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19XEPS22T
01/31/2025

COTERRA ENERGY INC.
PERFORMANCE SHARE AWARD AGREEMENT

This Performance Award Agreement (the “Agreement”), made and entered into by and between Coterra Energy Inc. (the “Company”) with its principal office at 840 Gessner Road, Suite 1400, Houston, Texas 77024 and [ Participant Name ], (the “Employee”), is dated as of [ grant date ].
As an additional incentive and inducement to the Employee to remain in the employment of the Company, and to devote his or her best efforts to the business and affairs of the Company, the Company hereby awards to the Employee a Performance Award of [ number of shares granted ] performance shares (the “Performance Shares”) upon the terms and conditions hereinafter set forth.
This Agreement is expressly subject to the terms and provisions of the Cimarex Energy Co. Amended and Restated 2019 Equity Incentive Plan (the “Plan”). In the event there is a conflict between the terms of the Plan and this Agreement, the terms of the Plan shall control.  All undefined capitalized terms used herein that are not otherwise defined shall have the meanings assigned to them in the Plan.
1.Performance Period.  The performance period for the Performance Shares subject to this Agreement shall be the period beginning February 1, 2022 and ending January 31, 2025 (the “Performance Period”).
2.Terms of Award.  Each Performance Share represents the right to receive, after the end of the Performance Period and based on the Company’s performance, the aggregate of from 0% to 200% of the Fair Market Value of a share of Coterra Energy Inc. Common Stock, par value $.10/share (“Common Stock”). payable in shares of Common Stock and, if applicable, cash. The number of shares of Common Stock and amount of cash, if any, to be issued or paid with respect to a Performance Share at the end of the Performance Period shall be determined based upon the Company’s achievement of performance criteria established by the Compensation Committee (the “Committee”) of the Board of Directors for the Performance Period as set forth below (the “Performance Criteria”).  Each Performance Share shall be payable up to 100% in Common Stock of the Company and, to the extent that the percentage of a Performance Share earned at the end of the Performance Period exceeds 100%, in cash equal to the Fair Market Value of a share of Common Stock.  Cash will also be paid in lieu of the issuance of fractional shares of Common Stock.
The Performance Criteria that determine the number of shares of Common Stock (and cash, if applicable) of the Company issued or paid per Performance Share (the “Performance Shares Earned”) is the relative Total Shareholder Return (as defined below) on the Company’s Common Stock as compared to the Total Shareholder Return on the common equity of each company in the Peer Group (as defined below).  “Total Shareholder Return (“TSR”)” shall be expressed as the percentage increase in the average daily closing share price for the last month of the Performance Period plus total dividends paid over the Performance Period on a cumulative, reinvested basis, over the average daily closing share price for the first month of the Performance Period.  The “Peer Group” is the group of companies set forth on Exhibit A hereto.  If during the Performance Period any member of the Peer Group ceases to exist or ceases to have publicly traded common stock as the result of a business combination or other transaction, the Committee may select a replacement company, which shall be included in the Peer Group as of February 1, 2022, instead of the replaced member.    If during the Performance Period any member of the Peer Group (i) declares bankruptcy, or (ii) is delisted and ceases to be traded on a national securities exchange, then it will remain in the Performance Peer Group and shall be ranked with any similarly-situated company in last place for purposes of this Section 2.
Active 60107429 2.docx

After the end of the Performance Period, the companies in the Peer Group will be arranged by their respective TSR (highest to lowest), excluding the Company.  The Company’s percentile rank will be interpolated between the company with the next highest TSR and the company with the next lowest TSR, based on the differential between the Company’s TSR and the TSR of such companies.  The Performance Shares Earned for such period, and the Common Stock issued and cash paid with respect to each Performance Share, shall be determined using the following scale:

									
	Payout Level	Relative TSR Performance (Percentile Rank v. Peers)	Performance Shares Earned

			
	Maximum	≥90th percentile
	200%

			

	Target	55th percentile
	100%

			

	Threshold	≥30th percentile
	50%

			

	<Threshold	<30th percentile
	0%

			

Notwithstanding the foregoing, if the Company’s TSR for the Performance Period is negative, then the Performance Shares Earned, as calculated in the above table, shall not exceed 100% of the Performance Shares, regardless of the Company’s actual percentile ranking in the Peer Group.  For example:  If (a) Company TSR for the Performance Period is -14% and (b) Company relative TSR performance is in the 75th percentile the Performance Shares Earned would be capped at 100%.

3.Certification and Issuance of Shares.  No later than the thirtieth business day following the close of the Performance Period, the Committee shall determine, in writing, the extent to which the Performance Criteria have been met and the amount to be distributed with respect to a Performance Share as provided in Section 2 hereof and the Company shall issue or pay to the Employee the appropriate number of shares of Common Stock and cash as soon as administratively practicable following such Committee determination, but in no event later than March 15, 2025, provided the Employee has been continuously employed with the Company or one of its Subsidiaries during the Performance Period (except as provided in Section 4, Section 6 and Section 7).  The Committee has sole and absolute authority and discretion to determine the amount to be distributed with respect to Performance Shares.  The determination of the Committee shall be binding and conclusive on the Employee.  Notwithstanding anything in this Agreement to the contrary, the Employee shall not be entitled to any Common Stock or cash with respect to the Performance Shares unless and until the Committee determines and certifies the extent to which the Performance Criteria have been met.  The number of shares issued shall be reduced by the number of shares of Common Stock equal to the amount the Company is required by any governmental authority to withhold for tax purposes with respect to the payment of the Performance Shares.
4.Termination of Employment.  Except as otherwise provided in this Section 4 or Section 6, if the Employee’s employment is terminated for any reason prior to the completion of the Performance Period, a pro-rata portion of the Performance Shares determined by dividing 
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the number of days remaining in the Performance Period on the date of termination by the total number of days in the Performance Period shall be immediately forfeited unless otherwise determined by the Committee, and the remaining Performance Shares shall be payable as set forth herein as if such employment continued through the end of the Performance Period.  In the case of the termination of employment by reason of death or disability, or in the case of death or disability after termination and pro-ration as described in the preceding sentence, the Performance Period shall be deemed complete and the Employee shall be deemed to have earned the Performance Shares as calculated in Section 2 above, based on the Company’s relative placement in the Peer Group as of the last day of the month in which the death or disability occurred, without any proration by reason of the shortened Performance Period.  
5.Dividend Equivalents.  At the same time that the Company delivers the shares of Common Stock pursuant to Section 3, Section 4 or Section 6, the Company shall also pay to the Employee an amount in cash equal to the dividends that would have been paid on each share of Common Stock underlying the Performance Shares Earned had such share been outstanding from the date of grant until the date shares and cash, if applicable, are delivered to the Employee.  The dividend equivalent payment pursuant to this Section 5 shall be paid without interest or earnings and will be subject to the payment of applicable withholding taxes.  No dividend equivalent payments will be made with respect to Performance Shares that do not vest pursuant to this Agreement.

6.Change in Control.  Upon the occurrence of a Change in Control, as defined in the Plan, you will receive the number of Vested Shares Equivalent calculated in accordance with paragraph 2, except that the end of the Performance Period shall be the date of the Change in Control.
7.Employment at Will.  This Agreement is not an employment agreement. Nothing contained herein shall be construed as creating any employment relationship other than one at will.
8.Assignment.  This Agreement shall inure to the benefit of and be binding upon the heirs, legatees, distributees, executors and administrators of the Employee and the successors and assigns of the Company.  In no event shall Performance Shares granted hereunder be voluntarily or involuntarily sold, pledged, assigned or transferred by the Employee other than by will or the laws of descent and distribution or pursuant to a qualified domestic relations order.
9.Governing Law.  This Agreement shall be governed by the laws of the State of Delaware, without giving effect to conflict of law rules or principles.  Any action or proceeding seeking to enforce any provision of or based on any right arising out of this Agreement may be brought against the Employee or the Company only in the courts of the State of Delaware or, if it has or can acquire jurisdiction, in the United States District Court for the District of Delaware, and the Employee and the Company consent to the jurisdiction of such courts (and of the appropriate appellate courts) in any action or proceeding and waives any objection to venue laid herein.
10.Shareholder Status.  The Employee shall have no rights of a shareholder with respect to the shares of Common Stock potentially deliverable pursuant to this Agreement unless and until such time as the ownership of such shares of Common Stock has been transferred to the Employee.
11.Controlling Agreement.  This Agreement shall supersede and control over any other agreement between the Company and the Employee, whether entered previously or entered subsequent to the date hereof, related to Performance Shares awarded hereunder.
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12.Section 409A.  The Performance Shares granted under this Agreement are intended to comply with or be exempt from Section 409A, and ambiguous provisions of this Agreement, if any, shall be construed and interpreted in a manner consistent with such intent.  This Agreement shall not be amended in a manner that would cause this Agreement or any amounts payable under this Agreement to fail to comply with the requirements of Section 409A, to the extent applicable, and, further, the provisions of any purported amendment that may reasonably be expected to result in such non-compliance shall be of no force or effect with respect to the Agreement.  If any provision of this Agreement would result in the imposition of an additional tax under Section 409A, that provision will be reformed to avoid imposition of the additional tax.  If the Employee is a “specified employee” as defined in Section 409A on the date on which the Employee has a “separation from service” (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any Performance Shares settled on account of a separation from service that are deferred compensation subject to Section 409A shall be paid or settled on the earliest of (1) the fifteenth business day following the expiration of six months from the Employee’s separation from service, (2) the date of the Employee’s death, or (3) such earlier date as complies with the requirements of Section 409A.  For purposes of Section 409A, each payment under this Agreement shall be deemed to be a separate payment.
13.Miscellaneous.
(a)With the approval of the Board of Directors, the Committee may terminate, amend or modify the Plan; provided, however, that no such termination, amendment or modification of the Plan may in any material way adversely affect the Employee’s rights under this Agreement.
(b)This Agreement shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
(c)This Agreement may be executed in one or more counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto cause this Agreement to be executed as of the date hereof.
COTERRA ENERGY INC.

/s/ Christopher H. Clason    
By:    Christopher H. Clason
Title:    Senior Vice President and
    Chief Human Resources Officer

Employee:

    
    [ Participant Name ]

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EXHIBIT A
PEER GROUP

ANTERO RESOURCES CORPORATION
APA CORPORATION
CHESAPEAKE ENERGY CORPORATION
CONTINENTAL RESOURCES, INC.
DEVON ENERGY CORPORATION
DIAMONDBACK ENERGY, INC.
EOG RESOURCES, INC.
EQT CORPORATION
HESS CORPORATION
MARATHON OIL CORPORATION
OCCIDENTAL PETROLEUM CORPORATION
OVINTIV INC.
PIONEER NATURAL RESOURCES COMPANY
S&P 500 INDUSTRIALS
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION

    6ex_360126.htm

Exhibit 10.2

 

CONSOL ENERGY, INC. (the “Company”)

 

NOTICE OF PERFORMANCE BASED CASH (“PBC”) AWARD

 

 

Name of Grantee:         

 

Date of Award:         

 

Number of Shares:          

 

 

The terms and conditions (“Terms and Conditions”) pursuant to which the PBC award was made are set forth in Schedule A (“Schedule A”), attached hereto and made a part hereof. Please familiarize yourself with these terms, which include provisions relating to vesting, termination of employment, the company’s right to recoupment, and which also include restrictive covenants relating to confidential information, non-solicitation, and non-competition.

 

By accepting this award, you acknowledge and agree to comply with the Terms and Conditions, including without limitation the covenants relating to confidential information, non-solicitation and non-competition. Please sign this Notice of PBC Award and return the signed copy to Sue Modispacher- HR.

 

IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice of PBC Award and Terms and Conditions.

 

 

GRANTEE:

 

 

_______________________________‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐

 

 

 

CONSOL ENERGY, INC.

 

 

BY: ____________________________

Jimmy Brock

President and CEO         

 

 

 

 

 

 

Terms and Conditions

 

	 	
			1.

				
			Terms and Conditions: This grant of performance-based Cash Award is made under the CONSOL Energy Inc. 2020 Omnibus Performance Incentive Plan (the “Plan”) and is subject in all respects to the terms of the Plan. All terms of the Plan are hereby incorporated into these terms and conditions (the “Terms and Conditions”) by reference. In the event of a conflict between one or more provisions of these Terms and Conditions and one or more provisions of the Plan, the provisions of the Plan shall govern; provided that the terms of any individual written Agreement entered into by the Company and the Grantee approved by the Committee shall supersede these Terms and Conditions so long as consistent with the Plan. Each capitalized term not defined herein has the meaning assigned to such term in the Plan.

			

 

	 	
			2.

				
			Confirmation of Grant: Effective as of _____________, 20___ (the “Award Date”), CONSOL Energy Inc. (the “Company”) granted the individual whose name is set forth in the notice of grant (the “Grantee”) a performance-based cash award denominated in units, each of which represent a fixed value equal to the closing price of the Company’s common stock on _____________, 20___, as set forth in the Grantee’s notice of grant (the “PBCs”). By accepting the PBCs, the Grantee acknowledges and agrees that the PBCs are subject to these Terms and Conditions and the terms of the Plan.

			

 

	 	
			3.

				
			Automatic Forfeiture: The PBCs will automatically be forfeited and all rights of the Grantee to the PBCs shall terminate under the following circumstances:

			

 

	 	
			a.

				
			Employment of the Grantee is terminated for Cause.

			

 

	 	
			b.

				
			The Grantee breaches any confidentiality, non-solicitation or non-competition covenant set forth on the attached Exhibit B or in any restrictive covenants agreement between the Grantee and the Company or an affiliate.

			

 

	 	
			c.

				
			The Committee requires recoupment of the PBCs in accordance with any recoupment policy adopted or amended by the Company from time to time.

			

 

	 	
			4.

				
			Restrictive Covenants: By accepting the PBCs, the Grantee agrees to comply with the confidentiality, non-solicitation and non-competition covenants set forth on the attached Exhibit B. If the Grantee has a written agreement with the Company or an affiliate containing restrictive covenants, the Grantee also agrees to continue to comply with the obligations under such restrictive covenants agreement as a condition of grant of the PBCs.

			

 

	 	
			5.

				
			Transferability: The PBCs shall not be sold, transferred, assigned, pledged or otherwise encumbered or disposed.

			

 

	 	
			6.

				
			Vesting: The PBCs shall vest in one-third increments on each of December 31, 20__, December 31, 20__, and December 31, 20__ based on attainment of the performance goals set forth on the attached Exhibit A (the “Performance Goals”) during the period beginning on January 1, 20__ and ending on December 31, 20__ (the “Performance Period”), provided the Grantee continues to be employed by the Company through December 31 of each calendar year during the Performance Period, and provided further that no PBCs shall be paid until the Committee certifies that the Performance Goals have been attained. At the end of each calendar year during the Performance Period, the Performance Goals, based on such factors as the Committee deems appropriate. In the event that the Performance Goals have not been met, the PBCs shall automatically be forfeited and all rights of the Grantee to the PBCs shall terminate. Except as otherwise provided below, if the Grantee terminates employment prior to the end of any calendar year which ends within the Performance Period, the PBCs eligible for vesting shall be cancelled and all rights of the Grantee to the PBC Award shall terminate.

			

 

	 	
			7.

				
			Termination of Employment: If, following the Award Date and prior to the date on which the Committee Certifies the Performance Goals have been attained,

			

 

	 	
			a.

				
			(i) the Grantee’s employment is terminated by reason of death or Disability (as defined below), or (ii) the Grantee’s employment is involuntarily terminated without Cause, the Grantee shall earn a pro rata portion of the PBCs based on the achievement of the Performance Goals as certified by the Committee following the end of the Performance Period. The pro rata portion of the PBCs that vest shall be determined by multiplying the number of PBCs earned based on attainment of the Performance Goals, by a fraction, the numerator of which is the number of completed full months from the Award Date to the date of the Grantee’s termination of employment and the denominator of which is 36. The vested PBCs shall be paid as described in Section 8 below. For purposes of these Terms and Conditions, “Disability means permanently and totally disable under the terms of the Company’s qualified retirement plans.

			

 

	 	
			b.

				
			the Grantee terminates employment on or after attaining age sixty (60) with twenty (20) or more years of service with the Company or an affiliate, also including any years of service with CNX Resources Corporation (our former parent or its affiliates), then the PBCs shall vest in full based on the achievement of the Performance Goals as certified by the Committee following the end of the Performance Period. The vested PBCs shall be paid as described in Section 8 below.

			

 

	 	
			8.

				
			Settlement: The PBCs shall be paid in cash earned based on the achievement of Performance Goals during the Performance Period. The PBCs shall be paid as soon as practicable after the date that the Committee certifies the Performance Goals have been achieved, but in no event later than 60 days after such date. Notwithstanding the foregoing, to the extent that the PBCs are subject to Section 409A of the Internal Revenue Code, all such payments shall be made in compliance with the requirements of Section 409A of the Internal Revenue Code.

			

 

	 	
			9.

				
			Change in Control: In the event of a Grantee’s involuntary termination of employment (including a “good reason termination as defined in Section 409A of the Code) following a Change in Control as defined in Section 17 of the Plan, within two years of the Change in Control and absent any provision in any agreement between the Grantee and the Company to the contrary, the PBCs shall vest in full, and be free of any restrictions, and be deemed earned, on the effective date of the Grantee’s termination date; provided, however, that the amount deemed earned shall be determined by multiplying the number of PBCs in an amount equal to the product obtained by multiplying (i) the full value of the PBCs with all applicable Performance Goals achieved at the greater of (A) the applicable target level and (B) the level of achievement of the Performance Goals for the PBCs as determined by the Committee no later than the Change in Control, taking into account performance through the date of the Change in Control to which performance can, as a practical matter, be determined (but not later than the end of the applicable Performance Period) and (ii) the applicable pro-ration factor. For purposes of this Section 9, applicable pro-ration factor shall mean the quotient obtained by dividing the number of days that have elapsed during the applicable Performance Period through and including the date of the Change in Control by the total number of days covered by the full Performance Period.

			

 

 

	 	
			10.

				
			Tax Withholding: The Grantee is solely responsible for the satisfaction of all taxes and penalties that may arise in connection with the PBCs. The tax withholding obligation shall be satisfied by withholding an amount from the Grantee’s cash payment due upon the vesting of the PBC Award. The Company may withhold from the Grantee’s cash payment an amount necessary to satisfy applicable withholding tax rate for federal (including FICA) state, local and foreign tax liabilities.

			

 

	 	
			11.

				
			No Right to Continued Employment. The Grantee understands and agrees that these Terms and Conditions do not impact the right of the Company or any of its affiliates employing the Grantee to terminate or change the terms of the Grantee’s employment at any time for any reason, with or without cause. The Grantee understands and agrees that the Grantee’s employment with the Company or any of its affiliates is on an “at-will” basis.

			

 

	 	
			12.

				
			Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of these Terms and Conditions.

			

 

	 	
			13.

				
			Severability.  In the event that any provision in these Terms and Conditions shall be held invalid or unenforceable for any reason, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of these Terms and Conditions.

			

 

Exhibit A

 

[performance goals to be inserted]

 

 

 

 

Exhibit B

 

Restrictive Covenants 

 

By accepting the PBCs, the Grantee agrees to comply with the following terms which shall operate independently of, and in addition to, any other restrictive covenant agreement to which the Grantee may be a party with the Company:

 

Confidential Information 

 

(a)    For purposes of these Terms and Conditions, the term “Confidential Information” shall mean information that the Company or any of its affiliates owns or possesses, that the Company or its affiliates have developed at significant expense and effort, that they use or that is potentially useful in the business of the Company or its affiliates, that the Company or its affiliates treat as proprietary, private or confidential, and that is not generally known to the public. Confidential Information includes, but is not limited to, information that qualifies as a trade secret under applicable law. The Grantee acknowledges that the Grantee’s relationship with the Company is one of confidence and trust such that the Grantee has in the past been, and may in the future be, privy to Confidential Information of the Company or its affiliates.

 

(b)    The Grantee hereby covenants and agrees at all times during employment with the Company and its affiliates and thereafter to hold in strictest confidence, and not to use, any Confidential Information, except for the benefit of the Company, and not to disclose any Confidential Information to any person or entity without written authorization of the Company, except as otherwise required by law.

 

Non-Solicitation 

 

(a)         The Grantee covenants and agrees that during the Grantee’s employment with the Company and its affiliates, and during the twelve (12) month period following the Grantee’s termination of employment for any reason (the “Restricted Period”), the Grantee shall not, directly or indirectly, (i) solicit, hire or attempt to hire any employee of the Company or any of its affiliates as an employee, consultant or independent contractor of the Grantee or any other person or business entity for the purpose of providing services or products competitive with those offered by the Company or any of its affiliates, or (ii) solicit any employee, consultant or independent contractor of the Company or any of its affiliates to change or terminate his or her relationship with the Company or any of its affiliates for the purpose of providing services or products competitive with those offered by the Company or any of its affiliates, unless in each case, more than six months shall have elapsed between the last day of such person’s employment or service with the Company or any of its affiliates and the first date of such solicitation or hiring.

 

(b)         The Grantee covenants and agrees that during the Grantee’s employment with the Company and its affiliates and during the Restricted Period, the Grantee shall not, either directly or indirectly:

 

(i)    solicit or do business with, or attempt to solicit or do business with, any customer with whom the Grantee had material contact, or about whom the Grantee received Confidential Information within twelve 12 months prior to the Grantee’s date of termination for the purpose of providing such customer with services or products competitive with those offered by the Company or any of its affiliates during the Grantee’s employment with the Company or its affiliates, or

 

(ii)    Encourage any customer with whom the Grantee had material contact, or about whom the Grantee received Confidential Information within 12 months prior to the Grantee’s date of termination to reduce the level or amount of business such customer conducts with the Company or any of its affiliates.

 

Non-Competition

 

(a)         The Grantee covenants and agrees that during the Grantee’s employment with the Company and its affiliates and during the twenty-four (24) month period for executives or six (6) month period for non-executives] following the Grantee’s termination of employment for any reason (the “Restricted Period” for purposes of non-Competition), the Grantee will not, without the Company’s express written consent, in any geographic area in which the Grantee had responsibility within the last two years prior to the Grantee’s termination of employment where the Company or its affiliates do business, directly or indirectly in the same or similar capacity to the services the Grantee performed for the Company;

 

(i)         own, maintain, finance, operate, invest or engage in any business that competes with the businesses of the Company and its affiliates in which the Grantee was materially involved during the two years prior to the Grantee’s termination; or

 

(ii)         provide services, as an employee, consultant, independent contractor, agent or otherwise, to any business that competes with the Company and its affiliates in businesses in which the Grantee was materially involved during the two years prior to the Grantee’s termination.

 

(b)         Notwithstanding the foregoing, the Grantee may invest in or have an interest in entities traded on any public market, provided that such interest does not exceed five percent of the voting control of such entity.          

 

Other Acknowledgements and Agreements

 

(a)         The Grantee acknowledges and agrees that in the event the Grantee breaches any of the covenants or agreements contained in this Exhibit B:

 

(i)         The restrictive covenants contained in this Exhibit B shall operate independently of, and in addition to, any other agreement to which the Grantee and the Company may be a party,

 

(ii)         The Grantee shall forfeit the PBCs (including PBCs that have vested but not yet been paid), and the outstanding PBC Award shall immediately terminate, and

 

(iii)         The Company may in its discretion require the Grantee to return to the Company any cash received upon vesting or payment of the PBC. The Committee shall exercise the right of recoupment provided in this section (b) within one year after the Company’s discovery of the Grantee’s breach of the covenants or agreements contained in this Exhibit B. In addition, in the event of a breach or threatened breach of the restrictions in this Exhibit B, the Company shall be entitled to specific performance, preliminary and permanent injunctive relief, in addition to any other remedies available to it, to prevent such breach or threatened breach.

 

(b)         If any portion of the covenants or agreements contained in this Exhibit B, or the application hereof, is construed to be invalid or unenforceable, the other portions of such covenants or agreements or the application thereof shall not be affected and shall be given full force and effect without regard to the invalid or unenforceable portions to the fullest extent possible. If any covenant or agreement in this Exhibit B is held to be unenforceable because of the duration thereof or the scope thereof, then the court making such determination shall have the power to reduce the duration and limit the scope thereof, and the covenant or agreement shall then be enforceable in its reduced form. The covenants and agreements contained in this Exhibit B shall survive the termination of the PBCs.

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