Grant of Performance Share Units Contract Clauses (118)

Grant of Performance Share Units. Subject to the restrictions, terms and conditions set forth herein and in the Company's Omnibus Equity Incentive Plan (the "Plan"), the Company hereby grants to the Participant performance share units (the "Performance Share Units", or the "Award"). The provisions of the Plan are incorporated herein by reference, and all capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan. In the event of any inconsistency between the provisions of the Plan and thi...s Agreement, the provisions of this Agreement shall govern and control. The Performance Share Units will be payable, if at all, either in cash, in Common Stock or a combination of cash and Common Stock, such type of payment to be determined in the sole discretion of the Administrator, based upon the achievement by the Company of the Performance Goals as described on Exhibit A, over a period commencing January 1, 2019 and ending on the earlier of (x) December 31, 2021 and (y) the date of the Participant's termination of employment with the Company or any of its Subsidiaries (the "Performance Period"). For purposes of this Agreement, the "Maturity Date" shall mean (i) December 31, 2021 if the Participant remains employed with the Company or any of its Subsidiaries on such date or, if earlier, (ii) the date of the Participant's termination of employment as set forth in Section 4(b) of this Agreement. Subject to Section 4 below, the Performance Share Units shall vest on February 28, 2022 (the "Vest Date"); provided, however that if the Maturity Date is on or prior to December 31, 2021, then such Maturity Date shall be considered the Vest Date. The specific Performance Goals described on Exhibit A were established by the Administrator. Subject to the other terms and conditions of this Agreement and the Plan, payment of the Performance Share Units will only be made if the Administrator certifies, following the close of the Performance Period, that the pre-established threshold Performance Goals have been satisfied or exceeded in whole or in part on the Maturity Date and that the Participant is still 1 employed by the Company or any of its Subsidiaries on the Vest Date, and then only to the extent of the level of performance so certified as having been achieved.2. Form and Time of Payment. The Award earned by reason of the Administrator's certification as described above will be payable to the Participant (or the Participant's beneficiary, or personal administrator in the case of your death or Disability) in (x) cash, (y) Common Stock or (z) a combination of cash and Common Stock, in all cases, at the Administrator's sole discretion, during the first calendar year that commences immediately following the Maturity Date and at any time after the Vest Date; provided, that, in all cases, such payment shall occur on or before March 15 of such subsequent calendar year (the "Payment Date"). The number of shares of Common Stock to be delivered, if applicable, on the Payment Date will be determined by multiplying the number of Performance Share Units set forth in paragraph 1 by the Performance Multiple (as defined below) and, as applicable, rounded to the nearest whole number (such resulting number, the "Award Amount"). If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal the aggregate Fair Market Value of the Award Amount on the Vest Date (or the most recent closing stock price if the Vest Date occurs on a day when public markets are closed) less any portion of the Award Amount paid in Common Stock. View More

Grant of Performance Share Units. Subject to the terms and conditions of this Agreement and of the Plan, the Company hereby grants to the Employee a target award ("Target Award") of «X Total PSUs» Performance Share Units ("PSUs"). Each unit represents the right to receive one Share. Subject to satisfaction of the terms and conditions of this Agreement and the Plan, the PSUs shall be settled in Shares. No dividend equivalent rights are payable with respect to the PSUs.

Grant of Performance Share Units. (a) Subject to the terms and conditions of this Agreement, the Company has granted to the Employee the number of Performance Share Units specified at the beginning of this Agreement. These Performance Share Units are subject to the terms and conditions of this Agreement and are referred to collectively as the "Performance Share Units" and each as a "Performance Share Unit." (b) The Performance Share Units granted to the Employee shall be credited to an account in the Employee's name. This accoun...t shall be a record of book-keeping entries only and shall be utilized solely as a device for the measurement and determination of the number of Shares to be granted to or in respect of the Employee pursuant to this Agreement. View More

Grant of Performance Share Units. The Company hereby grants to the Participant an award (this "Award"), under and pursuant to the MRC Global Inc. 2011 Omnibus Incentive Plan (as amended, the "Plan"), under which the Participant is granted the right to earn _____ Shares at target performance and up to 200% of that number of Shares at maximum performance (each, a "Performance Share Unit") in respect of the three-year period (the "Performance Period") commencing on January 1, 2021 (the "First Day of the Performance Period") and end...ing on December 31, 2023 (the "Last Day of the Performance Period", including as it may be modified in Section 5). This Award is subject to Participant's execution and return of this Agreement to the Company (including as Section 27 provides). The Award is subject to all of the applicable provisions of the Plan that apply to Other-Stock Based Awards, is intended to be Performance-Based Compensation in accordance with Article 14 of the Plan and is subject to the applicable terms of the Plan that are incorporated in this Agreement by reference. To the extent that any provision of this Agreement conflicts with the terms of the Plan, the Participant acknowledges and agrees that the terms of the Plan shall control and, if necessary, the applicable provisions of this Agreement shall be deemed amended so as to carry out the purpose and intent of the Plan. Capitalized terms used herein without definition shall have the same meanings given such terms in the Plan. View More