Performance-Based Phantom Shares Sample Clauses

Performance-Based Phantom Shares. (i) The number of Performance-Based Phantom Shares to be earned shall be based on the Company’s Total Shareholder Return from January 1, 2008 through December 31, 2017, relative to the performance of the Benchmark Index for the same period. If the Grantee’s Separation from Service Date is before December 31, 2017, the performance period shall be shortened and the Company’s Total Shareholder Return from January 1, 2008 through the calendar month end immediately preceding or coincident with the Separation from Service Date shall be compared to the performance of the Benchmark Index for the same period. (ii) On either December 31, 2017 or the Separation from Service Date, whichever occurs first, the Committee shall determine the actual number of Performance-Based Phantom Shares that may be earned based on the Company’s Total Shareholder Return (the “Final Performance-Based Phantom Shares”) in accordance with Schedule A, hereto. (iii) Subject to the Grantee’s continued employment with the Company through the Vesting Dates set forth in the table in Section 3(a), either 0 percent, 70 percent or 100 percent of the Final Performance-Based Phantom Shares shall vest. The Grantee shall forfeit all Performance-Based Phantom Shares that have not vested as of the date of Grantee’s Separation from Service Date.