Vesting of. 25K share options and salary increase to 84k per year upon production levels and sales of concentrate reaching 100 barrels per month
Vesting of the Restricted Stock for a given year shall only occur following certification by the Committee of the achievement of the related performance goal. Future years' performance goals shall be set forth in Addenda to this Agreement, signed by the Company and the Employee. For purposes of this Agreement, "adjusted pre-tax income" is determined based on the Company's audited financial statements as the Company's income before income tax, increased by = (i) the expense incurred for the year for the Performance-Based Annual Incentive Awards to the chief executive officer and chief investment officer, (ii) the expense incurred for the year for Performance-Based Restricted Stock Awards to the chief executive officer and chief investment officer and (iii) the expense incurred for the year for incentive compensation for all of the Company's other employees.
Vesting of the Options granted to the Executive may be accelerated for the Company achieving the mutually agreed upon financial goals in a lessor time frame. The Incentive Stock Options shall vest in accordance with the vesting schedule contained in EXHIBIT A to the Stock Option Agreement and shall be reviewed annually by the Compensation Committee of the Board.
Vesting of. Initial Grants: The Initial Grants will vest as determined in good faith by the Compensation Committee in consultation with the Company’s CEO over a period not exceeding 3 years. If a Participant’s employment is terminated by the Company without “Cause” or by the Participant for “Good Reason” (to be defined in the MIP), all unvested awards that would otherwise vest during the 12 months following such termination, will vest upon termination, subject to the Participant’s execution of a reasonable and customary general release of claims in favor of the Company that becomes effective within 60 days after such termination and continued material compliance with the terms of any non-competition or non-solicitation restrictive covenants to which the Participant is subject. The MIP will contain other terms consistent with public company equity incentive plans and awards within the Company’s peer group.
Vesting of all Options terminates effective with an employee's termination, regardless of the cause of such termination.