Average Equity Grant definition
Average Equity Grant means the average fair market value of any equity grants (determined as of the grant date), if any, received by Employee in connection with Employee’s annual evaluation (and not under any Company bonus plan or agreement) with respect to Employee’s and/or Company’s performance during each of the three (3) full Company’s fiscal years preceding the fiscal year in which Employee’s termination of employment occurs (or such fewer number of fiscal years for which Employee was eligible to receive such equity grants based on evaluation of Employee’s performance (e.g., including because the Employee became eligible to receive equity grants under the Company’s bonus plan)). For purposes of clarity, for purposes of “Average Equity Grants,” “equity grants” shall not include any signing equity grants or extraordinary equity grants, and an equity grant shall be considered paid or payable for a calendar year if paid or payable in the next calendar year for performance (personal or corporate) in the applicable (prior) calendar year.