Common use of Vesting Events Clause in Contracts

Vesting Events. Notwithstanding the foregoing, Shares shall vest -------------- and become Vested Shares upon attainment of one or more specified Performance Objectives as set forth below. For purposes of vesting the Shares shall be deemed divided into five equal tranches of 60,000 shares each (subject to adjustment for stock splits and the like as provided in the attached Restricted Stock Agreement). An incremental tranche of Shares will vest each time an incremental Performance Objective set forth below is achieved (i.e., if only two Performance Objectives are achieved only two tranches (or 40%) of shares will vest whereas all five tranches will vest if five Performance Objectives are achieved). Vesting shall be deemed effective as of the closing of the transaction (in the case of the first Performance Objective) or as of the last day of the calendar year to which the Performance Objective relates (in the case of Performance Objectives 2 through 6). Determination of whether a Performance Objective has been met will be based (in the case of Performance Objectives 2 through 6) conclusively on the Company's audited financial statements for the relevant year following preparation thereof. The "Performance Objectives" are:

Vesting Events. Notwithstanding the foregoing, Shares shall -------------- vest -------------- and become Vested Shares upon attainment of one or more specified Performance Objectives as set forth below. For purposes of vesting the Shares shall be deemed divided into five equal tranches of 60,000 shares each (subject to adjustment for stock splits and the like as provided in the attached Restricted Stock Agreement). An incremental tranche of Shares will vest each time an incremental Performance Objective set forth below is achieved (i.e., if only two Performance Objectives are achieved only two tranches (or 40%) of shares will vest whereas all five tranches will vest if five Performance Objectives are achieved). Vesting shall be deemed effective as of the closing of the transaction (in the case of the first Performance Objective) or as of the last day of the calendar year to which the Performance Objective relates (in the case of Performance Objectives 2 through 6). Determination of whether a Performance Objective has been met will be based (in the case of Performance Objectives 2 through 6) conclusively on the Company's audited financial statements for the relevant year following preparation thereof. The "Performance Objectives" are: