Vesting of Performance Shares. As long as you remain employed with PG&E Corporation, the Performance Shares will vest on the first business day of March (the “Vesting Date”) of the third year following the date of grant specified in the cover sheet. Except as described below, all Performance Shares subject to this Agreement that have not vested shall be forfeited upon termination of your employment.
Vesting of Performance Shares. Subject to the terms and conditions of Sections 5, 6 and 7 hereof, the Performance Shares covered by this Agreement shall Vest based on the achievement of the Management Objectives for the Performance Period as follows:
Vesting of Performance Shares. (i) Fifty percent (50%) of the Performance Shares shall vest on December 31, 2026 (the “Vesting Date”), but if, and only if, (x) the Grantee remains continuously employed by the Company or one of its subsidiaries from the Date of Grant until the Vesting Date, and (y) the Cumulative Pre-Tax Hybrid Income (as defined below) equals $[***];
Vesting of Performance Shares. Subject to Section 3 and 6 below, the Performance Shares shall vest as follows:
Vesting of Performance Shares. As long as you remain employed with PG&E Corporation, the Performance Shares will vest on the first business day of March (the “Vesting Date”) of the third year following the date of grant specified in the cover sheet. Except as described below, all Performance Shares subject to this Agreement that have not vested shall be forfeited upon termination of your employment. Settlement in Shares Vested performance shares will be settled in shares of PG&E Corporation common stock, subject to the satisfaction of Withholding Taxes, as described below. The number of shares you are entitled to receive will be calculated by multiplying the number of vested Performance Shares by the “settlement percentage” determined as follows: Upon the Vesting Date, PG&E Corporation’s total shareholder return (“TSR”) will be compared to the TSR of the twelve other companies in PG&E Corporation’s comparator group1 for the prior three calendar years (the “Performance Period”). Subject to rounding considerations, if PG&E Corporation’s TSR falls below the 25th percentile of the comparator group the settlement percentage will be 0%; if PG&E Corporation’s TSR is at the 25th percentile, the settlement percentage will be 25%; if PG&E Corporation’s TSR is at the 75th percentile, the settlement percentage will be 100%; and if PG&E Corporation’s TSR is in the xxx xxxx, the settlement percentage will be 200%. The following table sets forth the settlement percentages for the other TSR rankings that could be achieved based on PG&E Corporation’s TSR rank within the comparator group: 1 The identities of the companies currently comprising the comparator group are included in the prospectus. PG&E Corporation reserves the right to change the companies comprising the comparator group at any time.
Vesting of Performance Shares. Except as hereinafter provided, the Performance Shares earned hereunder shall become payable (as described in Section 7 below) pursuant to the vesting schedule set forth below (subject to the terms and conditions hereunder). Date Performance Shares Which Become Payable
Vesting of Performance Shares. (a) On the Vesting Date, the Performance Shares shall become nonforfeitable, subject to the Grantee having remained in the continuous employ of the Company and/or Subsidiary until said date and only to the extent that the Performance Criteria listed in sub-sections (b) and/or (c) below have been met as of said date. For purposes of this Agreement, Grantee’s employment with the Company or Subsidiary will be deemed to have ceased as of the last day worked. In the case of a Grantee having received short term disability benefits, employment will be deemed to have ceased on the last day for which such short term benefits are paid, unless the Grantee immediately returns to active employment. For the purposes of this Agreement, the continuous employment of the Grantee with the Company or a Subsidiary will not be deemed to have been interrupted, and the Grantee will not be deemed to have ceased to be an employee of the Company or a Subsidiary, by reason of (i) the termination of his employment by the Company or a Subsidiary and immediate rehire by the Company (if the Company was not the original employer) or by another Subsidiary or (ii) an approved leave of absence.
Vesting of Performance Shares. The number of Performance Shares that shall vest under this Agreement shall be based upon the following performance goal: The Company’s Total Shareholder Return as compared to the Total Shareholder Return of the Company’s Peer Group during the Performance Period, as further described below. Upon (a) the expiration of the Performance Period, and (b) the Committee’s determination and certification of the extent to which the performance goal has been achieved, the Participant shall become vested in the number of Performance Shares that corresponds to the level of achievement of the performance goal set forth below that is certified by the Committee. Such determination and certification shall occur no later than sixty (60) days after the conclusion of the Performance Period.
Vesting of Performance Shares. (a) (i) On or following the first anniversary of the Effective Date, but not later than the the period set forth in Section 2.1(c), 13,500 of the Tranche 1 Shares shall vest if, at any time following the Effective Date through the second anniversary thereof (the “Tranche 1 Vesting Period”), the weighted average closing price of the Company’s Class A Common Stock for any trailing 20 trading days (the “20-Day Average”) equals or exceeds $4.19 per share (the “Tranche 1 Base Price”); and
Vesting of Performance Shares. Performance Shares subject to this Performance Award shall become vested on the last day of the particular calendar year upon the written determination by the Committee, or its delegatee, in its sole discretion, that the Performance Goal that it has established for the particular calendar year, has been achieved, together with the level of such achievement between threshold and maximum levels. The Committee’s written determination shall be provided no later than the ninetieth (90th) day of the next calendar year. In this regard: (i) one hundred twenty thousand (120,000) Performance Shares shall vest on December 31, 2004, subject to the achievement of the Performance Goal for calendar year 2004; (ii) one hundred twenty thousand (120,000) Performance Shares shall vest on December 31, 2005, subject to the achievement of the Performance Goal for calendar year 2005; and (iii) one hundred twenty thousand (120,000) Performance Shares shall vest on December 31, 2006, subject to the achievement of the Performance Goal for calendar year 2006. In the event, and to the extent, that the Committee, or its delegatee, in its sole discretion, determines that the Performance Goal(s) for a particular calendar year have not been achieved, the Performance Shares whose vesting is subject to the Performance Goal(s), and respective tandem Dividend Equivalents, are thereupon forfeited. In the event that the Grantee’s continuous employment by the Company (including Subsidiaries) terminates, any outstanding and unvested Performance Shares subject to this Performance Award, and tandem Dividend Equivalents, are thereupon forfeited, except that if such employment terminates as the result of (i) the Grantee’s death, (ii) the Grantee’s permanent and total disability within the meaning of Internal Revenue Code Section 22(e)(3), or (iii) termination of such employment by the Company, or employing Subsidiary, other than For Cause1, the Committee, or its delegatee, shall immediately vest a portion of each unvested Performance Shares, such portion to be equal to (1) the number of full calendar months elapsed between November 1, 2003, and the time of termination (including November 2003) divided by (2) thirty-eight, irrespective of whether there is a subsequent determination that the Performance Goal(s) have, or have not, been achieved. Notwithstanding the foregoing, in the event that a Change in Control occurs before the Grantee’s continuous employment by the Company (including Subsidiaries) ...
