Common use of TSR Modifier Clause in Contracts

TSR Modifier. Any Performance-Based Shares which vest under this Award will be increased or decreased by ten percent (10%) as shown in the following table: Company's Percentile Rank (as determined below) Within Peer Group Modification of Vested Shares 75% and above + 10%* above 25% and below 75% no modification 25% and below -10% *Provided the Company’s absolute TSR is not negative Any fractional shares created by such modification of vested shares will be rounded down to the nearest whole share. The annual equivalent return (“AER”) of the TSR shall be calculated for the Company and each component company of the Peer Group over the Measurement Period. Each AER shall be ranked from highest to lowest. The percentile rank of the AER of the Company shall then be determined relative to the AER ranking of each component company in the Peer Group (the “Company’s Percentile Rank”). The Company’s Percentile Rank shall then be utilized, as shown in the table above, to determine the percentage, if any, of the modification of Performance-Based Shares that vested under this Award. The AER calculations shall be derived utilizing a calculation consistent with the annual equivalent return calculation employed by Bloomberg L.P.’s comparative total return (COMP) function as of the date of this Agreement. Performance-Based Shares that vest under this Award will not be modified upward if the Company’s absolute TSR is negative.

TSR Modifier. Any Performance-Based Shares which vest under this Award will be increased or decreased by ten percent (10%) as shown in the following table: Company's ’s Percentile Rank (as determined below) Within Peer Group Modification of Vested Shares 75% and above + 10%* above 25% and below 75% no modification 25% and below -10% *Provided the Company’s absolute TSR is not negative Any fractional shares created by such modification of vested shares will be rounded down to the nearest whole share. The annual equivalent return (“AER”) of the TSR shall be calculated for the Company and each component company of the Peer Group over the Measurement Period. Each AER shall be ranked from highest to lowest. The percentile rank of the AER of the Company shall then be determined relative to the AER ranking of each component company in the Peer Group (the “Company’s Percentile Rank”). The Company’s Percentile Rank shall then be utilized, as shown in the table above, to determine the percentage, if any, of the modification of Performance-Based Shares that vested under this Award. The AER calculations shall be derived utilizing a calculation consistent with the annual equivalent return calculation employed by Bloomberg L.P.’s comparative total return (COMP) function as of the date of this Agreement. Performance-Based Shares that vest under this Award will not be modified upward if the Company’s absolute TSR is negative.

TSR Modifier. Any Performance-Based Shares which vest under this Award will be increased or decreased by ten percent (10%) as shown in the following table: Company's ’s Percentile Rank (as determined below) Within Peer Group Modification of Vested Shares 75% and above + 10%* above 25% and below 75% no modification 25% and below -10% ** Provided the Company’s absolute TSR is not negative Any fractional shares created by such modification of vested shares will be rounded down to the nearest whole share. The annual equivalent return (“AER”) of the TSR shall be calculated for the Company and each component company of the Peer Group over the Measurement Period. Each AER shall be ranked from highest to lowest. The percentile rank of the AER of the Company shall then be determined relative to the AER ranking of each component company in the Peer Group (the “Company’s Percentile Rank”). The Company’s Percentile Rank shall then be utilized, as shown in the table above, to determine the percentage, if any, of the modification of Performance-Based Shares that vested under this Award. The AER calculations shall be derived utilizing a calculation consistent with the annual equivalent return calculation employed by Bloomberg L.P.’s comparative total return (COMP) function as of the date of this Agreement. Performance-Based Shares that vest under this Award will not be modified upward if the Company’s absolute TSR is negative.