Liquidity Event Vesting. Subject to Section 2.4, if in connection with a Liquidity Event, on any single date, Liquidity Proceeds both (i) equal or exceed two (2) times the Investment and (ii) result in an IRR that equals or exceeds 17.5% (together the “Liquidity Event Hurdles”), in each case, as determined by the Administrator, then all then unvested Performance Options shall vest and become exercisable as of immediately prior to such Liquidity Event.
Appears in 3 contracts
Samples: Stock Option Agreement (PPD, Inc.), Stock Option Agreement (PPD, Inc.), Stock Option Agreement (PPD, Inc.)
Liquidity Event Vesting. Subject to Section 2.42.3, if in connection with a Liquidity Event, on any single date, Liquidity Proceeds both the Administrator determines that (i) Liquidity Proceeds equal or exceed two (2) times the Investment and (ii) result in an the IRR that equals or exceeds 17.520% (together the “Liquidity Event Hurdles”), in each case, as determined by the Administrator, then all then unvested Performance Options shall vest and become exercisable as of immediately prior to such Liquidity Event.
Appears in 1 contract
Samples: Stock Option Agreement (Ortho Clinical Diagnostics Holdings PLC)
