Common use of Average TSR Clause in Contracts

Average TSR. The average TSR for a company for the Performance Period shall be the sum of the TSRs of the company measured at the end of each calendar quarter during the Performance Period, divided by 12. The average TSR for a company during the Performance Period shall be calculated based on the following formula: Average indexed performance = Σ (xq / x) where: x = share price at beginning of calendar year in which the applicable calendar quarter occurs (measured by closing price on the last trading day preceding the beginning of such calendar year) xq = closing share price at the end of each quarter (adjusted for dividends paid, where the dividend payment date is the ex-dividend date) q = quarter number (1 through 12) (x) (xq / x) 1/1/2015 $20.00 3/31/2015 $22.00 110 6/30/2015 $24.00 120 9/30/2015 $21.00 105 12/31/2015 $20.00 100 3/31/2016 $18.00 90 6/30/2016 $22.00 110 9/30/2016 $25.00 125 12/31/2016 $28.00 140 3/31/2017 $31.00 110.7 6/30/2017 $33.00 117.9 9/30/2017 $30.00 107.1 12/31/2017 $28.00 100 Σ (xq / x) = 1,335.7 Σ (xq / x) = 111.3 * Share price adjusted for dividends paid in the period, where the dividend payment date is the ex-dividend date.

Average TSR. The average TSR for a company for the Performance Period shall be the sum of the TSRs of the company measured at the end of each calendar quarter during the Performance Period, divided by 12. The average TSR for a company during the Performance Period shall be calculated based on the following formula: q=12 Average indexed performance = Σ S (xq / x/x) q=1 where: x = share price at beginning of calendar year in which the applicable calendar quarter occurs performance period (measured by closing price on the last trading day preceding the beginning of such calendar yearthe performance period) xq = closing share price at the end of each quarter (adjusted for dividends paid, where the dividend payment date is the ex-dividend date) q = quarter number (1 through 12) (x) (xq / x/x) 1/1/2015 $1/1/2011 $ 20.00 3/31/2015 $3/31/2011 $ 22.00 110 6/30/2015 $110.0 6/30/2011 $ 24.00 120 9/30/2015 $120.0 9/30/2011 $ 21.00 105 12/31/2015 $105.0 12/31/2011 $ 20.00 100 3/31/2016 $100.0 3/31/2012 $ 18.00 90 6/30/2016 $90.0 6/30/2012 $ 22.00 110 9/30/2016 $110.0 9/30/2012 $ 25.00 125 12/31/2016 $125.0 12/31/2012 $ 28.00 140 3/31/2017 $140.0 3/31/2013 $ 31.00 110.7 6/30/2017 $155.0 6/30/2013 $ 33.00 117.9 9/30/2017 $165.0 9/30/2013 $ 30.00 107.1 12/31/2017 $150.0 12/31/2013 $ 28.00 100 Σ 140.0 S (xq / x/x) = 1,335.7 Σ 1,510.0 S (xq / x/x) = 111.3 125.8 * Share price adjusted for dividends paid in the period, where the dividend payment date is the ex-dividend date.

Average TSR. The average TSR for a company for the Performance Period shall be the sum of the TSRs of the company measured at the end of each calendar quarter during the Performance Period, divided by 12. The average TSR for a company during the Performance Period shall be calculated based on the following formula: Average indexed performance = Σ (xq / x) where: x = share price at beginning of calendar year in which the applicable calendar quarter occurs performance period (measured by closing price on the last trading day preceding the beginning of such calendar yearthe performance period) xq = closing share price at the end of each quarter (adjusted for dividends paid, where the dividend payment date is the ex-dividend date) q = quarter number (1 through 12) (x) (xq / x) 1/1/2015 1/1/2013 $20.00 3/31/2013 $22.00 110.0 6/30/2013 $24.00 120.0 9/30/2013 $21.00 105.0 12/31/2013 $20.00 100.0 3/31/2014 $18.00 90.0 6/30/2014 $22.00 110.0 9/30/2014 $25.00 125.0 12/31/2014 $28.00 140.0 3/31/2015 $22.00 110 31.00 155.0 6/30/2015 $24.00 120 33.00 165.0 9/30/2015 $21.00 105 30.00 150.0 12/31/2015 $20.00 100 3/31/2016 $18.00 90 6/30/2016 $22.00 110 9/30/2016 $25.00 125 12/31/2016 $28.00 140 3/31/2017 $31.00 110.7 6/30/2017 $33.00 117.9 9/30/2017 $30.00 107.1 12/31/2017 $28.00 100 140.0 Σ (xq / x) = 1,335.7 1,510.0 Σ (xq / x) = 111.3 125.8 * Share price adjusted for dividends paid in the period, where the dividend payment date is the ex-dividend date.

Average TSR. The average TSR for a company for the Performance Period shall be the sum of the TSRs of the company measured at the end of each calendar quarter during the Performance Period, divided by 12. The average TSR for a company during the Performance Period shall be calculated based on the following formula: Average indexed performance = Σ (xq / x) where: x = share price at beginning of calendar year in which the applicable calendar quarter occurs performance period (measured by closing price on the last trading day preceding the beginning of such calendar yearthe performance period) xq = closing share price at the end of each quarter (adjusted for dividends paid, where the dividend payment date is the ex-dividend date) q = quarter number (1 through 12) (x) (xq / x) 1/1/2015 1/1/2014 $20.00 3/31/2014 $22.00 110.0 6/30/2014 $24.00 120.0 9/30/2014 $21.00 105.0 12/31/2014 $20.00 100.0 3/31/2015 $22.00 110 18.00 90.0 6/30/2015 $24.00 120 22.00 110.0 9/30/2015 $21.00 105 25.00 125.0 12/31/2015 $20.00 100 28.00 140.0 3/31/2016 $18.00 90 31.00 155.0 6/30/2016 $22.00 110 33.00 165.0 9/30/2016 $25.00 125 30.00 150.0 12/31/2016 $28.00 140 3/31/2017 $31.00 110.7 6/30/2017 $33.00 117.9 9/30/2017 $30.00 107.1 12/31/2017 $28.00 100 140.0 Σ (xq / x) = 1,335.7 1,510.0 Σ (xq / x) = 111.3 125.8 * Share price adjusted for dividends paid in the period, where the dividend payment date is the ex-dividend date.

Average TSR. The average TSR for a company for the Performance Period shall be the sum of the TSRs of the company measured at the end of each calendar quarter during the Performance Period, divided by 12. The average TSR for a company during the Performance Period shall be calculated based on the following formula: Average indexed performance = Σ (xq / x) where: x = share price at beginning of calendar year in which the applicable calendar quarter occurs performance period (measured by closing price on the last trading day preceding the beginning of such calendar yearthe performance period) xq = closing share price at the end of each quarter (adjusted for dividends paid, where the dividend payment date is the ex-dividend date) q = quarter number (1 through 12) (x) (xq / x) 1/1/2015 1/1/2012 $20.00 3/31/2015 3/31/2012 $22.00 110 6/30/2015 110.0 6/30/2012 $24.00 120 9/30/2015 120.0 9/30/2012 $21.00 105 12/31/2015 105.0 12/31/2012 $20.00 100 3/31/2016 100.0 3/31/2013 $18.00 90 6/30/2016 90.0 6/30/2013 $22.00 110 9/30/2016 110.0 9/30/2013 $25.00 125 12/31/2016 125.0 12/31/2013 $28.00 140 3/31/2017 140.0 3/31/2014 $31.00 110.7 6/30/2017 155.0 6/30/2014 $33.00 117.9 9/30/2017 165.0 9/30/2014 $30.00 107.1 12/31/2017 150.0 12/31/2014 $28.00 100 140.0 Σ (xq / x) = 1,335.7 1,510.0 Σ (xq / x) = 111.3 125.8 * Share price adjusted for dividends paid in the period, where the dividend payment date is the ex-dividend date.