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5.
Award Opportunity.
(a)
Except as otherwise provided in Section 6(b)(ii) and Section 7, the Participant’
s Vested Shares shall
be the product of the number of Target Shares and the Achievement Percentage that is based upon the
Committee’
s determination of whether and to what extent the Performance Goals have been achieved during the
Performance Cycle.
(b)
No later than 60 days after the close of the Performance Cycle, the Committee shall determine the
extent to which each Performance Goal has been achieved. If the Company has performed at or above the threshold
level of achievement for a Performance Goal, the Achievement Percentage shall be between X% and X%. In no event
shall the Achievement Percentage exceed X%. Upon completing its determination of the level at which the
Performance Goals have been achieved, the Committee shall notify the Participant, in the form and manner as
determined by the Committee, of the number of Vested Shares that will be issued to the Participant pursuant to
Section 7.
6.
Vesting of Shares.
(a)
Unless earlier forfeited in accordance with Section 6(b)(i) or unless earlier vested in accordance with
Section 6(b)(iii) or Section 7, the Participant’
s right to receive shares pursuant to this Award Agreement, if any, shall
vest on the last day of the Performance Cycle (with the number of shares, if any, based on the Committee’
s
determination that each Performance Goal has been met (as provided in Section 5)). As soon as administratively
practicable, but in no event later than 70 days, after the close of the Performance Cycle, the Committee shall notify the
Participant as required by Section 5 of the level at which the Performance Goals established for the Performance
Cycle have been achieved.
(b)
If the date of Participant’
s termination of Employment occurs prior to the close of the Performance
Cycle or the occurrence of a Change in Control, then the applicable of the following clauses shall apply with respect
to the Target Shares subject to this Award Agreement:
(i)
Termination of Employment for Cause . If the Participant’
s Employment is terminated by the
Company or any of its Subsidiaries for Cause, then the Participant’
s rights to receive any Target Shares shall
be forfeited in its entirety as of the date of such termination of Employment.
(ii)
Termination of Employment without Cause . If the Participant’
s Employment is terminated by
the Company or any of its Subsidiaries without Cause or by the Participant for any reason other than due to
death, Disability or Retirement, then the Participant’
s right to receive shares pursuant to this Award
Agreement, if any, shall vest on the date the Committee determines that each Performance Goal has been met
(as provided in Section 5) in a pro-
rata amount determined by multiplying (1) the number of Vested Shares
awarded to the Participant based upon the Committee’
s determination of achievement of Performance Goals
as provided in Section 5, by (2) a fraction, the numerator of which is the number of days elapsed in
3