Performance Share Unit Award Agreement for Executive Officers (2018 Grants)

Summary

This agreement outlines the terms under which certain executive officers are granted performance share units by the company. Executives are eligible to earn shares of common stock based on the achievement of specific performance goals over set periods. Awards granted on January 18, 2018, have either a 36-month or 60-month term, with vesting dates in 2021 or 2023, respectively. The number of shares each executive may earn is specified and depends on meeting the performance criteria during the designated measurement periods.

EX-10.70 4 exhibit107010k2017q4.htm EXHIBIT 10.70 TO FORM 10-K 12-31-17 Exhibit

EXHIBIT 10.70

TERMS OF PERFORMANCE SHARE UNIT AWARD AGREEMENT

WITH CERTAIN EXECUTIVE OFFICERS

The form of Performance Share Unit Award Agreement (the “Agreement”), filed as Exhibit 10.5 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017, contains blanks where the grantee's name, target number of shares, grant date, vesting date, performance measurement period, shortened performance measurement period start date, and months in term provided under the Agreement vary for each executive.

On January 18, 2018, performance share awards were granted providing certain executives the opportunity to earn common stock, the number of which is determined pursuant to, and subject to the attainment of performance goals. The performance share awards were granted with a term of 36 months and vest on January 18, 2021. The performance period start date was January 1, 2018 thereby making the performance period January 1, 2018 through December 31, 2020. The target number of shares for each executive awarded performance shares on January 18, 2018 is listed below.



Executive Officer	Target number of shares
Edward O. Handy, III	6,300
Mark K.W. Gim	3,100
Ronald S. Ohsberg	2,400
Kristen L. DiSanto	2,175
James M. Hagerty	2,175
Kathleen A. Ryan	2,175
William K. Wray	2,175
Debra A. Gormley	1,650
Maria N. Janes	1,650
Mary E. Noons	1,650

Also on January 18, 2018, performance share awards were granted providing certain executives the opportunity to earn common stock, the number of which is determined pursuant to, and subject to the attainment of performance goals. The performance share awards were granted with a term of 60 months and vest on January 18, 2023. The performance period start date was January 1, 2018 thereby making the performance period January 1, 2018 through December 31, 2022. The target number of shares for each executive awarded performance shares on January 18, 2018 is listed below.



Executive Officer	Target number of shares
Edward O. Handy, III	2,770
Mark K.W. Gim	1,390