Common use of Lapsing of Restrictions Clause in Contracts

Lapsing of Restrictions. The Shares covered hereby shall vest in the following ways: (a) Restrictions shall lapse as a function of the Company's achieving certain performance goals, as determined by the Human Resources Committee of the Board of Directors (the "Committee"). Shares shall be earned on the basis of achievement of those goals for fiscal years 1998, 1999, and 2000. Those performance goals, as currently formulated, are attached as an addendum to this agreement. The Committee shall have the unilateral authority to modify or change those goals and to determine whether the goals have been achieved. In the exercise of such discretion, the Committee may consider any matter relevant to those performance goals, including but not limited to, extraordinary gains or losses, mergers and acquisitions, changes in accounting methods, and changes in company policies. Within 90 days after the end of each fiscal year, the Committee shall inform the Grantee as to the number of Shares earned for that fiscal year. The Committee's decision is conclusive and binding upon the Grantee. (b) With regard to Shares earned in accordance with paragraph 2(a) ("Earned Shares"), 25% of such Earned Shares shall immediately vest, and an additional 25% of such Earned Shares shall vest at the end of each of the following three fiscal years.