Issue Date and Performance Vesting Terms Clause Samples

Issue Date and Performance Vesting Terms. A. The Issue Date of the Restricted Stock shall be May 25, 2006. B. The Restricted Stock granted to Employee hereunder, subject to the other terms and conditions set forth herein, shall become vested over a period of six (6) fiscal years 16.67% per fiscal year, provided that, with respect to each fiscal year the performance goal for such period has been met. For the first fiscal year (through December 31, 2006), the performance goal shall be an increase in the Company's "adjusted pre-tax income" of 10% or more for the 2006 fiscal year when compared to the prior fiscal year. In each subsequent vesting year, the performance goal for further vesting of the Restricted Stock will be determined by the Committee and established no later than ninety (90) days after the commencement of such fiscal year. If, in any year, the performance goal is not met, the Committee may establish a goal for a subsequent year which, if achieved or exceeded, may result in full or partial vesting of the shares that did not otherwise become vested in a prior year. Performance goals will in all events be based upon the Company's "adjusted pre-tax income."
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Issue Date and Performance Vesting Terms. A. The Issue Date of the Restricted Stock shall be March 28, 2015. B. The Restricted Stock granted to Employee hereunder, subject to the other terms and conditions set forth herein, shall become vested on or before March 1, 2016, provided that the performance goal for the fiscal year 2015 has been met. The performance goal, as set by the Committee in the first quarter of 2015, shall be “adjusted pre-tax income” of not less than $46,000,000 representing a five-year compound annual growth rate of 10% over 2010 adjusted pretax income. C. Vesting of the Restricted Stock for the year shall only occur following certification by the Committee of the achievement of the related performance goal. For purposes of this Agreement, “adjusted pre-tax income” is determined based on the Company’s 2015 audited financial statements and equals the Company’s income before income tax, increased by the expenses incurred for the year (a) for the annual cash incentive awards earned by Messrs. ▇▇▇▇▇ and ▇▇▇▇▇▇▇ and one other employee, (b) for incentive compensation for all other Company employees, (c) for performance-based restricted stock awards to Company employees (including Messrs. ▇▇▇▇▇ and ▇▇▇▇▇▇▇) and (d) mutual fund awards. Adjusted pre-tax income excludes start up, non-recurring, and similar expense items. D. Upon the death of the Employee, all of the Restricted Stock shall become 100% vested, effective upon the date of death. Upon termination of employment of Employee (for any reason other than death), any shares of Restricted Stock that have not vested shall be forfeited to the Company without consideration; provided, however, that Employee’s Employment Agreement may provide other terms applicable to the vesting of such unvested shares of Restricted Stock in the event of the termination of Employee’s employment.
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Issue Date and Performance Vesting Terms. A. The Issue Date of the Restricted Stock shall be April 21, 2010. B. The Restricted Stock granted to Employee hereunder, subject to the other terms and conditions set forth herein, shall become vested over a period of five (5) fiscal years, 20% per fiscal year, provided that, with respect to each fiscal year the performance goal for such period has been met. For the first fiscal year (through December 31, 2010), the performance goal shall be “adjusted pre-tax income” of not less than $14,774,000 representing a five-year compound annual growth rate of 10% over 2005 adjusted pretax income of $9,173,700. In each subsequent vesting year, the performance goal for further vesting of the Restricted Stock will be determined by the Committee and established in writing no later than ninety (90) days after the commencement of such fiscal year. If, in any year, the performance goal is not met, the Committee may establish a goal for a subsequent year which, if achieved or exceeded, may result in full or partial vesting of the shares that did not otherwise become vested in a prior year. Performance goals will in all events be based upon criteria set forth in the Plan. C. Vesting of the Restricted Stock for a given year shall only occur following certification by the Committee of the achievement of the related performance goal. For purposes of this Agreement, “adjusted pre-tax income” is determined based on the Company’s audited financial statements as the Company’s income before income tax, increased by (i) the expense incurred for the year for the Performance-Based Annual Incentive Awards to the chief executive officer and chief investment officer, (ii) the expense incurred for the year for Performance-Based Restricted Stock Awards to the chief executive officer and chief investment officer and (iii) the expense incurred for the year for incentive compensation for all of the Company’s other employees. D. Upon the death of the Employee, all of the Restricted Stock shall become 100% vested, effective upon the date of death. Upon termination of employment of Employee (for any reason other than death), any shares of Restricted Stock that have not vested shall be forfeited to the Company without consideration; provided, however, that Employee’s Employment Agreement may provide other terms applicable to the vesting of such unvested shares of Restricted Stock in the event of the termination of Employee’s employment.
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Related to Issue Date and Performance Vesting Terms

  • Performance Vesting Within sixty (60) days following the completion of the Performance Period, the Plan Administrator shall determine the applicable number of Performance Shares in accordance with the provisions of the Award Notice and Schedule I attached thereto.

  • Grant of Performance Units Capital One hereby grants to you an award of Units with a Target Award, as indicated on the Grant Notice. The maximum payout for this award is 150% of the Target Award plus accrued dividends pursuant to Section 6. The Units shall vest and the underlying shares of common stock of Capital One, $.01 par value per share (such underlying shares, the “Shares”), shall be issuable only in accordance with the provisions of this Agreement and the Plan.

  • Time Vesting The restrictions shall lapse with respect to the Shares of Restricted Stock covered by this Award, in the installments set forth in the Award Agreement, provided that G▇▇▇▇▇▇’s service as a Director of the Company and its Subsidiaries continues through the specified dates.

  • Grant of Performance Stock Units Subject to the terms of this Agreement, and the Incentive Plan, effective as of the Grant Date the Participant is hereby granted [Number] Performance Stock Units (the “Target Performance Units”). This Award contains the right to dividend equivalents (“Dividend Equivalents”) with respect to Earned Performance Units (as defined in Section 3(a)) as described in Section 4. Each Performance Stock Unit awarded hereunder shall become earned and vested as described in Section 3 and each Earned Performance Unit (and associated Earned Dividend Equivalents thereon as described in Section 4) shall be settled in accordance with Section 5.

  • Accelerated Vesting of Equity Awards One hundred percent (100%) of Executive’s then-outstanding and unvested Equity Awards will become vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as to one hundred percent (100%) of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s).