Common use of PBRSUs Clause in Contracts

PBRSUs. If you Retire (as defined below) at least one year after the Grant Date and prior to the expiration of the Performance Period, the number of your earned PBRSUs shall be a pro rata portion of the number of PBRSUs that would have been earned if you had remained employed throughout the Performance Period, determined based on actual performance, which PBRSUs shall be vested and nonforfeitable and shall be settled at the expiration of the Performance Period, subject to Paragraph 5(a) above, in accordance with the terms on the preceding Designations pages under “Settlement” and Paragraph 3 hereof. The pro rata portion of such earned PBRSUs shall be determined by multiplying the number of PBRSUs that would have been earned times the Proration Fraction (as defined above). If you Retire less than one year after the Grant Date, your PBRSUs shall be forfeited. You shall be deemed to have “Retired” upon Separation from Service (this excludes separating from employment due to death, disability, or for Cause (as defined in Section 11.03 of the Plan)) on or after the earlier of (x) your attainment of 65 years of age and at least 5 years of service with the Company or (y) your attainment of age 55 and at least 10 years of service with the Company.

PBRSUs. If you Retire (as defined below) at least one year after the Grant Date and prior to the expiration of the Performance Period, the number of your earned PBRSUs shall be a pro rata portion of the number of PBRSUs that would have been earned if you had remained employed throughout the Performance Period, determined based on actual performance, which PBRSUs shall be vested and nonforfeitable and shall be settled at the expiration of the Performance Period, subject to Paragraph 5(a) above, in accordance with the terms on the preceding Designations pages under “Settlement” and Paragraph 3 hereof. The pro rata portion of such earned PBRSUs shall be determined by multiplying the number of PBRSUs that would have been earned times the Proration Fraction (as defined above). If you Retire less than one year after the Grant Date, your PBRSUs shall be forfeited. You shall be deemed to have “Retired” upon Separation from Service (this excludes separating from employment due to death, disability, or for Cause (as defined in Section 11.03 of the Plan)) on or after the earlier of (x) your attainment of 65 years of age and at least 5 years of service with the Company or (y) your attainment of age 55 and at least 10 years of service with the Company.. (ii)