Common use of Distribution Equivalents Clause in Contracts

Distribution Equivalents. A corresponding Distribution Equivalent (“DER”) is hereby granted in tandem with each PSU that may become vested pursuant to this Performance Stock Unit Grant, which DER shall remain outstanding from the Date of Grant until the earlier of the settlement or forfeiture of the PSU to which the DER corresponds. Each vested DER entitles the Grantee to receive payment, subject to and in accordance with this Performance Stock Unit Grant, in an amount equal to any distributions paid by NIL in respect of the Common Share underlying the PSU to which such DER relates. NIL shall establish, with respect to each PSU that may become vested pursuant to this Performance Stock Unit Grant, a separate DER bookkeeping account for such PSU (a “DER Account”), which shall be credited (without interest) on the applicable distribution dates with an amount equal to any distributions paid during the period that such PSU remains outstanding with respect to the Common Share underlying the PSU to which such DER relates. On the Performance Determination Date, the DER Account shall be adjusted to account for any Earned PSUs in excess of one hundred percent (100%) of the PSUs granted hereunder, and DERs shall be paid in respect of such excess Earned PSUs in accordance with the terms of this Section 5 as if such DERs had been credited as of the time distributions were paid by NIL with respect to such excess Earned PSUs. Upon the vesting of a PSU, the DER (and the DER Account) with respect to such vested PSU shall also become vested. Similarly, upon the forfeiture of a PSU, the DER (and the DER Account) with respect to such forfeited PSU shall also be forfeited. DERs shall not entitle the Grantee to any payments relating to distributions paid after the earlier to occur of the applicable PSU settlement date or the forfeiture of the PSU underlying such DER.

Distribution Equivalents. A corresponding Distribution Equivalent distribution equivalent (“DER”) is hereby granted in tandem with each PSU that may become vested pursuant to this Performance Stock Unit Grant, which DER shall remain outstanding from the Date of Grant until the earlier of the settlement or forfeiture of the PSU to which the DER corresponds. Each vested DER entitles the Grantee to receive payment, subject to and in accordance with this Performance Stock Unit Grant, in an amount equal to any distributions paid by NIL in respect of the Common Share underlying the PSU to which such DER relates. NIL shall establish, with respect to each PSU that may become vested pursuant to this Performance Stock Unit Grant, a separate DER bookkeeping account for such PSU (a “DER Account”), which shall be credited (without interest) on the applicable distribution dates with an amount equal to any distributions paid during the period that such PSU remains outstanding with respect to the Common Share underlying the PSU to which such DER relates. On the Performance Determination Date, the DER Account shall be adjusted to account for any Earned PSUs in excess of one hundred percent (100%) of the PSUs granted hereunder, and DERs shall be paid in respect of such excess Earned PSUs in accordance with the terms of this Section 5 as if such DERs had been credited as of the time distributions were paid by NIL with respect to such excess Earned PSUs. Upon the vesting of a PSU, the DER (and the DER Account) with respect to such vested PSU shall also become vestedvested (including, for the avoidance of doubt, with respect to all Earned PSUs to be settled in cash). Similarly, upon the forfeiture of a PSU, the DER (and the DER Account) with respect to such forfeited PSU shall also be forfeited. DERs shall not entitle the Grantee to any payments relating to distributions paid after the earlier to occur of the applicable PSU settlement date or the forfeiture of the PSU underlying such DER.

Distribution Equivalents. A corresponding Distribution Equivalent distribution equivalent right (“DER”) is hereby granted in tandem with each PSU that may become vested pursuant to this Performance Stock Unit Grant, which DER shall remain outstanding from the Date of Grant until the earlier of the settlement or forfeiture of the PSU to which the DER corresponds. Each vested DER entitles the Grantee to receive paymenta distribution, subject to and in accordance with this Performance Stock Unit Grant, in an form and amount equal equivalent to any distributions paid by NIL in respect of the Common Share underlying the PSU to which such DER relates. NIL shall establish, with respect to each PSU that may become vested pursuant to this Performance Stock Unit Grant, a separate DER bookkeeping account for such PSU (a “DER Account”), which shall be credited (without interest) on the applicable distribution dates with an amount equal to any distributions paid during the period that such PSU remains outstanding with respect to the Common Share underlying the PSU to which such DER relates. On the Performance Determination Date, the DER Account shall be adjusted to account for any Earned PSUs in excess of one hundred percent (100%) of the PSUs granted hereunder, and DERs shall be paid in respect of such excess Earned PSUs in accordance with the terms of this Section 5 as if such DERs had been credited as of the time distributions were paid by NIL with respect to such excess Earned PSUs. Upon the vesting of a PSU, the DER (and the DER Account) with respect to such vested PSU shall also become vestedvested (including, for the avoidance of doubt, with respect to all Earned PSUs to be settled in cash). Similarly, upon the forfeiture of a PSU, the DER (and the DER Account) with respect to such forfeited PSU shall also be forfeited. DERs shall not entitle the Grantee to any payments relating to distributions paid after the earlier to occur of the applicable PSU settlement date or the forfeiture of the PSU underlying such DER.

Distribution Equivalents. A corresponding Distribution Equivalent distribution equivalent right (“DER”) is hereby granted in tandem with each PSU LTPSU that may become vested pursuant to this Performance Stock Unit Grant, which DER shall remain outstanding from the Date of Grant until the earlier of the settlement or forfeiture of the PSU LTPSU to which the DER corresponds. Each vested DER entitles the Grantee to receive paymenta distribution, subject to and in accordance with this Performance Stock Unit Grant, in an form and amount equal equivalent to any distributions paid by NIL in respect of the Common Share underlying the PSU LTPSU to which such DER relates. NIL shall establish, with respect to each PSU LTPSU that may become vested pursuant to this Performance Stock Unit Grant, a separate DER bookkeeping account for such PSU LTPSU (a “DER Account”), which shall be credited (without interest) on the applicable distribution dates date with an amount equal to any distributions paid during the period that such PSU LTPSU remains outstanding with respect to the Common Share underlying the PSU LTPSU to which such DER relates. On the Performance Determination Date, the DER Account shall be adjusted to account for any Earned PSUs LTPSUs in excess of one hundred percent (100%) of the PSUs LTPSUs granted hereunder, and DERs shall be paid in respect of such excess Earned PSUs LTPSUs in accordance with the terms of this Section 5 as if such DERs had been credited as of the time distributions were paid by NIL with respect to such excess Earned PSUsLTPSUs. Upon the vesting of a PSUany Earned LTPSUs, the DER (and the DER Account) with respect to such vested PSU Earned LTPSU shall also become vestedvested (including, for the avoidance of doubt, with respect to any Earned LTPSUs to be settled in cash). Similarly, upon the forfeiture of a PSULTPSU, the DER (and the DER Account) with respect to such forfeited PSU Earned LTPSU shall also be forfeited. DERs shall not entitle the Grantee to any payments relating to distributions paid after the earlier to occur of the applicable PSU LTPSU settlement date or the forfeiture of the PSU LTPSU underlying such DER.

Distribution Equivalents. A corresponding Distribution Equivalent distribution equivalent right (“DER”) is hereby granted in tandem with each PSU LTPSU that may become vested pursuant to this Performance Stock Unit Grant, which DER shall remain outstanding from the Date of Grant until the earlier of the settlement or forfeiture of the PSU LTPSU to which the DER corresponds. Each vested DER entitles the Grantee to receive paymenta distribution, subject to and in accordance with this Performance Stock Unit Grant, in an form and amount equal equivalent to any distributions paid by NIL in respect of the Common Share underlying the PSU LTPSU to which such DER relates. NIL shall establish, with respect to each PSU LTPSU that may become vested pursuant to this Performance Stock Unit Grant, a separate DER bookkeeping account for such PSU LTPSU (a “DER Account”), which shall be credited (without interest) on the applicable distribution dates date with an amount equal to any distributions paid during the period that such PSU LTPSU remains outstanding with respect to the Common Share underlying the PSU LTPSU to which such DER relates. On the Performance Determination Date, the DER Account shall be adjusted to account for any Earned PSUs LTPSUs in excess of one hundred percent (100%) of the PSUs LTPSUs granted hereunder, and DERs shall be paid in respect of such excess Earned PSUs LTPSUs in accordance with the terms of this Section 5 as if such DERs had been credited as of the time distributions ​ were paid by NIL with respect to such excess Earned PSUsLTPSUs. Upon the vesting of a PSUany Earned LTPSUs, the DER (and the DER Account) with respect to such vested PSU Earned LTPSU shall also become vestedvested (including, for the avoidance of doubt, with respect to any Earned LTPSUs to be settled in cash). Similarly, upon the forfeiture of a PSULTPSU, the DER (and the DER Account) with respect to such forfeited PSU Earned LTPSU shall also be forfeited. DERs shall not entitle the Grantee to any payments relating to distributions paid after the earlier to occur of the applicable PSU LTPSU settlement date or the forfeiture of the PSU LTPSU underlying such DER.