Common use of Vesting of Awards Clause in Contracts

Vesting of Awards. (a) Subject to Section 3 above, a Performance Share Unit Award shall vest only if, and to the extent, any one or more of the performance goals set forth in the Performance Goal Annex have been achieved during the applicable Performance Period and such performance is certified in writing by the Committee. If, and to the extent that, any one or more of the performance goals have not been achieved during the applicable Performance Period, your rights to the portion of the Award tied to such unachieved performance goal shall be immediately and irrevocably forfeited as of the last day of such Performance Period (unless previously forfeited pursuant to Section 3 above). The Committee shall determine, in its sole discretion, and certify in accordance with the requirements of Section 162(m) of the Code, whether and to what extent the performance goals have been satisfied as soon practicable after the completion of the applicable Performance Period (the date on which the Committee certifies the satisfaction of the performance goals set forth on the attached Performance Goal Annex shall be the “Vesting Date” for the applicable Performance Share Unit Award). (b) Subject to Section 3 above, a Restricted Stock Unit Award shall vest only if, and to the extent that, any one or more of the vesting conditions set forth in the Notice of Grant or, if applicable, in a Vesting Conditions Annex have been satisfied during the applicable Period of Restriction or Performance Period. If, and to the extent that, any one or more of the vesting conditions have not been satisfied during the applicable Period of Restriction or Performance Period, your rights to any portion of the Award tied to such unachieved vesting condition shall be immediately and irrevocably forfeited as of the applicable Vesting Date (unless previously forfeited pursuant to Section 3 above).

Appears in 3 contracts

Samples: Award Agreement (Xcel Energy Inc), Award Agreement (Xcel Energy Inc), Award Agreement (Xcel Energy Inc)

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Vesting of Awards. (a) Subject to Section 3 above, a Restricted Stock Unit Award shall vest only if, and to the extent that, any one or more of the vesting conditions set forth herein or, if applicable, in any applicable Exhibit have been satisfied during the applicable Period of Restriction. If, and to the extent that, any one or more of the vesting conditions have not been satisfied during the applicable Period of Restriction, your rights to any portion of the Award tied to such unachieved vesting condition shall be immediately and irrevocably forfeited as of the applicable Vesting Date (unless previously forfeited pursuant to Section 3 above). (b) Subject to Section 3 above, Performance Share Unit Award Units shall vest only if, and to the extent, any one or more of the performance goals set forth in the Performance Goal Annex applicable Exhibit have been achieved during the applicable Performance Period and such performance is certified in writing by the CommitteePeriod. If, and to the extent that, any one or more of the performance goals have not been achieved during the applicable Performance Period, your rights to the portion of the Award tied to such unachieved performance goal shall be immediately and irrevocably forfeited as of the last day of such Performance Period (unless previously forfeited pursuant to Section 3 above). The Committee shall determine, in its sole discretion, and certify in accordance with the requirements of Section 162(m) of the Codecertify, whether and to what extent the performance goals have been satisfied as soon practicable after the completion of the applicable Performance Period (the date on which the Committee certifies the satisfaction of the performance goals set forth on the attached Performance Goal Annex shall be the “Vesting Date” for the applicable Performance Share Unit Award)Period. (b) Subject to Section 3 above, a Restricted Stock Unit Award shall vest only if, and to the extent that, any one or more of the vesting conditions set forth in the Notice of Grant or, if applicable, in a Vesting Conditions Annex have been satisfied during the applicable Period of Restriction or Performance Period. If, and to the extent that, any one or more of the vesting conditions have not been satisfied during the applicable Period of Restriction or Performance Period, your rights to any portion of the Award tied to such unachieved vesting condition shall be immediately and irrevocably forfeited as of the applicable Vesting Date (unless previously forfeited pursuant to Section 3 above).

Appears in 2 contracts

Samples: Award Agreement (Xcel Energy Inc), Award Agreement (Xcel Energy Inc)

Vesting of Awards. (a) For Awards subject to Performance Goals, such Awards are subject to the performance conditions set forth on the Performance Goal Annexes attached hereto, which were established by the Committee for each Performance Period covered by such Performance Goal Annexes. Subject to Section 3 above, a Performance Share Unit Award such Awards shall vest only if, and to the extent, any one or more of the performance goals conditions set forth in on the Performance Goal Annex Annexes have been achieved during the applicable Performance Period and such performance is certified in writing by the Committee. If, and to the extent that, any one or more of the performance goals conditions have not been achieved during the applicable Performance Period, your the Participant’s rights to the portion of the Award tied to such unachieved performance goal condition shall be immediately and irrevocably forfeited as of the last day of such Performance Period (unless previously forfeited pursuant to Section 3 above). The Committee shall determine, in its sole discretion, and certify in accordance with the requirements of Section 162(m) of the Code, Code whether and to what extent the performance goals conditions have been satisfied as soon practicable after the completion of the applicable Performance Period (the date on which the Committee certifies the satisfaction of the performance goals conditions set forth on the attached Performance Goal Annex Annexes shall be the “Vesting Date” for the applicable Performance Share Unit Award). (b) Subject For Awards not subject to Section 3 abovePerformance Goals, a Restricted Stock Unit Award such Awards shall vest only if, and to the extent thatextent, any one or more of the vesting conditions set forth in the Notice of Grant Agreement or, if applicable, in on a Vesting Conditions Annex have been satisfied during the applicable Period of Restriction Restricted Period, or Performance Periodother period as may be identified. If, and to the extent thatextent, that any one or more of the vesting conditions have not been satisfied during the applicable Period of Restriction or Performance Restricted Period, your the Participant’s rights to any portion of the Award tied to such unachieved vesting condition shall be immediately and irrevocably forfeited as of the applicable Vesting Date (unless previously forfeited pursuant to Section 3 above). Unless otherwise indicated in the Agreement, to the extent an Award granted is subject to satisfaction of performance conditions set forth on more than one Performance Goal Annex, each Performance Goal Annex shall be independent from any other Performance Goal Annex with respect to the portion of the Award subject to that Performance Goal Annex.

Appears in 1 contract

Samples: Long Term Incentive Award Agreement (Xcel Energy Inc)

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Vesting of Awards. (a) Subject to Section 3 above, a Performance Share Unit Award shall vest only if, and to the extent, any one or more of the performance goals set forth in on the Performance Goal Annex Annexes have been achieved during the applicable Performance Period and such performance is certified in writing by the Committee. Unless otherwise indicated in the Agreement, to the extent a Performance Share Unit Award is subject to satisfaction of performance goals set forth on more than one Performance Goal Annex, each Performance Goal Annex shall be independent from any other Performance Goal Annex with respect to the portion of the Award subject to that Performance Goal Annex. If, and to the extent that, any one or more of the performance goals have not been achieved during the applicable Performance Period, your rights to the portion of the Award tied to such unachieved performance goal shall be immediately and irrevocably forfeited as of the last day of such Performance Period (unless previously forfeited pursuant to Section 3 above). The Committee shall determine, in its sole discretion, and certify in accordance with the requirements of Section 162(m) of the Code, Code whether and to what extent the performance goals have been satisfied as soon practicable after the completion of the applicable Performance Period (the date on which the Committee certifies the satisfaction of the performance goals set forth on the attached Performance Goal Annex Annexes shall be the “Vesting Date” for the applicable Performance Share Unit Award). (b) Subject to Section 3 above, a Restricted Stock Unit Award shall vest only if, and to the extent that, any one or more of the vesting conditions set forth in the Notice of Grant Agreement or, if applicable, in a Vesting Conditions Annex have been satisfied during the applicable Period of Restriction Restriction, or Performance Periodother period as may be identified. If, and to the extent that, any one or more of the vesting conditions have not been satisfied during the applicable Period of Restriction or Performance PeriodRestriction, your rights to any portion of the Award tied to such unachieved vesting condition shall be immediately and irrevocably forfeited as of the applicable Vesting Date (unless previously forfeited pursuant to Section 3 above).

Appears in 1 contract

Samples: Award Agreement (Xcel Energy Inc)

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