Vesting/Lapse of Forfeiture Restrictions. Until the Restricted Shares are fully vested or forfeited, on each anniversary of the Grant Date, so long as the Director continues in a service relationship with the Company (as provided in Section 5) and subject to the satisfaction of the tax liability under Section 3 on such anniversary date, 25% of the Restricted Shares shall vest and the Forfeiture Restrictions shall lapse on such vested shares. The number of shares that vest as of each anniversary date will be rounded down to the nearest whole share, with any remaining shares vesting on the final installment. Notwithstanding the foregoing vesting schedule, the Forfeiture Restrictions shall lapse in full as to all of the Restricted Shares on the earlier of (i) a Change of Control (as defined in the Plan) or (ii) the termination of the Director’s service relationship with the Company due to the Director’s death.
Vesting/Lapse of Forfeiture Restrictions. (a) Subject to Sections 5.2 and 5.3, the Restricted Matching Shares shall Vest on the third anniversary of the Date of Grant provided that the following requirements are satisfied: (i) Participant's Service has been continuous from the Date of Grant through the third anniversary of the Date of Grant, and (ii) Participant has maintained continuous ownership of the Restricted Qualifying Shares from the Date of Grant through the third anniversary of the Date of Grant.
Vesting/Lapse of Forfeiture Restrictions. The Forfeiture Restrictions shall lapse in full as to all of the Restricted Shares on the earlier of (i) the first anniversary of the Grant Date (ii) a Change of Control (as defined in the Plan) or (iii) the termination of the Employee’s service relationship with the Company due to the Employee’s death.
Vesting/Lapse of Forfeiture Restrictions. (a) As soon as administratively practicable after the last day of the Performance Period, the Committee shall compare the Company’s Return on Invested Capital as compared to the Peer Group’s Return on Invested Capital as reported by Bloomberg at the end of the Performance Period. The Committee’s determinations pursuant to the preceding sentence shall be certified by the Committee in writing and delivered to the Secretary of the Company. For purposes of the preceding sentence, approved minutes of the Committee meeting in which the certification is made shall be treated as a written certification. At the time of such certification and based on the Performance Criteria being met, the Restricted Performance Shares shall fully Vest.
Vesting/Lapse of Forfeiture Restrictions. As soon as administratively practicable after the last day of the Performance Period, the Committee shall calculate the Total Shareholder Return for the Company and each Peer Company. At such time and based on the percentile ranking of the Company's Total Shareholder Return over the Performance Period compared to the Total Shareholder Return of the Peer Companies, the Restricted Performance Shares shall Vest in accordance with the following schedule: Percentile Ranking of Company's Total Shareholder Return Compared Percentage of Restricted Performance to Peer Companies Shares Vesting ----------------- -------------- At or above 75th 100% At or above 50th but less than 75th Interpolated percentage between 20% and 100% Below 50th 0% 0% The interpolated percentage referred to in the schedule above shall be determined by increasing the 20% Vesting percentage fora median percentile ranking by 3.2% for each whole percentile ranking above the 50th percentile and rounding the result up to the nearest whole percentage. To illustrate, if the Company's Total Shareholder Return over the Performance Period ranks in the 52nd percentile compared to the Total Shareholder Return of the Peer Companies, the Vesting percentage shall be 27%, which is 26.4% (20% plus 6.4%) rounded up to the nearest whole percentage. Notwithstanding any provision of this Section 4.1 to the contrary and except as provided in Section 4.2 and Section 4.3, no Restricted Performance Shares shall Vest if Participant's Service is terminated prior to the last day of the Performance Period for reasons other than death or Disability.
Vesting/Lapse of Forfeiture Restrictions. (a) As soon as administratively practicable after the last day of the Performance Period, the Committee shall determine the EBIT, Ending Shareholders’ Equity and Return on Equity for the Performance Period. The Committee’s determinations pursuant to the preceding sentence shall be certified by the Committee in writing and delivered to the Secretary of the Company. For purposes of the preceding sentence, approved minutes of the Committee meeting in which the certification is made shall be treated as a written certification. At the time of such certification and based on the Return on Equity for the Performance Period, the Restricted Performance Shares shall Vest in accordance with the following schedule (rounded to the nearest whole share): Return on Equity for the Performance Period Percentage of Restricted Performance Shares Vesting At or above the Full Vesting XXX Percentage 100% Above the Threshold Vesting XXX Percentage but less than the Full Vesting XXX Percentage Interpolated percentage between 20% and 100% At the Threshold Vesting XXX Percentage 20% Below the Threshold Vesting XXX Percentage 0% The interpolated percentage referred to in the schedule above shall be determined by increasing the 20% Vesting percentage for a Return on Equity equal to the Threshold Vesting XXX Percentage by the Incremental Percentage for each one-tenth of one percent (0.1%) by which the Return on Equity exceeds the Threshold Vesting XXX Percentage. To illustrate, if, for the Performance Period, the Full Vesting XXX Percentage is 18.0%, the Threshold Vesting XXX Percentage is 12.0%, and the Return on Equity is 15.6%, then the Incremental Percentage is 1⅓% (80% divided by (10 multiplied by (18.0% minus 12.0%))). Since the Return on Equity exceeds the Threshold Vesting XXX Percentage in this example by 3.6% (or 36 one-tenth of one percent increments), the Vesting percentage shall be 68% (20% plus (1⅓% multiplied by 36)).
Vesting/Lapse of Forfeiture Restrictions. So long as the Grantee continues in a service relationship with the Company (as provided in Section 5) on the third anniversary of the Grant Date, the Restricted Shares shall vest and the Forfeiture Restrictions shall lapse on such vested shares on such anniversary date. Notwithstanding the foregoing vesting schedule, the Forfeiture Restrictions shall lapse in full as to all of the Restricted Shares on the earlier of (i) a Change of Control (as defined in the Plan) or (ii) the termination of the Grantee’s service relationship with the Company due to the Grantee’s Disability (as defined in the Plan) or death.
Vesting/Lapse of Forfeiture Restrictions. So long as the Grantee continues in a service relationship with the Company (as provided in Section 4),[ Percentage 3] of the Phantom Stock Units and Dividend Equivalents from such award, or a portion thereof [(Percentage 1 or Percentage 2)] as indicated in Table 1 below, shall vest and the Forfeiture Restrictions shall lapse on such vested Phantom Stock Units and Dividend Equivalents on the date the Company files its Annual Report on Form 10-K for each of fiscal years [Year 1], [Year 2], [Year 3], and [Year 4] to the extent that the [income from operations][net sales] reported by the Company for such fiscal year exceeds a corresponding target amount shown in Table 1; provided that, Phantom Stock Units and Dividend Equivalents that did not vest at the end of any fiscal year other than fiscal [Year 4] shall vest on the date the Company files its Annual Report on Form 10-K for fiscal [Year 4] if the [income from operations][net sales] reported by the Company for fiscal [Year 4] exceeds $[]. Notwithstanding the foregoing vesting schedule, the Forfeiture Restrictions shall lapse in full as to all of the Phantom Stock Units and Dividend Equivalents on the earlier of (i) a Change of Control (as defined in the Plan) or (ii) the termination of the Grantee’s service relationship with the Company due to the Grantee’s Disability (as defined in the Plan) or death. The date on which the Forfeiture Restrictions for any Phantom Stock Units and Dividend Equivalents expire is the “Vesting Date.” TABLE 1 Percentage of Shares Earned Each Fiscal Year Fiscal [Year 1] [Income from Operations] [Net Sales] Targets Fiscal [Year 2] [Income from Operations] [Net Sales] Targets Fiscal [Year 3] [Income from Operations] [Net Sales] Targets Fiscal [Year 4] [Income from Operations] [Net Sales] Targets [Percentage 1] [Percentage 3]
Vesting/Lapse of Forfeiture Restrictions. (a) Except as provided in Section 4.2 and Section 4.3, no Restricted Shares shall Vest if Participant’s Service is terminated prior to the last day of the Restricted Period for reasons other than death or disability.
Vesting/Lapse of Forfeiture Restrictions. (a) As soon as administratively practicable after the close of the NYSE market on the last day of the Performance Period, the Committee shall compare the Company’s Return on Invested Capital as compared to the Peer Group’s Return on Invested Capital as published by Bloomberg at the close of the NYSE market on that day. The Committee’s determinations pursuant to the preceding sentence shall be certified by the Committee in writing and delivered to the Secretary of the Company. For purposes of the preceding sentence, certified in writing can be accomplished by e-mail confirmation by all committee members, a unanimous consent signed by all committee members or approved minutes of the Committee meeting in which the certification is made. At the time of such certification and based on the Performance Criteria being met, the Restricted Performance Shares shall fully Vest, it being the intention for the shares to vest, if at all, in the year 2019.
