Performance Restricted Units Clause Samples

Performance Restricted Units. Within 30 days of the Effective Date, Executive will also be granted two tranches of Performance Restricted Units (“▇▇▇▇”) under the Stock Plan, 304,000 ▇▇▇▇ relating to the three-year period beginning November 1, 2009 and vesting on October 31, 2012 (“Grant 1”) and 304,000 ▇▇▇▇ to be earned over the three-year period beginning November 1, 2010, and vesting on October 31, 2013 (“Grant 2”), to the extent the applicable performance metrics are achieved and Executive is still employed on the vesting date, except as otherwise provided in the Stock Plan or as specifically provided herein. The ▇▇▇▇ metrics regarding cash flow and Total Shareholder Return will be as set forth in Executive’s grant instrument under the Stock Plan and, in the case of Grant 1, will be the same as for the ▇▇▇▇ previously awarded to Company employees in respect of the three-year period beginning November 1, 2009 and ending on October 31, 2012. Following the close of the performance period for Grant 1, the Committee shall determine the number of ▇▇▇▇ earned based on actual performance for the three-year performance period and that number shall be reduced by one-third reflecting the fact that Executive was not employed for the first year of the performance period. For Grant 2, the cash flow metric for the first year of the three-year period, November 1, 2011 through October 31, 2012, but not any subsequent year, shall be deemed to have been achieved at no less than target level. In all other respects, such grants will be subject to terms and conditions of the Stock Plan, and the Committee’s standard terms and conditions for this type of award.