Grant Conditioned Upon Performance Sample Clauses
A "Grant Conditioned Upon Performance" clause establishes that a party will only receive a grant, benefit, or right if they meet specific performance criteria or obligations. In practice, this means the recipient must fulfill certain tasks, achieve milestones, or comply with agreed standards before the grant is awarded or continues. This clause ensures that the granting party is protected from providing benefits without receiving the expected performance, thereby incentivizing compliance and reducing the risk of non-performance.
Grant Conditioned Upon Performance. Your grant of Restricted Stock Units is conditioned upon Arrow meeting certain performance criteria established by the Compensation Committee of Arrow’s Board of Directors (the “Committee”). The Committee has determined that your Award will be conditioned upon the Company having Net Income, as determined in accordance with U. S. General Accounting Principles, greater than zero dollars during the fiscal year in which the Grant Date occurs. Immediately following the end of the fiscal year in which the Grant Date occurs, but prior to the first anniversary of the Grant Date, the Committee will certify whether or not the performance measure has been met. If the Committee fails to certify whether the performance measure was satisfied or determines that the performance measure has not been met, your Restricted Stock Units will be forfeited in its entirety effective as of immediately prior to the first anniversary of the grant Date and there will be no payment or delivery of Shares to you related to such forfeited Restricted Stock Units.