Common use of LTIP Clause in Contracts

LTIP. Performance shares granted to the Executive under the LTIP for performance cycles commencing after a Change in Control has occurred and remaining uncompleted will be deemed earned as of the Date of Termination to the extent of one hundred fifty percent (150%) of target under each award agreement, and the value of each such award will be paid out to the Executive in a lump-sum cash payment. Performance shares granted to the Executive under the LTIP for performance cycles which commenced after a Change in Control occurred and were completed before the Date of Termination will be paid out to the extent earned, and the value of such award will be paid out to the Executive in a lump-sum cash payment.