Performance Share Program. (a) Immediately prior to the Effective Time, each ongoing performance period under the COP Performance Share Program shall be truncated and COP PSUs shall be granted on a prorated basis based on the portion of each performance period that has elapsed prior to the Effective Time to COP Group Employees and ▇▇▇▇▇▇▇▇ 66 Group Employees who are participating in the COP Performance Share Program immediately prior to the Effective Time based on actual performance as compared to the applicable quantitative and qualitative measures during each ongoing performance period. (b) Not later than the Effective Time, ▇▇▇▇▇▇▇▇ 66 shall, or shall cause another ▇▇▇▇▇▇▇▇ 66 Entity to, adopt a performance share program that is substantially similar to the COP Performance Share Program and shall provide compensation opportunities under the ▇▇▇▇▇▇▇▇ 66 performance share program to each ▇▇▇▇▇▇▇▇ 66 Group Employee who participated in the COP Performance Share Program immediately prior to the Effective Time that are substantially similar to the compensation opportunities that such ▇▇▇▇▇▇▇▇ 66 Group Employees had under the COP Performance Share Program immediately prior to the Effective Time. (c) Immediately following the Effective Time, COP shall provide the COP Group Employees who participated in the COP Performance Share Program immediately prior to the Effective Time with compensation opportunities under the COP Performance Share Program that are substantially similar to the compensation opportunities that such COP Group Employees had under the COP Performance Share Program immediately prior to the Effective Time.
Appears in 3 contracts
Sources: Employee Matters Agreement, Employee Matters Agreement (Conocophillips), Employee Matters Agreement (Phillips 66)