Performance-Based Vesting At the end of each Measurement Year, on the Measurement Date, the percentage of Shares set forth above shall be eligible to vest (the "Eligible Shares"). On each Measurement Date, 50% of the Eligible Shares shall become Vested Shares if at least 90% of the Target EBITDA amount was met for the prior Measurement Year. If more than 90% of the Target EBITDA amount was met for the prior Measurement Year, then the Eligible Shares shall become Vested Shares on a straight line basis such that an additional 5% of Eligible Shares shall become Vested Shares for each 1% that actual Consolidated Adjusted EBITDA exceeds 90% of the Target EBITDA amount.
Time-Based Vesting Fifty Percent (50%) of the Executive Stock shall vest on each date set forth below (each, a "Vesting Date") as to that number of shares of the Executive Stock set forth opposite such Vesting Date: Vesting Date No. of shares of Executive Stock ------------ -------------------------------- On the first anniversary of the Effective 12.5% of the Executive Stock Date After the first anniversary of the Effective An additional 1.0417% of the Executive Stock Date through the fourth anniversary of the on the first day of each calendar month after the Effective Date first anniversary of the Effective Date until 50% of the Executive Stock is vested
Vesting Requirements The vesting of this Award (other than pursuant to accelerated vesting in certain circumstances as provided in Section 3 below or vesting pursuant to Section 6 below) shall be subject to the satisfaction of the conditions set forth in each of subsections A and B, as applicable, and, in each case, subsection C of this Section 2:
Service Eligibility Criteria 5.2.5.1 Southern Telecom must certify for each high-capacity EEL that all of the following service eligibility criteria are met:
5.2.5.1.1 Southern Telecom has received state certification to provide local voice service in the area being served;
5.2.5.2 For each combined circuit, including each DS1 circuit, each DS1 EEL, and each DS1-equivalent circuit on a DS3 EEL:
5.2.5.2.1 1) Each circuit to be provided to each End User will be assigned a local number prior to the provision of service over that circuit;
5.2.5.2.2 2) Each DS1-equivalent circuit on a DS3 EEL must have its own local number assignment so that each DS3 must have at least twenty-eight (28) local voice numbers assigned to it;
5.2.5.2.3 3) Each circuit to be provided to each End User will have 911 or E911 capability prior to provision of service over that circuit;
5.2.5.2.4 4) Each circuit to be provided to each End User will terminate in a collocation arrangement that meets the requirements of 47 CFR 51.318(c);
5.2.5.2.5 5) Each circuit to be provided to each End User will be served by an interconnection trunk over which Southern Telecom will transmit the calling party’s number in connection with calls exchanged over the trunk;
5.2.5.2.6 6) For each twenty-four (24) DS1 EELs or other facilities having equivalent capacity, Southern Telecom will have at least one (1) active DS1 local service interconnection trunk over which Southern Telecom will transmit the calling party’s number in connection with calls exchanged over the trunk;
5.2.5.2.7 7) Each circuit to be provided to each End User will be served by a switch capable of switching local voice traffic.
Vesting Provisions Subject to the provisions of paragraph 3 below, the Option shall vest 33⅓% on each of July 31, 2023, July 31, 2024 and July 31, 2025, except as follows: