SEC Contract Filing

Filing Date: 2016-02-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>2
<FILENAME>ogs10-k2015exhibit1024.htm
<DESCRIPTION>FORM OF 2016 PERFORMANCE UNIT AWARD AGREEMENT
<TEXT>
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 <title>Exhibit</title>
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<a name="s6223FABE7DC26E8AB3E9D949044D4637"></a><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.24</font></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ONE GAS, INC. </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PERFORMANCE UNIT AWARD AGREEMENT</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Performance Unit Award Agreement (this &#8220;Agreement&#8221;) is made and entered into as of February 16, 2016 (the &#8220;Grant Date&#8221;) by and between ONE Gas, Inc., an Oklahoma corporation (the &#8220;Company&#8221;) and [EMPLOYEE NAME] (the &#8220;Participant&#8221;).</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:10pt;">, the Company has adopted the ONE Gas, Inc. Equity Compensation Plan (the &#8220;Plan&#8221;) pursuant to which Performance Unit Awards may be granted; and</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:10pt;">, the Executive Compensation Committee of the Board of Directors (the "Committee") has determined that it is in the best interests of the Company to grant the Performance Unit Award provided for herein.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NOW, THEREFORE,</font><font style="font-family:inherit;font-size:10pt;">&#32;the parties hereto, intending to be legally bound, agree as follows:</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Grant of Performance Units</font><font style="font-family:inherit;font-size:10pt;">.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.1&#160;&#160;&#160;&#160;The Company hereby grants to the Participant an award consisting of [NUMBER] Performance Units (&#8220;Performance Units&#8221; or the &#8220;Award&#8221;) on the terms and conditions set forth in this Agreement, the Notice of Performance Unit Award and Agreement dated February 16, 2016, a copy of which is attached hereto and incorporated herein by reference, and the Plan. The Performance Units are contingently awarded and will be earned if and only to the extent that the performance goal described on Exhibit A (the &#8220;Performance Goal&#8221;) is met and vested and distributable only if other conditions in this Agreement are met. Each Performance Unit represents the right to receive one share of the Company&#8217;s common stock (&#8220;Share&#8221;) or, at the Company&#8217;s option, an amount of cash as set forth in Section 6.2, in either case, at the times and subject to the conditions set forth herein. The number of Performance Units set forth above is equal to a target number of Shares that the Participant will earn for 100% achievement of the Performance Goal (the &#8220;Target Award&#8221;). Capitalized terms that are used but not defined herein have the meanings set forth in the Plan.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font