Performance Stock Unit Grant Clause Samples

Performance Stock Unit Grant. On the Effective Date, MSC shall grant to ▇▇▇▇▇▇ a performance stock unit award (“PSU Award”) of 150,000 Units. The PSU Award shall be subject to the terms and conditions of the form of PSU Award Agreement in substantially the form attached hereto as Exhibit C, and shall vest in accordance with the following: $ or more 150,000 $ up to $ 75,000 Less than $ 0% Vesting shall be determined after the issuance of audited financial statements for the cumulative 24 month period ending with the 2008 fiscal operating periods. Vesting, if any, shall occur no later than ten (10) business days after the date of issuance of such statements, provided that performance criteria has been satisfied. Any PSUs which do not vest because performance criteria was not satisfied shall be forfeited.

Performance Stock Unit Grant. Upon the Effective Date, Executive shall be granted 157,500 performance stock units subject to terms of the performance stock units agreement in the form attached as Exhibit B (the “Performance Award”). The Performance Award shall be subject to vesting and issuance upon the five (5) year anniversary of the Effective Date, subject to Executive’s continued services through such date, provided that the Performance Award shall become vested and issuable sooner, upon attainment of the share price targets specified in the performance stock units agreement, or upon a Change in Control (as defined in the Plan) in which the Performance Award is not assumed, continued or substituted for by the acquiring entity as further described in the performance stock units agreement. If Executive’s service is terminated by the Company for any reason or no reason, any unvested portion of the Performance Award will be forfeited, subject to Section 11.2 and Section 11.3 below. Executive and the Company agree that the performance stock units granted to Executive on February 1, 2015 shall be cancelled in its entirety as of the Effective Date.

Performance Stock Unit Grant. On the Start Date, the Company will grant you performance stock units in the Company equal to one percent (1.0)% of the Company’s Fully Diluted Stock (as defined below) as of the grant date (the “PSUs”). The PSUs will provide for the issuance of: (1) fifty percent (50%) of the shares upon the Company’s first achievement of product revenue which equals or exceeds six million U.S. dollars ($6,000,000) over any twelve (12) consecutive month period (“Revenue PSUs”) and (2) fifty percent (50%) of the shares upon submission of the full EndoBarrier pre-market approval application to the U.S. Food and Drug Administration for the Company’s pivotal trial (“PMA PSUs”), provided that you are providing services to the Company as an employee or consultant on such issuance dates (no vesting will occur following the termination of employment or consulting services). The Revenue PSUs that have not vested by January 22, 2017 will lapse on that date. The PMA PSUs that have not vested by January 22, 2018 will lapse on that date. The PSUs will be evidenced in writing by, and subject to the terms and conditions of, the 2011 Plan and the Company’s standard form of restricted stock unit agreement, which agreement shall expire ten (10) years from the date of grant except as otherwise provided in the restricted stock unit agreement or the Plan.

Performance Stock Unit Grant. On the Effective Date, the Corporation shall grant to the Executive a performance stock award (“Performance Stock Unit Award”) of 100,000 Units. The Performance Stock Unit Award shall be subject to vesting, and the other terms and conditions of, a form of Performance Stock Unit Award Agreement in substantially the form attached hereto as Exhibit D.

Performance Stock Unit Grant. On the Grant Date, Executive shall receive a one-time grant of 1,050,000 performance stock units, subject to terms of the performance stock unit agreement in the form attached as Exhibit C. Notwithstanding the forgoing, to the extent the grant of performance stock units exceeds the number of shares available for grant under the Plan and/or the applicable annual per person grant limit for performance stock units, the grant shall be subject to approval by the Company’s stockholders of sufficient shares and a limit covering the excess. No excess shares shall be earned or issued unless and until such approval is obtained. The Company shall use reasonable efforts throughout the Term to obtain the necessary stockholder approval. To the extent such approval is not obtained, this Section 3(c) shall be null and void with respect to the excess shares and the failure to obtain such approval shall not otherwise be deemed a breach of this Agreement or an event constituting Good Reason.

Performance Stock Unit Grant. The target value of the grant is $1,000,000. The actual number of units granted was determined on October 1, 2014 based upon the average closing ▇▇▇▇▇▇▇▇ Soup Company stock price from the 20 trading days leading up to the grant date. The number of units that vest will be based on achieving specific Packaged Fresh Platform Launch milestones, as assessed by the ▇▇▇▇▇▇▇▇ CEO and the Compensation and Organization Committee at the end of FY16. The grant will vest on September 30, 2016. The number of units that vest can range from 0% to 100%.

Performance Stock Unit Grant. Executive agrees to forfeit any right to exercise any portion of the performance stock units (“PSU”) granted to him that have vested as of the Termination Date, subject to the terms of the Company’s 2021 Equity Compensation Plan. No further PSU’s shall vest. Executive shall execute all documents necessary to reflect the cancellation or forfeiture of such PSU grants as requested. Executive expressly acknowledges he will not receive any shares of common stock that may have been deemed vested or issuable under any PSUs.