise between the Threshold XXX and the Maximum XXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX is less than the Threshold XXX, the Participant will not be entitled to receive any Shares as part of Participant’s Target XXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred percent (200%) of the Target XXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s his “Target XXX Award” and Participant’s his “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX Award is ____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXX” is 8.0 9.3 percent; Participant’s his “Target XXX” is 14.7 10.7 percent; and Participant’s his “Maximum XXX” is 23.5 21.4 percent. If, at the end of the Performance Period, the Company’s Average XXX is equal to the Threshold XXX, the Participant will be entitled to receive fifty 50 percent (50%) of the Target XXX Award; if the Company’s Average XXX is equal to the Target XXX, the Participant will be entitled to receive one hundred 100 percent (100%) of the Target XXX Award; and if the Company’s Average XXX is equal to or greater than the Maximum XXX, the Participant will be entitled to receive two hundred 200 percent (200%) of the Target XXX Award. If the Company’s Average XXX is otherwise between the Threshold XXX and the Maximum XXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX is less than the Threshold XXX, the Participant will not be entitled to receive any Shares as part of Participant’s his Target XXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred 200 percent (200%) of the Target XXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s his “Target XXX RXX Award” and Participant’s his “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX RXX Award is _______ Shares. The Participant’s Target ROS Award is _______ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXXRXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXXRXX” is 8.0 10.80 percent; Participant’s his “Target XXXRXX” is 14.7 12.70 percent; and Participant’s his “Maximum XXXRXX” is 23.5 21.20 percent. If, at the end of the Performance Period, the Company’s Average XXX RXX is equal to the Threshold XXXRXX, the Participant will be entitled to receive fifty 50 percent (50%) of the Target XXX RXX Award; if the Company’s Average XXX RXX is equal to the Target XXXRXX, the Participant will be entitled to receive one hundred 100 percent (100%) of the Target XXX RXX Award; and if the Company’s Average XXX RXX is equal to or greater than the Maximum XXXRXX, the Participant will be entitled to receive two hundred 200 percent (200%) of the Target XXX RXX Award. If the Company’s Average XXX RXX is otherwise between the Threshold XXX RXX and the Maximum XXXRXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX RXX is less than the Threshold XXXRXX, the Participant will not be entitled to receive any Shares as part of Participant’s his Target XXX RXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred 200 percent (200%) of the Target XXX RXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s his “Target XXX Award” and Participant’s his “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX Award is ____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXX” is 8.0 9.6 percent; Participant’s his “Target XXX” is 14.7 11.0 percent; and Participant’s his “Maximum XXX” is 23.5 21.9 percent. If, at the end of the Performance Period, the Company’s Average XXX is equal to the Threshold XXX, the Participant will be entitled to receive fifty 50 percent (50%) of the Target XXX Award; if the Company’s Average XXX is equal to the Target XXX, the Participant will be entitled to receive one hundred 100 percent (100%) of the Target XXX Award; and if the Company’s Average XXX is equal to or greater than the Maximum XXX, the Participant will be entitled to receive two hundred 200 percent (200%) of the Target XXX Award. If the Company’s Average XXX is otherwise between the Threshold XXX and the Maximum XXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX is less than the Threshold XXX, the Participant will not be entitled to receive any Shares as part of Participant’s his Target XXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred 200 percent (200%) of the Target XXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s his “Target XXX RXX Award” and Participant’s his “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX RXX Award is ____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXXRXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXXRXX” is 8.0 ___ percent; Participant’s his “Target XXXRXX” is 14.7 ___ percent; and Participant’s his “Maximum XXXRXX” is 23.5 ___ percent. If, at the end of the Performance Period, the Company’s Average XXX RXX is equal to the Threshold XXXRXX, the Participant will be entitled to receive fifty 50 percent (50%) of the Target XXX RXX Award; if the Company’s Average XXX RXX is equal to the Target XXXRXX, the Participant will be entitled to receive one hundred 100 percent (100%) of the Target XXX RXX Award; and if the Company’s Average XXX RXX is equal to or greater than the Maximum XXXRXX, the Participant will be entitled to receive two hundred 150 percent (200%) of the Target XXX RXX Award. If the Company’s Average XXX RXX is otherwise between the Threshold XXX RXX and the Maximum XXXRXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX RXX is less than the Threshold XXXRXX, the Participant will not be entitled to receive any Shares as part of Participant’s his Target XXX RXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred 150 percent (200%) of the Target XXX RXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s his “Target XXX Award” and Participant’s his “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX Award is _____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXX” is 8.0 9.7 percent; Participant’s his “Target XXX” is 14.7 12.6 percent; and Participant’s his “Maximum XXX” is 23.5 23.2 percent. If, at the end of the Performance Period, the Company’s Average XXX is equal to the Threshold XXX, the Participant will be entitled to receive fifty 50 percent (50%) of the Target XXX Award; if the Company’s Average XXX is equal to the Target XXX, the Participant will be entitled to receive one hundred 100 percent (100%) of the Target XXX Award; and if the Company’s Average XXX is equal to or greater than the Maximum XXX, the Participant will be entitled to receive two hundred 200 percent (200%) of the Target XXX Award. If the Company’s Average XXX is otherwise between the Threshold XXX and the Maximum XXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX is less than the Threshold XXX, the Participant will not be entitled to receive any Shares as part of Participant’s his Target XXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred 200 percent (200%) of the Target XXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s “Target XXX Award” and Participant’s “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX Award is _____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXX” is 8.0 percent; Participant’s “Target XXX” is 14.7 14.8 percent; and Participant’s “Maximum XXX” is 23.5 24.4 percent. If, at the end of the Performance Period, the Company’s Average XXX is equal to the Threshold XXX, the Participant will be entitled to receive fifty percent (50%) of the Target XXX Award; if the Company’s Average XXX is equal to the Target XXX, the Participant will be entitled to receive one hundred percent (100%) of the Target XXX Award; and if the Company’s Average XXX is equal to or greater than the Maximum XXX, the Participant will be entitled to receive two hundred percent (200%) of the Target XXX Award. If the Company’s Average XXX is otherwise between the Threshold XXX and the Maximum XXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX is less than the Threshold XXX, the Participant will not be entitled to receive any Shares as part of Participant’s his Target XXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred percent (200%) of the Target XXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s “Target XXX Award” and Participant’s “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX Award is ____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXX” is 8.0 8.3 percent; Participant’s “Target XXX” is 14.7 15.2 percent; and Participant’s “Maximum XXX” is 23.5 23.8 percent. If, at the end of the Performance Period, the Company’s Average XXX is equal to the Threshold XXX, the Participant will be entitled to receive fifty percent (50%) of the Target XXX Award; if the Company’s Average XXX is equal to the Target XXX, the Participant will be entitled to receive one hundred percent (100%) of the Target XXX Award; and if the Company’s Average XXX is equal to or greater than the Maximum XXX, the Participant will be entitled to receive two hundred percent (200%) of the Target XXX Award. If the Company’s Average XXX is otherwise between the Threshold XXX and the Maximum XXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX is less than the Threshold XXX, the Participant will not be entitled to receive any Shares as part of Participant’s Target XXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred percent (200%) of the Target XXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s “Target XXX Award” and Participant’s “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX Award is _____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXX” is 8.0 8.1 percent; Participant’s “Target XXX” is 14.7 15.7 percent; and Participant’s “Maximum XXX” is 23.5 24.1 percent. If, at the end of the Performance Period, the Company’s Average XXX is equal to the Threshold XXX, the Participant will be entitled to receive fifty percent (50%) of the Target XXX Award; if the Company’s Average XXX is equal to the Target XXX, the Participant will be entitled to receive one hundred percent (100%) of the Target XXX Award; and if the Company’s Average XXX is equal to or greater than the Maximum XXX, the Participant will be entitled to receive two hundred percent (200%) of the Target XXX Award. If the Company’s Average XXX is otherwise between the Threshold XXX and the Maximum XXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX is less than the Threshold XXX, the Participant will not be entitled to receive any Shares as part of Participant’s Target XXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred percent (200%) of the Target XXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s his “Target XXX Award” and Participant’s his “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX Award is _____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXX” is 8.0 9.9 percent; Participant’s his “Target XXX” is 14.7 13.8 percent; and Participant’s his “Maximum XXX” is 23.5 24.8 percent. If, at the end of the Performance Period, the Company’s Average XXX is equal to the Threshold XXX, the Participant will be entitled to receive fifty 50 percent (50%) of the Target XXX Award; if the Company’s Average XXX is equal to the Target XXX, the Participant will be entitled to receive one hundred 100 percent (100%) of the Target XXX Award; and if the Company’s Average XXX is equal to or greater than the Maximum XXX, the Participant will be entitled to receive two hundred 200 percent (200%) of the Target XXX Award. If the Company’s Average XXX is otherwise between the Threshold XXX and the Maximum XXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX is less than the Threshold XXX, the Participant will not be entitled to receive any Shares as part of Participant’s his Target XXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred 200 percent (200%) of the Target XXX Award.

Issuance of Performance Shares. (a) The Participant’s Performance Share Award is a function of Participant’s his “Target XXX Award” and Participant’s his “Target ROS Award,” calculated as set forth below. The Participant’s Target XXX Award is ____ Shares. The Participant’s Target ROS Award is ____ Shares. (b) At the end of the Performance Period, the Board (or its permitted delegate) will calculate the Company’s Return on Equity for each of its fiscal years during the Performance Period and divide the sum by that number of years (the “Average XXX”). “Return on Equity” means (i) the Company’s net after-tax income for the fiscal year in question, divided by (ii) the average of the shareholders’ equity as of the end of the preceding fiscal year and the shareholders’ equity as of the end of the fiscal year in question, in each case as shown in the Company’s audited financial statements (provided that if there is any change in accounting standards used by the Company after the Grant Date, Return on Equity will be calculated without regard to such change). The Participant’s “Threshold XXX” is 8.0 10.10 percent; Participant’s his “Target XXX” is 14.7 12.77 percent; and Participant’s his “Maximum XXX” is 23.5 20.640 percent. If, at the end of the Performance Period, the Company’s Average XXX is equal to the Threshold XXX, the Participant will be entitled to receive fifty 50 percent (50%) of the Target XXX Award; if the Company’s Average XXX is equal to the Target XXX, the Participant will be entitled to receive one hundred 100 percent (100%) of the Target XXX Award; and if the Company’s Average XXX is equal to or greater than the Maximum XXX, the Participant will be entitled to receive two hundred 200 percent (200%) of the Target XXX Award. If the Company’s Average XXX is otherwise between the Threshold XXX and the Maximum XXX, the number of Performance Shares that the Participant is entitled to receive will be calculated using a straight-line interpolation. If the Company’s Average XXX is less than the Threshold XXX, the Participant will not be entitled to receive any Shares as part of Participant’s his Target XXX Award. In no event will the Participant be entitled to receive pursuant to this Agreement more than two hundred 200 percent (200%) of the Target XXX Award.