Common use of Value of the Stock Unit Award Clause in Contracts

Value of the Stock Unit Award. Subject to approval by the Compensation and Benefits committee (Committee) of the Board of Directors (Board) of Vectren Corporation (Company) and the terms of the Plan and this Agreement, as of the date of the lifting of the restrictions by the Committee, the Grantee shall be paid, for each Stock Unit Award earned, in cash, the value of one share of Common Stock determined by calculating the average of the closing price of the Common Stock on the New York Stock Exchange for the three consecutive trading days immediately preceding ten days before the Committee certifies the results with respect to this grant, which will be after fiscal year 2019 and is expected to be no later than March 31, 2020, or if the lifting of restrictions occurs prior to that date of Committee certification, the Fair Market Value of one share of Common Stock on the date the restrictions lapse; provided, however, if the restrictions are being lifted after fiscal year 2019, and the Grantee is not then in compliance with the share ownership guidelines established by the Company’s Board, at that time the value of each Stock Unit Award shall be paid to the Grantee in one unrestricted share of the Company’s common stock (or in one phantom unit of the Company’s common stock if the Grantee has previously made an election to defer the Stock Unit Award in the Non-Qualified Deferred Compensation Plan). The determination of compliance will be made by valuing the Grantee’s ownership interest by averaging the high and low prices of a share of the Company’s common stock during the month preceding the month during which the restrictions are lifted and comparing the resulting amount of ownership interest against the then applicable share ownership guideline. The Committee will certify the results no later than thirty days after the finalization of the Company’s fiscal 2019 earnings and payment hereunder (in cash or in stock) will occur no later than thirty days after the Committee’s certification.

Value of the Stock Unit Award. Subject to approval by the Compensation and Benefits committee (Committee) of the Board of Directors (Board) of Vectren Corporation (Company) and the terms of the Plan and this Agreement, as of the date of the lifting of the restrictions by the Committee, the Grantee shall be paid, for each Stock Unit Award earned, in cash, the value of one share of Common Stock determined by calculating the average of the closing price of the Common Stock on the New York Stock Exchange for the three consecutive trading days immediately preceding ten days before the Committee certifies the results with respect to this grant, which will be after fiscal year 2019 2017 and is expected to be no later than March 31, 20202018, or if the lifting of restrictions occurs prior to that date of Committee certification, the Fair Market Value of one share of Common Stock on the date the restrictions lapse; provided, however, if the restrictions are being lifted after fiscal year 20192017, and the Grantee is not then in compliance with the share ownership guidelines established by the Company’s Board, at that time the value of each Stock Unit Award shall be paid to the Grantee in one unrestricted share of the Company’s common stock (or in one phantom unit of the Company’s common stock if the Grantee has previously made an election to defer the Stock Unit Award in the Non-Qualified Deferred Compensation Plan). The determination of compliance will be made by valuing the Grantee’s ownership interest by averaging the high and low prices of a share of the Company’s common stock during the month preceding the month during which the restrictions are lifted and comparing the resulting amount of ownership interest against the then applicable share ownership guideline. The Committee will certify the results no later than thirty days after the finalization of the Company’s fiscal 2019 2017 earnings and payment hereunder (in cash or in stock) will occur no later than thirty days after the Committee’s certification.