Fiscal Year 2006. If the Company's EBITDA (as defined below) and Net Adds (as defined below) for Fiscal Year 2006 equal or exceed the EBITDA and Net Add 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). 2006 Net Adds --------------------------------- Threshold Target Maximum [***] [***] [***] --------- ------ ------ 2006 Threshold 10% 12.5% 15% [***] EBITDA (in thousands) Target 12.5% 20% 22.5% [***] 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.
Appears in 1 contract
Sources: Executive Employment Agreement (Leap Wireless International Inc)
Fiscal Year 2006. If the Company's EBITDA (as defined below) and Net Adds (as defined below) for Fiscal Year 2006 equal or exceed the EBITDA and Net Add Adds Achievement Thresholds (as set forth below), then a the Option shall vest and become exercisable as to that number of the Unreleased Shares shall be released from the Company's Repurchase Option on the applicable Performance Vesting Effective Date 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 Restricted Common Stock subject to the Award Option (as shown set forth in the Grant Notice). 2006 Net Adds --------------------------------- -------------------------- Threshold Target Maximum [***] [***] [***] --------- ------ ------ ------- 2006 Threshold [***] 10% 12.5% 15% EBITDA Target (in thousands) [***] EBITDA (in thousands) Target 12.5% 20% 22.5% Maximum [***] Maximum 15% 22.5% 30% [***] The percentage for determining the number of Unreleased Shares which shares of Common Stock that shall be released from the Company's Repurchase Option vest and become exercisable if performance is between the Achievement Threshold amount and the Achievement Target amount, 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.
Appears in 1 contract
Sources: Executive Employment Agreement (Leap Wireless International Inc)
Fiscal Year 2006. If the Company's EBITDA (as defined below) and Net Adds (as defined below) for Fiscal Year 2006 equal or exceed the EBITDA and Net Add Adds Achievement Thresholds (as set forth below), then a the Option shall vest and become exercisable as to that number of the Unreleased Shares shall be released from the Company's Repurchase Option on the applicable Performance Vesting Effective Date 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 Restricted Common Stock subject to the Award Option (as shown set forth in the Grant Notice). 2006 Net Adds --------------------------------- ------------------------------ Threshold Target Maximum [***] [***] [***] --------- ------ ------ ------- 2006 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 Unreleased Shares which shares of Common Stock that shall be released from the Company's Repurchase Option vest and become exercisable if performance is between the Achievement Threshold amount and the Achievement Target amount, 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.
Appears in 1 contract
Sources: Executive Employment Agreement (Leap Wireless International Inc)
Fiscal Year 2006. If the Company's ’s EBITDA (as defined below) and Net Adds (as defined below) for Fiscal Year 2006 equal or exceed the EBITDA and Net Add Adds Achievement Thresholds (as set forth below), then a the Option shall vest and become exercisable as to that number of the Unreleased Shares shall be released from the Company's Repurchase Option on the applicable Performance Vesting Effective Date 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 Restricted Common Stock subject to the Award Option (as shown set forth in the Grant Notice). 2006 Net Adds --------------------------------- Threshold Target Maximum EBITDA (in thousands) [***] [***] [***] --------- ------ ------ 2006 Threshold 1010 % 12.512.5 % 1515 % [***] EBITDA (in thousands) Target 12.512.5 % 2020 % 22.522.5 % [***] Maximum 1515 % 22.522.5 % 3030 % [***] [*] CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. The percentage for determining the number of Unreleased Shares which shares of Common Stock that shall be released from the Company's Repurchase Option vest and become exercisable if performance is between the Achievement Threshold amount and the Achievement Target amount, 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.
Appears in 1 contract
Sources: Stock Option Agreement (Leap Wireless International Inc)