Stretch Level Clause Samples
Stretch Level. All of the Restricted Stock Units shall be earned and eligible to vest if the combined Operating Income for the Company for 2015 and 2016 is equal to or greater than $________, with such number of Restricted Stock Units vesting in three equal annual installments on February 15, 2017 (or if later, the date of the Compensation Committee Certification), February 15, 2018 and February 15, 2019, with the first two installments rounded up or down to the nearest whole share and the third installment including the remaining shares.
Stretch Level. All of the Restricted Stock Units shall be earned and eligible to vest if the combined Operating Income for the Company for 2014 and 2015 is equal to or greater than $__________, with such number of Restricted Stock Units vesting in three equal annual installments on February 15, 2016, February 15, 2017 and February 15, 2018, with the first two installments rounded up or down to the nearest whole share and the third installment including the remaining shares. As used in this Section 5, the term “Operating Income” shall mean the Company’s income from operations as reported in the Company’s audited financial statements prepared in accordance with generally accepted accounting principles excluding the impact of any generally accepted accounting principle changes implemented after the date hereof. The forfeiture and/or vesting amounts of the Restricted Stock Units as specified in the Section 5 shall be effective as of February 15, 2016. The Compensation Committee of the Board shall certify in writing the achievement of the combined Operating Income for the Company. Notwithstanding the foregoing, in the event that the Grantee’s employment is terminated on account of the Grantee’s death or Disability at any time, all unvested Restricted Stock Units not previously forfeited shall immediately vest on such date of termination. On the first business day after each vesting date, the Company shall deliver to Grantee the shares of stock to which the Restricted Stock Units relate.
Stretch Level. All of the Options shall be earned and eligible to vest if the combined Operating Income for the Company for 2015 and 2016 is equal to or greater than $____________, with such number of Options vesting in three equal annual installments on February 15, 2017 (or if later, the date of the Compensation Committee Certification), February 15, 2018 and February 15, 2019, with the first two installments rounded up or down to the nearest whole share and the third installment including the remaining shares.