Eligibility for Performance Based Restricted Stock Grants Sample Clauses

Eligibility for Performance Based Restricted Stock Grants. Executive will also be eligible to earn performance based restricted stock awards for each of the 2012 and 2013 fiscal years and each fiscal year thereafter to the extent that the Employment Term is extended (the “Performance Based Restricted Shares”). For each year, the Performance Based Restricted Share award will be a number of restricted shares of the Company’s common stock determined by dividing $300,000 by the fair market value of the Company’s common stock on the date of issuance, as recommended by the Chief Executive Officer and approved by the Compensation Committee. The date of issuance in each case will occur within 90 days following the completion of the applicable fiscal year. The target Performance Based Restricted Share award for a given year will be issuable only if specified corporate performance goals are achieved in that year and Executive remains in continuous service with the Company through the applicable date of issuance. The corporate performance goals relevant for each fiscal year will be established by the Compensation Committee no later than 90 days following the start of that year. The Compensation Committee may, in its discretion, establish an opportunity for Executive to earn an award of up to 25% larger or smaller than the target Performance Based Restricted Share award in the event of over- or under-performance of the specified corporate performance goals. Any Performance Based Restricted Shares issued under this paragraph will be subject to (i) time-based vesting in 12 substantially equal installments, based on Executive’s continued service to the Company for the 12 calendar quarters following the applicable date of issuance; provided that, if Executive’s employment is terminated by the Company without “Cause” (other than by reason of death or “Disability”) or if the Executive resigns for “Good Reason,” as those terms are defined herein and Executive timely complies with the conditions set forth herein regarding the execution of a release of claims in favor of the Company, any otherwise unvested Performance Based Restricted Shares will then vest. Notwithstanding the foregoing, as provided in Section 8(d) herein, none of the then issued but unvested Performance Based Restricted Shares shall vest in the event that the Company elects not to extend the Employment Term. In addition, to the extent determined by the Compensation Committee, the Performance Based Restricted Share opportunity described in this paragraph will be subje...
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Related to Eligibility for Performance Based Restricted Stock Grants

  • Performance Share Awards On the Performance Share Vesting Date next following the Executive's date of death, the number of Performance Shares that shall become Vested Performance Shares shall be determined by multiplying (a) that number of shares of Company Common Stock subject to the Performance Share Agreement that would have become Vested Performance Shares had no such termination occurred; provided, however, in no case shall the number of Performance Shares that become Vested Performance Shares exceed 100% of the Target Number of Performance Shares set forth in the Performance Share Agreement, by (b) the ratio of the number of full months of the Executive's employment with the Company during the Performance Period (as defined in the Performance Share Agreement) to the number of full months contained in the Performance Period. Vested Common Shares shall be issued in settlement of such Vested Performance Shares on the Settlement Date next following the Executive’s date of death.

  • Performance-Based Vesting At the end of each Measurement Year, on the Measurement Date, the percentage of Shares set forth above shall be eligible to vest (the "Eligible Shares"). On each Measurement Date, 50% of the Eligible Shares shall become Vested Shares if at least 90% of the Target EBITDA amount was met for the prior Measurement Year. If more than 90% of the Target EBITDA amount was met for the prior Measurement Year, then the Eligible Shares shall become Vested Shares on a straight line basis such that an additional 5% of Eligible Shares shall become Vested Shares for each 1% that actual Consolidated Adjusted EBITDA exceeds 90% of the Target EBITDA amount.

  • Performance Based Compensation During the Period of Employment and assuming Executive remains continuously employed by the Company through the end of the relevant fiscal year, Executive shall also be entitled to participate in an annual performance-based cash bonus program as set forth in Exhibit B.

  • Grant of Performance Stock Units Subject to the terms of this Agreement, and the Incentive Plan, effective as of the Grant Date the Participant is hereby granted [Number] Performance Stock Units (the “Target Performance Units”). This Award contains the right to dividend equivalents (“Dividend Equivalents”) with respect to Earned Performance Units (as defined in Section 3(a)) as described in Section 4. Each Performance Stock Unit awarded hereunder shall become earned and vested as described in Section 3 and each Earned Performance Unit (and associated Earned Dividend Equivalents thereon as described in Section 4) shall be settled in accordance with Section 5.

  • Performance Awards With respect to any Performance Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, the other terms and conditions of such Award, and the measure of whether and to what degree such Performance Goals have been attained will be determined by the Board.

  • Performance Units Subject to the limitations set forth in paragraph (c) hereof, the Committee may in its discretion grant Performance Units to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which sets forth the terms and conditions of the Award.

  • Performance Share Units The Committee may, in its discretion, grant to Executive performance share units subject to performance vesting conditions (collectively, the “Performance Units”), which shall be subject to restrictions on their sale as set forth in the Plan and an associated Performance Unit Grant Letter.

  • Performance Share Award If your Award includes a Performance Share Award, and you voluntarily terminate your employment prior to the end of the Performance Period, you will forfeit your entire Performance Share Award. 

  • 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 (collectively the “Performance Share Units,” and each a “Performance Share Unit.”) Each Performance Share Unit represents the right to receive a Share and dividend equivalent amounts corresponding to the Share, subject to the terms and conditions of this Agreement and the Plan.

  • Performance Shares The Performance Shares earned by the Grantee will be determined and delivered to the Grantee as soon as practicable subsequent to the determination of the Corporation’s financial results for the Performance Cycle and approval by the Plan Administrator. The corresponding shares of the Corporation’s common stock will be purchased on the open market.

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