Maturing Clause Samples

Maturing and conversion of the basic options into final ones. a) The conversion aforesaid shall be effected as follows: Upon the completion of the first (1st) year from the Date of Accession, on the condition that during the immediately preceding year and on the basis of the evaluation procedure per administration level the Participant shall have achieved at least 100% of his Personal Evaluation (professional skills) and 50% of the Service Targets, options corresponding to 40% of the total for the acquisition of shares of the Company shall be converted into final ones and may be exercised accordingly . . Upon the completion of the second (2nd) year from the Date of Accession, on the condition that during the immediately preceding year and on the basis of the evaluation procedure per administration level the Participant shall have achieved at least 100% of his Personal Evaluation (professional skills) and 50% of the Service Targets, options corresponding to 30% of the total for the acquisition of shares of the Company shall be converted into final ones and may be exercised accordingly. Upon the completion of the third (3rd) year from the Date of Accession, on the condition that during the immediately preceding year and on the basis of the evaluation procedure per administration level the Participant shall have achieved at least 100% of his Personal Evaluation (professional skills) and 50% of the Service Targets, and on the other hand the EBITDA for the two previous years of implementation of the Plan, as specified in the Operational Plan of the Company, shall have been achieved, options corresponding to 30% of the total for the acquisition of [l] shares of the Company shall be converted into final ones and may be exercised accordingly. b) A condition for the gradual maturing and conversion aforesaid with regard to the assignment of options to the Participant is that the Participant’s employment contract with the Company must have not been terminated or interrupted for any reason whatsoever, provided that the Participant shall have observed his Obligations hereunder (clause l(c)). c) For the conversion of the Stock Options into final ones and until their assignment to the Participant, the latter shall be obliged to: • refrain from any act, practice or activity which, at the discretion of the Company, constitutes a competition against the business activities of the Company or of its subsidiaries (such an activity is not the provision of services to any of the subsidia...
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Related to Maturing

  • Maturities Each Note will mature on a date nine months or more from its Original Issue Date (the "Stated Maturity Date") selected by the investor or other purchaser and agreed to by the Company.

  • Treasury Securities In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded.

  • Maturity As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof.

  • Maturity of Loans Each Loan shall mature, and the principal amount thereof shall be due and payable, on the Stated Maturity.

  • Treasury Notes In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned shall be so disregarded.