Award and Issuance of Restricted Shares Sample Clauses

Award and Issuance of Restricted Shares. In consideration of and conditioned upon Galvxx'x xxxtinued service in a key management position with the Company, and subject to the terms and conditions hereinafter set forth, the Company shall issue an aggregate of 10,000 common shares, $1.00 par value, of the Company (the "Restricted Shares") to Galvxx xxxr a period of up to eight fiscal years of the Company. Galvxx xxxll be entitled to receive 1,250 Restricted Shares on the last business day of each fiscal year of the Company, beginning with the 1998 fiscal year so long as he is employed by the Company on such date, until the earlier of the following events to occur: (i) Galvxx xxx received or has become entitled to receive all of the Restricted Shares covered by this Agreement, or (ii) Galvxx'x xxxht to receive Restricted Shares has been terminated under the terms of this Agreement. Galvxx xxxll be entitled to receive an additional 1,250 Restricted Shares in respect of any and each fiscal year of the Company in which the Company achieves 120% of the "target profit goal" established by the Company's Board of Directors for that fiscal year in a manner consistent with past practices (the "Target Profit Goal"). The Target Profit Goal shall be computed before deducting any amounts expensed for taxes, payments under the Company's annual profit-sharing incentive bonus program and charitable contributions. In the event that Galvxx xx to be issued Restricted Shares in respect of the achievement by the Company of the Target Profit Goal in respect of any fiscal year, unless such issuance is deferred as permitted under Subsection 1(D) of this Agreement, such Restricted Shares shall be issued to Galvxx xxx later than 60 days after the end of such fiscal year. 3