Common use of Performance Restrictions Clause in Contracts

Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock are issued subject to the following earnings per share performance goals for the Corporation for 2007 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.33 per share 400 · Market/Budget Target - $1.38 per share 900 · Stretch Target - $1.44 per share 1,000 · Optimum - $1.49 per share 1,100 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Agreement (National Penn Bancshares Inc)

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Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock RSUs are issued subject to the following earnings per share performance goals for the Corporation for 2007 2006 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.33 1.20 per share 400 · Market/Budget Market Target - $1.38 1.33 per share 800 · NPB Target - $1.47 to $1.49 per share 900 · Stretch Target - $1.44 per share 1,000 · Optimum - $1.49 1.62 per share 1,100 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (National Penn Bancshares Inc)

Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock RSUs are issued subject to the following earnings per share performance goals for the Corporation for 2007 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.33 per share 400 100 · Market/Budget Target - $1.38 per share 900 225 · Stretch Target - $1.44 per share 1,000 250 · Optimum - $1.49 per share 1,100 275 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (National Penn Bancshares Inc)

Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock are issued subject to the following earnings per share performance goals for the Corporation for 2007 2008 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.33 1.20 per share 400 · Market/Budget Target - $1.38 per share 900 350 · Stretch Target - $1.44 1.33 per share 1,000 375 · Optimum - $1.49 1.44 per share 1,100 400 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Agreement (National Penn Bancshares Inc)

Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock are issued subject to the following earnings per share performance goals for the Corporation for 2007 2006 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.20 per share 100 · Market Target - $1.33 per share 400 200 · Market/Budget NPB Target - $1.38 1.47 to $1.49 per share 900 · Stretch Target - $1.44 per share 1,000 225 · Optimum - $1.49 1.62 per share 1,100 275 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Agreement (National Penn Bancshares Inc)

Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock RSUs are issued subject to the following earnings per share performance goals for the Corporation for 2007 2006 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.20 per share 100 · Market Target - $1.33 per share 400 200 · Market/Budget NPB Target - $1.38 1.47 to $1.49 per share 900 · Stretch Target - $1.44 per share 1,000 225 · Optimum - $1.49 1.62 per share 1,100 275 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (National Penn Bancshares Inc)

Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock RSUs are issued subject to the following earnings per share performance goals for the Corporation for 2007, as adjusted for the 3% stock dividend issued September 30, 2007 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.33 1.29 per share 400 · Market/Budget Target - $1.38 1.34 per share 900 · Stretch Target - $1.44 1.40 per share 1,000 · Optimum - $1.49 1.45 per share 1,100 In the event of any further stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (National Penn Bancshares Inc)

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Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock RSUs are issued subject to the following earnings per share performance goals for the Corporation for 2007 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.33 per 1.33per share 400 · Market/Budget Target - $1.38 per share 900 · Stretch Target - $1.44 per share 1,000 · Optimum - $1.49 per share 1,100 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (National Penn Bancshares Inc)

Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock are issued subject to the following earnings per share performance goals for the Corporation for 2007 2006 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.33 1.20 per share 400 · Market/Budget Market Target - $1.38 1.33 per share 800 · NPB Target - $1.47 to $1.49 per share 900 · Stretch Target - $1.44 per share 1,000 · Optimum - $1.49 1.62 per share 1,100 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Agreement (National Penn Bancshares Inc)

Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock are issued subject to the following earnings per share performance goals for the Corporation for 2007 2008 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $$ 1.20 per share 1,400 · Target $ 1.33 per share 400 1,500 · Market/Budget Target - $1.38 per share 900 · Stretch Target - $Optimum $ 1.44 per share 1,000 · Optimum - $1.49 per share 1,100 1,600 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Agreement (National Penn Bancshares Inc)

Performance Restrictions. In addition to the time restrictions set forth in Section 2(a), the shares of Restricted Stock are issued subject to the following earnings per share performance goals for the Corporation for 2007 (the “Performance Restrictions”), and shall only vest if and to the extent that the Performance Restrictions are satisfied. Performance results shall be determined at the end of the Restricted Period and shall be interpolated as necessary between the various targets to determine vesting at that time: · Threshold - $1.33 per share 400 100 · Market/Budget Target - $1.38 per share 900 225 · Stretch Target - $1.44 per share 1,000 250 · Optimum - $1.49 per share 1,100 275 In the event of any stock dividend or stock split affecting the Corporation’s common stock, the aforesaid Performance Restrictions shall be adjusted appropriately and equitably, as shall be determined by the Committee.

Appears in 1 contract

Samples: Restricted Stock Agreement (National Penn Bancshares Inc)

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