Common use of Grant and Vesting Clause in Contracts

Grant and Vesting. (a) The Performance Shares will be earned by the Participant (subject to Vesting), as provided below only as, when and to the extent the Performance Goals (defined in the Incentive Plans) are met as of the end of the three year period of [insert performance period] Plan Years (the Award Date). If the Performance Goals are not met, than the Performance Shares granted herein shall lapse and be of no further force or effect. (b) In addition, the Performance Shares subject to this Grant shall Vest as follows (the “Service Condition”): [insert vesting percentages] of such Performance Shares shall vest upon the Award Date if the Participant receiving such award remains employed by the Company on the Award Date. Notwithstanding the foregoing, if a Participants employment with the Company is terminated because of [insert exceptions to forfeiture provisions, if any], then the Service Condition shall be deemed to have been met as to a portion of the unvested Performance Shares as equals the percent of the Service Condition which has been met as of the Termination Event. [Include as example if exceptions to forfeiture provisions are approved by Committee - By way of example, if a Participant dies 12 months following the Award Date of the Participation Award, then the Participant (or the Participants estate) will receive 1/3rd of the Performance Shares which would otherwise have Vested upon satisfaction of the Service Condition (12 months as a percent of 36 months).]

Grant and Vesting. (a) The Performance Shares will be earned by the Participant (subject to Vesting), as provided below only as, when and to the extent the “Performance Goals Goals” (defined in the Incentive Plans) are met as of the end of the three year period of [insert performance period] 2016-2018 Plan Years (the “Award Date”). If the Performance Goals are not met, than the Performance Shares granted herein shall lapse and be of no further force or effect. (b) In addition, the Performance Shares subject to this Grant shall Vest as follows (the “Service Condition”): [insert vesting percentages] One hundred percent (100%) of such Performance Shares shall vest upon the Award Date if the Participant receiving such award remains employed by the Company on the Award Date. Notwithstanding the foregoing, if a Participants Participant’s employment with the Company is terminated because of [insert exceptions a Termination Event (as defined in the Incentive Plan relating to forfeiture provisionsdeath, if any]disability, retirement at or after the Participant’s 62nd birthday, or termination within a certain time following a Change of Control), then the Service Condition shall be deemed to have been met as to a portion of the unvested Performance Shares as equals the percent of the Service Condition which has been met as of the Termination Event. [Include as example if exceptions to forfeiture provisions are approved by Committee - By way of example, if a Participant dies 12 months following the Award Date of the Participation Award, then the Participant (or the Participants Participant’s estate) will receive 1/3rd of the Performance Shares which would otherwise have Vested upon satisfaction of the Service Condition (12 months as a percent of 36 months).]