PNX Long-Term Incentive Award Letter for Restricted Stock Units (RSUs)

Summary

This letter informs the recipient about their participation in PNX's Long-Term Incentive (LTI) program for a specified performance cycle. Participants are granted restricted stock units (RSUs) that may be earned based on the company's achievement of performance goals, specifically average Return on Equity (ROE) over a multi-year period. The number of RSUs awarded depends on performance results, and participants must retain a portion of the shares according to company guidelines. The letter includes details on targets, performance criteria, and retention requirements.

EX-10.1 2 pnx_75670ex10-1.htm FORM OF AWARD LETTER

 EXHIBIT 10.1 [Form of Award Letter] Date: [Date] To: [Name] From: [Name] Re: [Date] -[Date] Long Term Incentive Cycle _____________________________________________________________________________________________________ Attached is material describing the terms of the [Date] - [Date] - Long Term Incentive Cycle. Here are some of the highlights: • Plan participants receive a contingent grant of PNX restricted stock units (RSUs) that may be earned at the end of the [__]-year performance period subject to the company achieving its performance goals. Each RSU is potentially convertible into one share of PNX common stock. • The target number of RSUs that may be earned is equal to a participant's long-term incentive target divided by the share price of PNX stock on [Date] . • The performance measure for this incentive cycle is a [__]-year average Return on Equity (ROE), as defined in the attached material. The target and performance thresholds are set forth on your [Year]-[Year] Long-Term Incentive Award Worksheet, attached as Schedule A hereto. • The actual number of RSUs that are awarded, if any, at the end of the [___]-year performance period will vary based on ROE results for the period. • Participants will be required to retain a fixed percentage of the award, based on their share ownership and retention guidelines. Please review the attached material describing the terms of the [Year] - [Year] LTI Cycle, including performance criteria. The [Year]-[Year] LTI Award Worksheet provides information about your annual and long-term targets, shows examples of the possible value of your long-term award, and includes a reminder of your share ownership and retention guidelines. If you have any questions, please call me at extension [__] or [____] at extension [___].