Performance Stock Option Sample Clauses

Performance Stock Option. The Company will grant you a stock option pursuant to the Plan to purchase a number of shares of the Company’s common stock that results in an approximate aggregate grant date fair value for financial accounting purposes of $66,000,000 on the terms set forth below (the “Performance ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ | ▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ | MAIN: 408.753.4000 | ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ Option”). If the number of shares determined under the methodology in the prior sentence would result in an option to purchase less than 1,046,000 shares of the Company’s common stock, then the Performance Option will be with respect to 1,046,000 shares. The Performance Option will have a per share exercise price equal to the fair market value of a share of Company common stock on the grant date. We expect the grant date of the Performance Option to occur the business day following the Effective Date. The Performance Option will have a maximum term equal to 7 years, with the 1/4 of the Performance Option described under (iv) having a maximum term of 7.5 years. Shares subject to the Performance Option become eligible to vest upon achievement of the following stock price targets (measured based on the average closing price for a 30 consecutive trading day period (“Stock Price Achievement”) during the period specified below following the grant date of the Performance Option (the “Performance Window”)): (i) 1/4 of the shares subject to the Performance Option become eligible to vest (“Eligible Option Shares”) upon Stock Price Achievement during a 4-year Performance Window that exceeds 150% of the exercise price of the Performance Option (the “Baseline Price”). (ii) 1/4 of the shares subject to the Performance Option become Eligible Option Shares upon Stock Price Achievement during a 5-year Performance Window that exceeds 200% of the Baseline Price. (iii) 1/4 of the shares subject to the Performance Option become Eligible Option Shares upon Stock Price Achievement during a 6-year Performance Window that exceeds 250% of the Baseline Price. (iv) 1/4 of the shares subject to the Performance Option become Eligible Option Shares upon Stock Price Achievement during a 7-year Performance Window that exceeds 300% of the Baseline Price. To the extent that Stock Price Achievements have been met, Eligible Option Shares will vest as to 1/4 of such shares on each annual anniversary of the Performance Option grant date, subject to you continuing to be a Service Provider through each vesting date. If a Stock Price Ac...

Performance Stock Option. On the Employment Start Date, the Company will grant Employee an option (“Performance Option”) to purchase six hundred twenty two thousand, one hundred fifteen (622,115) shares of Common Stock in accordance with the terms of the Company’s stock incentive plan and its standard option agreement, which shall vest in accordance with the terms and conditions outlined in the plan and agreement, and otherwise as described in this Agreement. The Performance Option shall be exercisable at the fair market value of the Common Stock on the Employment Start Date and shall have a term of ten years. Shares subject to the Performance Option shall commence vesting upon the closing price of the Company’s common stock on the New York Stock Exchange (or whatever national securities exchange or national automated quotation system on which the common stock is traded) equaling or exceeding, for a period of twenty (20) trading days, the prices indicated (adjusted for any stock splits or similar transactions): Closing Price of Shares Commencing to Vest $15.00 or higher 207,385 $17.50 or higher 207,385 $20.00 or higher 207,385 INVENSENSE, INC. EMPLOYMENT AGREEMENT WITH ▇▇▇▇▇▇▇ ▇▇▇▇ The date on which such sustained closing price target is reached shall be referred to as the Second Option Vesting Start Date for the shares which commence vesting as a result. At such time as any shares subject to the Performance Option shall commence vesting, they shall vest ratably over four years at the rate of 1/48 of the number of such shares for each full calendar month thereafter (such that 100% of the Shares shall be vested as of the first anniversary of the relevant Second Option Vesting Start Date), subject to acceleration as provided in the Executive Change in Control and Severance Agreement referred to in Section 8 below or as otherwise provided in the option agreement. In the event of a Change in Control (as defined in the Executive Change in Control and Severance Agreement referred to in Section 8 below), the above closing price targets (if not previously achieved) will be evaluated against the Change in Control deal price, and to the extent the deal price is equal to or greater than one or more closing price targets, those closing price targets shall be deemed achieved.

Performance Stock Option. On or shortly after the signing of this Agreement, the Company will grant Employee an option (“Performance Option”) to purchase one hundred fifty thousand (150,000) shares of Common Stock in accordance with the terms of the Company’s stock option plans and its standard option agreement, except as set forth below. The Performance Option shall be exercisable at the fair market value of the Common Stock on the Commencement Date and shall have a term of ten (10) years. Shares subject to the Performance Option shall commence vesting upon metrics to be determined between the Employee and the Company. The parties will endeavor in good faith to determine reasonably achievable performance metrics within 90 days of the Commencement Date. Such metrics shall include, without limitation, Company profitability, revenue, and stock price, as the parties shall agree.

Performance Stock Option. Effective upon the Employment Start Date, Employee will be granted a stock option to purchase 75,000 shares of the Company’s common stock (the “Performance Option”) pursuant to the Company’s 2021 Equity Incentive Award Plan (the “Plan”) at an exercise price equal to the closing market price of the common stock on the Employment Start Date. The term of the Performance Option will be 10 years from the grant date, subject to forfeiture or earlier expiration in the event of the termination of Employee’s services to the Company or as otherwise provided by the Plan. Employee’s Performance Option will be vested and exercisable upon fulfilling the total performance achievements as provided below: Company’s receipt of cash upon closing of the transactions that Employee initiated, brought in and negotiated the terms and conditions of a license, joint venture or other collaboration for development of Company technology with the intent to commercialize and/or a license agreement that generates to the Company a cumulative ten million US dollars ($10,000,000) in non-refundable cash, within three years of Employment Start Date.