Performance Share Unit means any grant pursuant to Article 9 of a unit valued by reference to a designated number of Shares, which value will be paid to the Participant upon achievement of such performance goals as the Committee shall establish.
Each Performance Share Unit agreement shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate.
Vesting shall be subject to the Performance Share Unit agreement.
A Performance Share Unit may be awarded in consideration for past services actually rendered to the Company or an Affiliate for its benefit.
A Performance Share Unit confers no rights as a shareholder of the Company until Shares are actually delivered to the Participant.
The Performance Share Unit Award Agreement is governed by and is to be construed according to the laws of the State of New York that apply to agreements made and performed in that state, without regard to its choice of law provisions.