Common use of Operating Income Vesting Clause in Contracts

Operating Income Vesting. Subject to the terms and conditions of this Agreement, 9,375 Shares shall vest on the Income-Vesting Date following achievement of each Income-Vesting Threshold (collectively, the "Income-Vesting Shares"). For purposes of this Agreement, an “Income-Vesting Threshold” will be achieved on each Reporting Date that the Company's Operating Income for the preceding fiscal year first equals or exceeds each of the following thresholds for fiscal years through and including 2024: (i) $25,000,000 (ii) $30,000,000 and (iii) $35,000,000 (collectively, the "Income-Vesting Shares"). For purposes of this Agreement, the “Income-Vesting Date” will be (1) with respect to each Income-Vesting Threshold achieved on or before the Reporting Date in 2022, the earlier of (i) the third anniversary of the date such Income-Vesting Threshold is first achieved and (ii) the Reporting Date in 2022 and (2) with respect to each Income-Vesting Threshold achieved after the Reporting Date in 2022, the Reporting Date for such achievement. (The Income-Vesting Dates, together with the Market-Vesting Dates, are sometimes referred to herein as the “Vesting Dates”.) For purposes of this Agreement, "Reporting Date" means the date in each fiscal year that the Company's independent public accountants issue their Financial Report on the Company's financial statements for the preceding fiscal year (each, a "Financial Report). For purposes of this Agreement, "Operating Income" means for any fiscal year, the following, determined on a consolidated basis in accordance with generally-accepted accounting principles for the Company and its subsidiaries, based on the Financial Report for such year: (x) consolidated net income plus (y) the sum of the following, without duplication, to the extent deducted in determining such consolidated net income: (i) income and franchise tax expense and (ii) interest and other expense (net). Notwithstanding any provision of this Agreement to the contrary, all Income-Vesting Shares that do not vest pursuant to this paragraph on or before March 31, 2025 will be forfeited.

Operating Income Vesting. Subject to the terms and conditions of this Agreement, 9,375 (i) _________, (ii) _______ and (iii) _______ Shares shall vest on the corresponding Income-Vesting Date following achievement of each Income-Vesting Threshold (collectively, the "“Income-Vesting Shares")”) listed below. For purposes of this Agreement, an “Income-Vesting Threshold” will be achieved on each Reporting Date that the Company's ’s Operating Income for the preceding fiscal year first equals or exceeds each of the following thresholds for fiscal years through and including 2024: (i) $25,000,000 (ii) $30,000,000 and (iii) $35,000,000 (collectively, the "“Income-Vesting Shares"”). For purposes of this Agreement, the “Income-Vesting Date” will be (1) with respect to each Income-Vesting Threshold achieved on or before the Reporting Date in 2022, the earlier of (i) the third anniversary of the date such Income-Vesting Threshold is first achieved and (ii) the Reporting Date in 2022 and (2) with respect to each Income-Vesting Threshold achieved after the Reporting Date in 2022, will be the Reporting Date for such achievement. (The Income-Vesting Dates, together with the Market-Vesting Dates, are sometimes referred to herein as the “Vesting Dates”.) For purposes of this Agreement, "“Reporting Date" ” means the date in each fiscal year that the Company's ’s independent public accountants issue their Financial Report on the Company's ’s financial statements for the preceding fiscal year (each, a "“Financial Report). For purposes of this Agreement, "“Operating Income" ” means for any fiscal year, the following, determined on a consolidated basis in accordance with generally-accepted accounting principles for the Company and its subsidiaries, based on the Financial Report for such year: (x) consolidated net income plus (y) the sum of the following, without duplication, to the extent deducted in determining such consolidated net income: (i) income and franchise tax expense and (ii) interest and other expense (net). Notwithstanding any provision of this Agreement to the contrary, all Income-Vesting Shares that do not vest pursuant to this paragraph on or before March 31, the Reporting Date in 2025 will be forfeited.

Operating Income Vesting. Subject to the terms and conditions of this Agreement, 9,375 (i) 2,605, (ii) 2,604 and (iii) 2,604 Shares shall vest on the corresponding Income-Vesting Date following achievement of each Income-Vesting Threshold (collectively, the "“Income-Vesting Shares")”) listed below. For purposes of this Agreement, an “Income-Vesting Threshold” will be achieved on each Reporting Date that the Company's ’s Operating Income for the preceding fiscal year first equals or exceeds each of the following thresholds for fiscal years through and including 2024: (i) $25,000,000 (ii) $30,000,000 and (iii) $35,000,000 (collectively, the "“Income-Vesting Shares"”). For purposes of this Agreement, the “Income-Vesting Date” will be (1) with respect to each Income-Vesting Threshold achieved on or before the Reporting Date in 2022, the earlier of (i) the third anniversary of the date such Income-Vesting Threshold is first achieved and (ii) the Reporting Date in 2022 and (2) with respect to each Income-Vesting Threshold achieved after the Reporting Date in 2022, will be the Reporting Date for such achievement. (The Income-Vesting Dates, together with the Market-Vesting Dates, are sometimes referred to herein as the “Vesting Dates”.) For purposes of this Agreement, "“Reporting Date" ” means the date in each fiscal year that the Company's ’s independent public accountants issue their Financial Report on the Company's ’s financial statements for the preceding fiscal year (each, a "“Financial Report). For purposes of this Agreement, "“Operating Income" ” means for any fiscal year, the following, determined on a consolidated basis in accordance with generally-accepted accounting principles for the Company and its subsidiaries, based on the Financial Report for such year: (x) consolidated net income plus (y) the sum of the following, without duplication, to the extent deducted in determining such consolidated net income: (i) income and franchise tax expense and (ii) interest and other expense (net). Notwithstanding any provision of this Agreement to the 7493601 contrary, all Income-Vesting Shares that do not vest pursuant to this paragraph on or before March 31, the Reporting Date in 2025 will be forfeited.