Common use of Beginning Stock Price Clause in Contracts

Beginning Stock Price. For purposes of this formula, the following meanings shall apply: (i) "Ending Stock Price" shall mean the average daily closing price per share of the common stock calculated for the last thirty (30) days within the applicable performance period; (ii) "Beginning Stock Price" shall mean the average daily closing price per share of the common stock calculated for the thirty (30) day period immediately preceding the commencement date of the applicable performance period; and (iii) "Reinvested Dividends" shall mean the amount calculated by multiplying (A) the aggregate number of shares (including fractional shares) of common stock that could have been purchased during the applicable performance period had each cash dividend paid on a single share of common stock during that period been immediately reinvested in additional shares (or fractional shares) of common stock at the closing price per share of the common stock on the applicable dividend payment date by (B) the average daily closing price per share of common stock calculated for the last thirty (30) days within the applicable performance period. With respect to Return on Common Equity, the "Three Year Average Percentile" shall mean the Company's percentile level on the S&P Supercomposite Regional Bank Index for the average of the numerical measures over the three year period commencing on January 1 of the calendar year that includes the Grant Date, and ending on December 31 of the second calendar year following the calendar year that includes the Grant Date ("Three Year Performance Period"). With respect to Total Shareholder Return, the Three Year Average Percentile shall mean the Company's percentile level on the S&P Supercomposite Regional Bank Index based upon a single point-to-point numerical measurement from the first day of the Three Year Performance Period to the last day thereof. The Financial Performance Criteria shall be determined based on references to measures and percentiles for the peer group banks that comprise the S&P Supercomposite Regional Bank Index (with peer group banks determined by excluding banks with assets >$50B) as of January 2 of the calendar year that includes the Grant Date (unless that January 2 is not a business day, in which case the next following business day shall be the applicable date in lieu of that January 2). However, such peer group of banks shall be subject to certain adjustments as determined by the Committee, including but not limited to the following: (i) a bank that is acquired, or otherwise ceases to exist as an independent publicly-owned entity before the end of the applicable performance period shall be excluded; and (ii) a bank that is involved in bankruptcy proceedings (and is no longer publicly traded) during the applicable performance period shall continue to be included and shall be deemed to have a Total Shareholder Return of -100%.

Beginning Stock Price. For purposes of this formula, the following meanings shall apply: (i) "Ending Stock Price" shall mean the average daily closing price per share of the common stock calculated for the last thirty (30) days within the applicable performance period; (ii) "Beginning Stock Price" shall mean the average daily closing price per share of the common stock calculated for the thirty (30) day period immediately preceding the commencement date of the applicable performance period; and (iii) "Reinvested Dividends" shall mean the amount calculated by multiplying (A) the aggregate number of shares (including fractional shares) of common stock that could have been purchased during the applicable performance period had each cash dividend paid on a single share of common stock during that period been immediately reinvested in additional shares (or fractional shares) of common stock at the closing price per share of the common stock on the applicable dividend payment date by (B) the average daily closing price per share of common stock calculated for the last thirty (30) days within the applicable performance period. With respect to Return on Common Equity, the "Three Year Average Percentile" shall mean the Company's percentile level on the S&P Supercomposite KBW Regional Bank Banking Index for the average of the numerical measures over the three year period commencing on January 1 of the calendar year that includes the Grant Date, and ending on December 31 of the second calendar year following the calendar year that includes the Grant Date ("Three Year Performance Period"). With respect to Total Shareholder Return, the Three Year Average Percentile shall mean the Company's percentile level on the S&P Supercomposite KBW Regional Bank Banking Index based upon a single point-to-point numerical measurement from the first day of the Three Year Performance Period to the last day thereof. The Financial Performance Criteria shall be determined based on references to measures and percentiles for the peer group banks that comprise the S&P Supercomposite KBW Regional Bank Banking Index (with peer group banks determined by excluding banks with assets >$50B) as of January 2 of the calendar year that includes the Grant Date (unless that January 2 is not a business day, in which case the next following business day shall be the applicable date in lieu of that January 2). However, such peer group of banks shall be subject to certain adjustments as determined by the Committee, including but not limited to the following: (i) a bank that is acquired, or otherwise ceases to exist as an independent publicly-owned entity before the end of the applicable performance period shall be excluded; and (ii) a bank that is involved in bankruptcy proceedings (and is no longer publicly traded) during the applicable performance period shall continue to be included and shall be deemed to have a Total Shareholder Return of -100%.