Common use of Time-Based Shares Clause in Contracts

Time-Based Shares. If the Participant’s continuous employment with the Company and its Affiliates is terminated by reason of Retirement, the Pro-Rated Number of Time-Based Shares will vest on the date of Retirement. The “Pro-Rated Number of Time-Based Shares” shall be the product of (A) the number of Time-Based Shares that would vest on the next December 15th following Retirement, but for the Retirement, and (B) the quotient of (y) the number of days beginning with either (I) if before December 15, 2024, January 1, 2024 or (II) if after December 15, 2024, the December 16th following the previous vesting of the Time-Based Shares, and ending on the date of the Participant’s Retirement and (z) 365.

Time-Based Shares. If the Participant’s continuous employment with the Company and its Affiliates is terminated by reason of Retirement, the Pro-Rated Number of Time-Based Shares will vest on the date of Retirement. The “Pro-Rated Number of Time-Based Shares” shall be the product of (A) the number of Time-Based Shares that would vest on the next December 15th following Retirement, but for the Retirement, and (B) the quotient of (y) the number of days beginning with either (I) if before December 15, 20242023, January 1, 2024 2023 or (II) if after December 15, 20242023, the December 16th following the previous vesting of the Time-Based Shares, and ending on the date of the Participant’s Retirement and (z) 365.