Common use of Issuance of Performance Shares Clause in Contracts

Issuance of Performance Shares. Upon the execution and delivery hereof, the Corporation shall issue and deliver to Executive an aggregate of 117,000 shares (the "Performance Shares") of Common Stock, par value $.01 per share, of the Corporation (the "Common Stock"). The Performance Shares, upon issuance, shall be validly issued and fully paid shares of Common Stock of the Corporation, provided, however, that (i) one-third of the Performance Shares shall be repurchased by the Corporation for the par value thereof in the event that the Corporation does not achieve net income before taxes of at least $1.5 million during the period of April 1, 1995 through Marcx 00, 0000, (xx) xxx-third of the Performance Shares shall be repurchased by the Corporation for the par value thereof in the event that the Corporation does not achieve net income before taxes of at least $2.2 million during the period of April 1, 1996 through Marcx 00, 0000, (xxx) xxx-third of the Performance Shares shall be repurchased by the Corporation for the par value thereof in the event that the Corporation does not achieve net income before taxes of at least $3.0 million during the period of April 1, 1997 through March 31, 1998; (iv) all of which Performance Shares shall be repurchased by the Corporation for the par value thereof upon termination of Executive's employment hereunder in the event that Executive's employment shall terminates prior to March 31, 1996; (v) two-thirds of which Performance Shares shall be repurchased by the Corporation for the par value thereof upon termination of Executive's employment hereunder in the event that Executive's employment shall terminate prior to March 31, 1997; and (vi) one-third of which Performance Shares shall be repurchased by the Corporation for the par value thereof upon termination of Executive's employment hereunder in the event that Executive's employment shall terminate prior to March 31, 1998. This provision shall survive any termination of this Agreement.

Issuance of Performance Shares. Upon the execution and delivery hereof, the Corporation shall issue and deliver to Executive an aggregate of 117,000 shares (the "Performance Shares") of Common Stock, par value $.01 per share, of the Corporation (the "Common Stock"). The Performance Shares, upon issuance, shall be validly issued and fully paid shares of Common Stock of the Corporation, provided, however, that (i) one-third of the Performance Shares shall be repurchased by the Corporation for the par value thereof in the event that the Corporation does not achieve net income before taxes of at least $1.5 million during the period of April 1, 1995 through Marcx 00, 0000, (xx) xxx-third of the Performance Shares shall be repurchased by the Corporation for the par value thereof in the event that the Corporation does not achieve net income before taxes of at least $2.2 million during the period of April 1, 1996 through Marcx 00, 0000, (xxx) xxx-third of the Performance Shares shall be repurchased by the Corporation for the par value thereof in the event that the Corporation does not achieve net income before taxes of at least $3.0 million during the period of April 1, 1997 through March 31, 1998; (iv) all of which Performance Shares shall be repurchased by the Corporation for the par value thereof upon termination of Executive's employment hereunder in the event that Executive's employment shall terminates prior to March 31, 1996; (v) two-thirds of which Performance Shares shall be repurchased by the Corporation for the par value thereof upon termination of Executive's employment hereunder in the event that Executive's employment shall terminate prior to March 31, 1997; and (vi) one-third of which Performance Shares shall be repurchased by the Corporation for the par value thereof upon termination of Executive's employment hereunder in the event that Executive's employment shall terminate prior to March 31, 1998. This provision shall survive Net income before taxes, for purposes of the foregoing calculations, will exclude any termination of this Agreement.tax deduction obtained by the

Issuance of Performance Shares. Upon the execution and delivery hereof, the Corporation shall issue and deliver to Executive an aggregate of 117,000 shares (the "Performance Shares") of Common Stock, par value $.01 per share, of the Corporation (the "Common Stock"). The Performance Shares, upon issuance, shall be validly issued and fully paid shares of Common Stock of the Corporation, provided, however, that (i) onetwo-third thirds of the Performance Shares shall be repurchased by the Corporation for the par value thereof in the event that the Corporation does not achieve net income before taxes of at least $1.5 2.1 million during the period of April 1, 1995 1996 through Marcx 00, 0000, (xx) xxx-third of the Performance Shares shall be repurchased by the Corporation for the par value thereof in the event that the Corporation does not achieve net income before taxes of at least $2.2 million during the period of April 1, 1996 through Marcx 00, 0000, (xxx) xxx-third of the Performance Shares shall be repurchased by the Corporation for the par value thereof in the event that the Corporation does not achieve net income before taxes of at least $3.0 3 million during the period of April 1, 1997 through March 31, 1998; (iv) all of which Performance Shares shall be repurchased by the Corporation for the par value thereof upon termination of Executive's employment hereunder in the event that Executive's employment shall terminates prior to March 31, 1996; (viii) two-thirds of which Performance Shares shall be repurchased by the Corporation for the par value thereof upon termination of Executive's employment hereunder in the event that Executive's employment shall terminate prior to March 31, 1997; and (viiv) one-third of which Performance Shares shall be repurchased by the Corporation for the par value thereof upon termination of Executive's employment hereunder in the event that Executive's employment shall terminate prior to March 31, 1998. This provision shall survive any termination of this Agreement.Net income