Initial PSU Awards Clause Samples

Initial PSU Awards. (i) At the first quarterly meeting of the Board in 2024, subject to Executive’s continued employment with the Company through the grant date, the Company will recommend to the Compensation Committee and the Board that the Executive be granted an award of 50,000 performance-based RSUs (“PSUs”) pursuant to the terms of the Equity Plan and an individual PSU award agreement (the “Year One PSU Award”), which shall vest as follows: All of the PSUs underlying the Year One PSU Award will vest on the date when both of the following have occurred, provided that Executive remains employed with the Company through such date: (i) the Company files a Form 10-Q or Form 10-K with the Securities and Exchange Commission (“SEC”) indicating that the Company has trailing twelve months’ net revenue that is at least $75 million more than the Company’s net revenue in fiscal year ending December 31, 2023 (the “Base Revenue”) and (ii) the first anniversary of the Start Date has occurred. (ii) At the first quarterly meeting of the Board in 2025, subject to Executive’s continued employment with the Company through the grant date, the Company will recommend to the Compensation Committee and the Board that the Executive be granted an award of 50,000 PSUs pursuant to the terms of the Equity Plan and an individual PSU award agreement (the “Year Two PSU Award”), which shall vest as follows: All of the PSUs underlying the Year Two PSU Award will vest on the date when both of the following have occurred, provided that Executive remains employed with the Company through such date: (i) the Company files a Form 10-Q or Form 10-K with the SEC indicating that ​ ​ the Company has trailing twelve months’ net revenue that is at least $150 million more than the Base Revenue and (ii) the second anniversary of the Start Date has occurred.