Vesting; Payment. (a) The Award shall not be vested as of the Grant Date and shall be forfeitable unless and until otherwise vested pursuant to the terms of this Agreement. After the Grant Date, provided that Participant remains continuously employed by the Company through the fifth anniversary of the Grant Date (the “Normal Vesting Date”), the Award shall become vested with respect to 100% of the Restricted Stock Units on such Normal Vesting Date. In addition, prior to the Normal Vesting Date:
Vesting; Payment. The Equivalents granted to Recipient will vest on July 8, 2018, subject to the provisions of this Award Agreement (such date is hereinafter referred to as the “Vesting/Payment Date”). Upon vesting, each vested Equivalent will convert, at that time into one share of the Company’s $.01 par value Common Stock (“Common Stock”), which will be issued to the Recipient on, or as soon as practicable after, the Vesting/Payment Date, but not later than December 31st of the year in which the Vesting/Payment Date occurs.
Vesting; Payment. Vesting of the Performance Units is contingent upon achievement of performance targets for the period from October 1, _____ through September 30, _____ (the “Performance Period”). Provided that such Performance Units have not been forfeited pursuant to Section 5 below, a number of Performance Units will vest on the last date of the Performance Period (the “Vesting/Payment Date”) as follows. Whether and to what extent the Target Performance Units shall vest shall be determined by comparing the Company’s Adjusted Cumulative Earnings Per Share (“EPS”) and Free Cash Flow as a Percentage of Sales (“FCF”) during the Performance Period. Threshold, target, and stretch performance during the Performance Period are set forth in the chart below: Metric Adjusted Cumulative Earnings Per Share Performance Level Threshold Target Stretch Goal Metric Free Cash Flow as a Percentage of Sales (50%) Performance Level Threshold Target Stretch Goal Upon attainment of “threshold” performance for the Performance Period in either EPS or FCF, 25% of the Target Performance Units will vest, with 50% of such Target performance Units vesting upon attainment of “threshold” performance for both EPS and FCF. Upon attainment of “target” performance for the Performance Period in either EPS or FCF, 50% of the Target Performance Units will vest, with 100% of such Target performance Units vesting upon attainment of “target” performance for both EPS and FCF. Upon attainment of “stretch” performance for the Performance Period in either EPS or FCF, 100% of the Target Performance Units will vest, with 200% of such Target performance Units vesting upon attainment of “stretch” performance for both EPS and FCF. In the event either EPS or FCF performance is between threshold and target or target and stretch performance for a Performance Period, the awards will proportionally vest between 25% and 50% or 50% and 100% proportionally, based upon linear interpolation with increases at 1/10th of 1% increments between each percentage. No payment under this performance goal will be made for Company performance below threshold. For purposes of this Agreement, Adjusted Cumulative Earnings Per Share means the cumulative “diluted earnings per share”, (determined in accordance with generally accepted accounting principles) as reasonably determined by the Company and approved by the Committee, adjusted to account for: • the effects of acquisitions; divestitures; stock split-ups; stock dividends or distributions; rec...
Vesting; Payment. Each Equivalent will vest on the date that is three (3) years from the date of its crediting and convert, at that time, or otherwise as provided herein, into one share of Common Stock which will be issued to the Recipient. If Recipient, no later than thirty (30) days from the effective date of this Award Agreement, elects in writing to defer the conversion of Equivalents into shares of Common Stock, the Equivalents will not convert into Common Stock, and shares of Common Stock will not be issued to the Recipient, until the Recipient's termination of service on the Board of Directors of the Company.
Vesting; Payment. Vesting of the Performance Equivalents is contingent upon achievement of performance targets with respect to the Company’s CAGR for the period from September 30, 2009 through September 30, 2012 (the “Measurement Period”). As indicated in the following chart, a number of Equivalents equal to 12.5% of the total Performance Equivalents granted, as set forth in Paragraph 1 above, will vest on the date that the Company publicly releases earnings results for its 2012 fiscal year (the “Vesting/Payment Date”) only if 5% CAGR is achieved for the Measurement Period, increasing proportionately, in 1/10th of one percent increments, up to 100% of the total Performance Equivalents granted if 12% or greater CAGR is achieved for that period. By way of example, the following percentages will vest at the specific CAGR targets noted below. Fractional Equivalents vesting will be rounded up to the nearest whole number.
Vesting; Payment. 3.1 Except as otherwise provided herein, provided that the Grantee remains in Continuous Service through the applicable vesting date, the Restricted Share Units will vest in accordance with the following schedule (each, a “Vesting Date”): Vesting Date Restricted Share Units [VESTING DATE] [NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE] [VESTING DATE] [NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE]
Vesting; Payment. Provided that such Restricted Equivalents have not been forfeited pursuant to Section 5 below, one-third of the Equivalents granted to Recipient will vest on each of the first, second and third anniversary of the Date of Grant, subject to the provisions of this Award Agreement (each such date is hereinafter referred to as a “Vesting/Payment Date”). Upon the Vesting/Payment Date, the Company shall transfer to the Recipient or his or her beneficiary one share of the Company’s $0.01 par value Common Stock (“Common Stock”) for each Restricted Equivalent that so vests. Such shares of Common Stock shall be issued to the Recipient or his or her beneficiary on, or as soon as practicable after the Vesting/Payment Date, but in no event later than the last day of the calendar year in which such Vesting/Payment Date occurs, or, if later, the 15th day of the third month following the end of the month in which such Vesting/Payment Date occurs.
Vesting; Payment. Provided that such Restricted Units have not been forfeited pursuant to Section 5 below, the Units granted to Recipient will vest on ___________, subject to the provisions of this Award Agreement (each such date is hereinafter referred to as a “Vesting/Payment Date”). On the Vesting/Payment Date, the Company shall transfer to the Recipient or his or her beneficiary one share of the Company’s Common Stock, $0.01 par value (“Common Stock”), for each Restricted Unit that so vests. Such shares of Common Stock shall be issued to the Recipient or his or her beneficiary on, or as soon as practicable after, the Vesting/Payment Date, but in no event later than the last day of the calendar year in which such Vesting/Payment Date occurs, or, if later, the 15th day of the third month following the end of the month in which such Vesting/Payment Date occurs.
Vesting; Payment. Each Equivalent will vest on the date that is three (3) years from the date of its crediting and convert, at that time, or otherwise as provided herein, into one share of Common Stock which will be issued to the Recipient. If Recipient, no later than thirty (30) days from the effective date of this Award Agreement, elects in writing to defer the conversion of Equivalents into shares of Common Stock, the Equivalents will not convert into Common Stock, and shares of Common Stock will not be issued to the Recipient, until the Recipient's retirement or other termination of employment with the Company. Notwithstanding the above, if, at the time of vesting, the payment to the Recipient would not be deductible compensation for the Company because of the Recipient's status as one of the five (5) most highly compensated officers of the Company, the Equivalents will not be converted into shares of Common Stock, and payment will not be made to the Recipient, until such time as the payment would be deductible compensation.
Vesting; Payment. Except as otherwise provided in this Section, the Executive must remain continuously employed by the Company or one of its subsidiaries at all times during the Performance Period to earn any Performance Shares under this Award Agreement.
