Fiscal Year 2005 Clause Samples
The 'Fiscal Year 2005' clause defines the specific 12-month accounting period referred to as Fiscal Year 2005 for the purposes of the agreement. This clause clarifies which dates are included in Fiscal Year 2005, such as beginning on October 1, 2004, and ending on September 30, 2005, or as otherwise specified by the parties. By establishing the exact timeframe, the clause ensures that all financial obligations, reporting requirements, and performance measurements tied to that fiscal year are clearly understood, thereby preventing confusion or disputes over applicable periods.
Fiscal Year 2005. If the Company's EBITDA and Net Adds for Fiscal Year 2005 equal or exceed the EBITDA and Net Adds Achievement Thresholds (as set forth below), then the Option shall vest and become exercisable as to that number of shares of Common Stock equal to the number obtained by multiplying the percentage determined in accordance with the following table, by the total number of shares of Common Stock subject to the Option (as set forth in the Grant Notice). 2005 PERFORMANCE-BASED VESTING SCHEDULE 2005 Net Adds ------------------------------ Threshold Target Maximum [***] [***] [***] ----- ----- ----- 2005 Threshold 10% 12.5% 15% [***] EBITDA Target 12.5% 20% 22.5% (in thousands) [***] Maximum 15% 22.5% 30% [***] *** Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. The percentage for determining the number of shares of Common Stock that shall vest and become exercisable if performance is between the Achievement Threshold amount and the Achievement Target amount or between the Achievement Target amount and the Achievement Maximum amount shall be determined by linear interpolation between the applicable Achievement amounts for each measure in accordance with the method described in Attachment B-1.
Fiscal Year 2005. 06: A pay for performance wage adjustment for a temporary period of time up to two percent (2%) of an employee’s biweekly rate may be made to an employee pursuant to the provisions which will be implemented in the Quality First Program.
Fiscal Year 2005. If the Company's EBITDA (as defined below) and Net Adds (as defined below) for the Fiscal Year 2005 equal or exceed the EBITDA and Net Adds Achievement Thresholds (as set forth below), then a number of the Unreleased Shares shall be released from the Company's Repurchase Option on the applicable Performance Vesting Effective Date equal to the number obtained by multiplying the percentage determined in accordance with the following table, by the total number of shares of Restricted Stock subject to the Award (as shown in the Grant Notice). 2005 PERFORMANCE-BASED VESTING SCHEDULE 2005 Net Adds ---------------------------------------------- Threshold Target Maximum [***] [***] [***] ------------------------------------------------------------------------------------ 2005 Threshold 10% 12.5% 15% [***] EBITDA Target 12.5% 20% 22.5% (in thousands) [***] Maximum 15% 22.5% 30% [***] The percentage of Unreleased Shares which shall be released from the Company's Repurchase Option if performance is between the Achievement Threshold amount and the Achievement Target amount, or between the Achievement Target amount and the Achievement Maximum amount shall be determined by linear interpolation between the applicable Achievement amounts for each measure in accordance with the method described in Attachment B-1.
Fiscal Year 2005. If the Company's EBITDA (as defined below) and Net Adds (as defined below) for Fiscal Year 2005 equal or exceed the EBITDA and Net Adds Achievement Thresholds (as set forth below), then the Option shall vest and become exercisable as to that number of shares of Common Stock equal to the number obtained by multiplying the percentage determined in accordance with the following table, by the total number of shares of Common Stock subject to the Option (as set forth in the Grant Notice). 2005 PERFORMANCE-BASED VESTING SCHEDULE 2005 Net Adds ------------------------------------- Threshold Target Maximum [***] [***] [***] --------- ------- ------- 2005 Threshold 10% 12.5% 15% [***] EBITDA Target 12.5% 20% 22.5% (in thousands) [***] Maximum 15% 22.5% 30% [***] The percentage for determining the number of shares of Common Stock that shall vest and become exercisable if performance is between the Achievement Threshold amount and the Achievement Target amount or between the Achievement Target amount and the Achievement Maximum amount shall be determined by linear interpolation between the applicable Achievement amounts for each measure in accordance with the method described in Attachment B-1.
Fiscal Year 2005. If the Company's EBITDA (as defined below) and Net Adds (as defined below) for Fiscal Year 2005 equal or exceed the EBITDA and Net Adds Achievement Thresholds (as set forth below), then the Option shall vest and become exercisable as to that number of shares of Common Stock equal to the number obtained by multiplying the percentage determined in accordance with the following table, by the total number of shares of Common Stock subject to the Option (as set forth in the Grant Notice). 2005 PERFORMANCE-BASED VESTING SCHEDULE 2005 Net Adds ----------------------------------------- Threshold Target Maximum [***] [***] [***] -------------------------------------------------------------------------------- 2005 Threshold 10% 12.5% 15% [***] ---------------------------------------------------------- EBITDA (in thousands) Target 12.5% 20% 22.5% [***] ---------------------------------------------------------- Maximum 15% 22.5% 30% [***] -------------------------------------------------------------------------------- The percentage for determining the number of shares of Common Stock that shall vest and become exercisable if performance is between the Achievement Threshold amount and the Achievement Target amount or between the Achievement Target amount and the Achievement Maximum amount shall be determined by linear interpolation between the applicable Achievement amounts for each measure in accordance with the method described in Attachment B-1.
Fiscal Year 2005. 2006
1. Effective October 1, 2005, all pay range minimums and maximum rates of pay will be adjusted upward two percent (2%), as reflected in Appendix "A1". This pay range adjustment does not adjust any individual employee’s salary. Such individual salary adjustment is provided in the next paragraph.
2. Effective first full pay period in October 2005 (October 9, 2005), all eligible employees whose base hourly rate is below the maximum of their pay range (excluding any incentive pay supplements) as of October 8, 2005, shall have their base hourly rate adjusted upward up to two percent (2%) not to exceed the maximum rate of their pay range. Those employees below the maximum of the pay range and limited to an increase of less than two percent (2%) to their base hourly pay due to the maximum of the pay range, shall receive a one-time cash gross lump sum amount equal to the difference between two percent (2%) and the percentage increase received (such gross lump sum payments shall be rounded to the nearest dollar). Those employees receiving a full two percent (2%) increase to their base hourly rate will not be eligible for a lump sum payment.
3. Those employees whose base hourly rate is at or above the maximum rate of their pay range (excluding any incentive pay supplements) as of October 8, 2005, will not be eligible for a base hourly adjustment as provided in Section A. 2 above. Rather, such employees will receive a one-time cash gross lump sum amount equal to two percent (2%) of the employee’s base hourly rate.
4. To be eligible for the percentage increase in Section A.2 above or the base salary adjustment in Section D below, an employee must have been employed in a bargaining unit position as of October 1, 2005, and as of the signing of ratified and approved labor agreement.
