Common use of PRSUs Clause in Contracts

PRSUs. No later than March 15 of each calendar year during the Contract Period, provided that Executive is continuously employed by SITE Centers through the applicable date of grant, Executive shall be eligible to receive one or more grants of performance-based RSUs (or substantially similar awards) covering a “target” number of Shares (in the aggregate) equal to the quotient of (A) not less than $500,000 divided by (B) the average closing price of a Share for the ten trading days immediately preceding (but not including) the date of grant on the principal stock exchange on which it then trades, the payout of which grant(s) will vary from 0% to 200% of the target award(s) based on achievement with respect to performance objectives established by the Committee, measured over, for each such award, a three-year performance period (the “PRSUs”); provided, however, that no less than 50% of the aggregate target PRSU award(s) for each such calendar year shall vest (from 0% to 200%) based on SITE Centers’ total shareholder return achievement relative to a peer group established by the Committee. Such PRSUs will be payable, if earned, after the expiration of the applicable performance period, and dividend equivalents credited with respect to such PRSUs will be deferred until (and paid in Shares contingent upon) the earning and vesting of such PRSUs.

PRSUs. No later than March 15 of each calendar year during the Contract PeriodPeriod (starting in 2022), provided that Executive is continuously employed by SITE Centers through the applicable date of grant, Executive shall be eligible to receive one or more grants of performance-based RSUs (or substantially similar awards) covering a “target” number of Shares (in the aggregate) equal to the quotient of (A) not less than $500,000 100,000 divided by (B) the average closing price of a Share for the ten trading days immediately preceding (but not including) the date of grant on the principal stock exchange on which it then trades, the payout of which grant(s) will vary from 0% to 200% of the target award(s) based on achievement with respect to performance objectives established by the Committee, measured over, for each such award, a three-year performance period (the “PRSUs”); provided, however, that no less than 50% of the aggregate target PRSU award(s) for each such calendar year shall vest (from 0% to 200%) based on SITE Centers’ total shareholder return achievement relative to a peer group established by the Committee. Such PRSUs will be payable, if earned, after the expiration of the applicable performance period, and dividend equivalents credited with respect to such PRSUs will be deferred until (and paid in Shares contingent upon) the earning and vesting of such PRSUs.