Common use of Potential Number of Restricted Shares and Actual Number of Restricted Shares Clause in Contracts

Potential Number of Restricted Shares and Actual Number of Restricted Shares. As soon as practicable after the last day of the Performance Period and prior to the payment of the Award, the Committee shall determine the Restricted Shares due under Section 4(b) and 4(c), each as of the last day of the Performance Period, if any. The sum of the Restricted Shares under the Service Revenue metric and the Restricted Shares under the Operating Income metric shall be the Potential Number of Restricted Shares of the Award as so determined. The Committee may, in its sole discretion, then reduce, but not increase, the Potential Number of Restricted Shares to determine the Actual Number of Restricted Shares of the Award.

Appears in 2 contracts

Sources: Performance Incentive Award Agreement (Paychex Inc), Officer Performance Incentive Award Agreement (Paychex Inc)