Earning and Vesting of Awards. (a) Except as otherwise set forth in Section 5 below, and subject to the provisions of this Section 2, the PSUs subject to this Award shall vest and become Earned Shares during the period beginning on the Grant Date and ending on the fourth (4th) anniversary of the Grant Date (such period, the “Performance Period”) as follows, subject to the Grantee’s continued employment or service with the Company through the applicable Distribution Date (as defined below): (i) one-third (1/3) of the Target Shares shall vest and become Earned Shares on the date during the Performance Period on which the 40-day trailing average closing price (based on trading days) of a Share equals at least two dollars and fifty cents ($2.50), (ii) one-third (1/3) of the Target Shares shall vest and become Earned Shares on the date during the Performance Period on which the 40-day trailing average closing price (based on trading days) of a Share equals at least three dollars and twenty-five cents ($3.25), and (iii) the remaining one-third (1/3) of the Target Shares shall vest and become Earned Shares on the date during the Performance Period that the 40-day trailing average closing price (based on trading days) of a Share equals at least four dollars and twenty-five cents ($4.25) ((i), (ii) and (iii), collectively, the “Performance Conditions”). Each date during the Performance Period on which the Shares vest and become Earned Shares pursuant to this Section 2(a) is a “Vesting Date”. Any Shares that remain unvested at the conclusion of the Performance Period will be immediately forfeited without consideration, and the Grantee shall have no further rights to such Shares.
Earning and Vesting of Awards. (a) Except as otherwise set forth in Section 5 below, and subject to the provisions of this Section 2, the PSUs subject to this Award shall vest and become Earned Shares, or be forfeited, at the conclusion of the Performance Period if, and to the extent, the Performance Conditions (each, as defined below) are satisfied and the Grantee remains employed by the Company through [ ] (the “Vesting Date”).
