TENNECO INC. THREE YEAR LONG TERM PERFORMANCE UNIT AWARD AGREEMENT (2008-2010 Performance Period)
Exhibit 10.73
December [__], 2009
Dear Participant:
Pursuant to the provisions of the Tenneco Inc. (the “Company”) 2006 Long-Term Incentive Plan,
you were granted an Award (the “Award”) of Long Term Performance Units on [ ], [___] pursuant
to a Long Term Performance Unit Award Agreement (the “Original Award Agreement”). The Award covers
the three calendar years 2008, 2009 and 2010 (the “Performance Period”). Capitalized terms not
otherwise defined in this letter shall have the meanings assigned to them in the Original Award
Agreement.
Pursuant to paragraph 3 of the Original Award Agreement, the Committee may amend the Award at
any time in its sole discretion to exercise downward discretion in the amount payable under the
Award if the Committee determines that the payout yielded or that would be yielded by this Award
for the Performance Period does not accurately reflect the Company’s performance for the
Performance Period. The purpose of this letter is to so amend the
Award.
This letter amends the Award so that, for purposes of calculating the amount (if any) payable
to you in respect of the Award, the term “Three Year Annualized TSR” shall mean the lesser of (i)
the Three Year Annualized TSR calculated pursuant to the definition thereof in the Original Award
Agreement and (ii) the Three Year Annualized TSR calculated as follows:
“Three Year Annualized TSR” means the amount (expressed as a percentage) equal to the
Company’s compound annualized total shareholder return over the Performance Period;
provided, that, the calculation shall be made using an ending price for the Company’s common
stock equal to the Ending Stock Price and using a starting price for the Company’s common
stock equal to the Beginning Stock Price.
“Beginning Stock Price” means the Average Price calculated immediately following the
Company’s release of its annual earnings for calendar year 2007.
“Ending Stock Price” means the Average Price calculated immediately following the Company’s
release of its annual earnings for the last calendar year in the Performance Period.
Except as expressly set forth herein, all terms of the Original Award Agreement remain in full
force and effect and are not modified by this letter.
