Grants of Restricted Stock. (a) Employee shall continue to be eligible to participate in Employer’s 2007 Incentive Stock Plan (For Restricted Stock Bonus Awards) (the “Plan”) on the same terms as are generally available to executive officers of Employer and on terms which are in accordance with comparative market practices. Subject to the terms and conditions of the 2007 Stock incentive Plan, effective April 1, 2016, Employee will be granted 5,000 restricted shares of Employer common stock. These shares will vest by March 31, 2017, if Employer achieves budgeted pre-tax net income of US$13 million or more in 2016. In addition, the restricted shares of Employer common stock granted to Employee pursuant to the employment agreement between Employer and Employee dated as of August 13, 2014 (the “2014 Employment Agreement”) that are unvested as of the Start Date shall continue to vest in accordance with the terms of the 2014 Employment Agreement. (b) The parties agree that any additional grant of restricted stock under the Plan or any similar plan is subject to the discretion of the Compensation Committee of the Board based upon the duties of Employee’s position, the extent to which Employee’s individual performance objectives and Employer’s profitability objectives and other financial and non-financial objectives were achieved during the applicable period, and comparative market practices. (c) In addition to any rights Employee may have under the Plan or specific restricted stock under the Plan, all restricted stock bonus awards granted to Employee which would have otherwise vested during the period following the occurrence of a Change in Control shall immediately vest and become exercisable in the event of a Change in Control.
Appears in 1 contract
Grants of Restricted Stock. (a) Employee shall continue to will be eligible to participate in Employer’s 2007 Incentive Stock Plan (For Restricted Stock Bonus Awards) (the “Plan”) on the same terms as are generally available to executive officers of Employer and on terms which are in accordance with comparative market practices. Subject to the terms and conditions .
(b) Within 30 days of the 2007 Stock incentive Plan, effective April 1, 2016Start Date, Employee will be granted 5,000 10,000 restricted shares of Employer common stock. These One-third of these shares will vest on each anniversary of the grant date through the third anniversary provided that Employee is employed by March 31, 2017, if Employer achieves budgeted pre-tax net income of US$13 million or more in 2016on each such anniversary date. In addition, the restricted on or about March 31, 2018, Employee will be granted 10,000 shares of Employer common stock granted to Employee pursuant to provided that the employment agreement between Employer and Employee dated as achieved its adjusted budget during the 2017 fiscal year. One-third of August 13, 2014 (the “2014 Employment Agreement”) that are unvested as these shares will vest on each anniversary of the Start Date shall continue to vest in accordance with grant date through the terms of the 2014 Employment Agreementthird anniversary provided that Employee is employed by Employer on each such anniversary date.
(bc) The parties agree that any additional grant of restricted stock under the Plan or any similar plan is subject to the discretion of the Compensation Committee of the Board based upon the duties of Employee’s position, the extent to which Employee’s individual performance objectives and Employer’s profitability objectives and other financial and non-financial objectives were achieved during the applicable period, and comparative market practices.
(cd) In addition to any rights Employee may have under the Plan or specific restricted stock under the Plan, all restricted stock bonus awards granted to Employee which would have otherwise vested during the period following the occurrence of a Change in Control shall immediately vest and become exercisable in the event of a Change in Control.
Appears in 1 contract