Common use of Performance Stock Options Clause in Contracts

Performance Stock Options. (i) On July 14, 2006, the Employer granted to ▇▇▇▇▇▇▇▇▇ non-qualified Stock Options with a Deemed Value of $500,000 (the “Initial Options”). No later than July 31 of 2011 and of each subsequent fiscal year during the term of this Agreement (including 2014, regardless of whether the grant of the Stock Options occurs following the expiration of this Agreement by its terms), if the Parent Corporation’s TSR for the three years ending on the immediately preceding June 30 is sufficient to place Parent Corporation in at least the twenty-fifth (25th) percentile of Peer Banks ranked by TSR, the Employer granted or shall grant to ▇▇▇▇▇▇▇▇▇ Stock Options having the Deemed Value corresponding to the Parent Corporation’s TSR percentile for each fiscal year specified below (it being understood and agreed upon that Performance Stock Options (which may be granted in the form of non-qualified stock options or stock appreciation rights, as determined by the Committee) relating to the three-year period ending June 30, 2010 shall be granted pursuant to the terms of the Prior Agreement): 2011, 2012, 2013, and 2014 Below 25 $ 0 25 to below 50 450,000 50 to below 75 900,000 75 to below 90 1,200,000 90 and above 1,350,000