Performance Share Unit Awards. Except as set forth on Schedule 4.01, with respect to each Pentair Performance Share Unit Award, regardless of by whom held, the Pentair Compensation Committee shall determine, no later than the Effective Time, the extent to which the performance goal(s) established for such awards will be considered satisfied as of the Effective Time based on the trend of the achievement of the performance goal(s). Based on that determination, the Pentair Compensation Committee shall determine the number of Pentair Performance Share Units that have been earned based on the level of achievement of such goal(s), and any such Performance Share Units that have not been so earned shall be forfeited as of the Effective Time. Each Pentair Performance Share Unit so earned shall be converted as of the Effective Time into an Adjusted Pentair Restricted Stock Unit Award and/or an nVent Restricted Stock Unit Award, in the same manner as is provided in Section 4.01(d)(B), depending on the original date of grant of such award or the country of residence of the award holder, as applicable, and each such Adjusted Pentair Restricted Stock Unit Award and nVent Restricted Stock Unit Award shall be subject to the same terms and conditions (including any time-vesting requirements that must be satisfied as of the end of the performance period) after the Effective Time as were applicable to such Pentair Performance Share Unit Award prior to the Effective Time (except as otherwise provided herein, including in this Section 4.01(e) and Section 4.01(f)); provided, however, that such awards shall no longer be subject to the achievement of performance goal(s) after the Effective Time.
Appears in 3 contracts
Sources: Employee Matters Agreement, Employee Matters Agreement (nVent Electric PLC), Employee Matters Agreement (PENTAIR PLC)