Performance-Based Vesting Schedule Sample Clauses
A Performance-Based Vesting Schedule is a contractual provision that ties the vesting of equity or benefits to the achievement of specific performance milestones or targets. Under this arrangement, an individual—such as an employee or contractor—earns ownership of shares, options, or other benefits only when predetermined goals, like revenue targets or project completions, are met. This clause incentivizes high performance and aligns the interests of the recipient with the success of the company, ensuring that rewards are granted based on measurable contributions rather than simply the passage of time.
Performance-Based Vesting Schedule. Upon the Grantee’s death or Disability, all of the Grantee’s Options with performance-based vesting provisions are subject to the following two rules: (i) the Grantee will forfeit all such Options that are not exercisable as of the date of the Grantee’s death or Disability; and (ii) Options that were exercisable as of the date of the Grantee’s death or Disability will remain exercisable until the earlier of (A) the date three years after the date of the Grantee’s death or Disability, or (B) the date the Options expire in accordance with their terms.
Performance-Based Vesting Schedule. Upon the Grantee’s death, Disability, or Retirement, all of the Grantee’s Options with performance-based vesting provisions are subject to the following two rules: (i) the Grantee will forfeit all such Options that are not exercisable as of the date of the Grantee’s death, Disability or Retirement; and (ii) Options that were exercisable as of the date of the Grantee’s death, Disability or Retirement will remain exercisable until the earlier of (A) the date three years after the date of the Grantee’s death, Disability or Retirement, or (B) the date the Options expire in accordance with their terms.
Performance-Based Vesting Schedule. Subject to any acceleration provisions contained in the Plan or otherwise as set forth below, vesting under the Award shall be subject to the following terms and conditions, as well as those set forth in the accompanying exhibits.
Performance-Based Vesting Schedule. Vesting of the Non-Qualified Stock Option for the remaining 18,000 shares is subject to a performance-based graded vesting schedule that annually measures ROAE of 1st Pacific Bank of California (the “Bank”) for the Performance Period against ROAE of the Comparative Group for that same Performance Period. Each “Performance Period” shall be the calendar year. The first Performance Period under this Agreement shall run from January 1, 2008 to December 31, 2008. A maximum of 3,600 shares can become vested for any single Performance Period. Vesting shall be based on the Bank’s ROAE during each Performance Period relative to the Comparative Group for that same Performance Period, as shown on the following table: 2008 Performance Period: Bank ROAE must be equal to or greater than the ROAE at the top of the lower 33rd percentile of members of the Comparative Group 3,600 Shares 2009 Performance Period: Bank ROAE must be equal to or greater than the ROAE at the top of the 50th percentile of members of the Comparative Group 3,600 Shares 2010 Performance Period: Bank ROAE must be equal to or greater than the ROAE at the top of the 50th percentile of members of the Comparative Group 3,600 Shares 2011 Performance Period: Bank ROAE must be equal to or greater than the ROAE at the top of the 50th percentile of members of the Comparative Group 3,600 Shares 2012 Performance Period: Bank ROAE must be equal to or greater than the ROAE at the top of the 50th percentile of members of the Comparative Group 3,600 Shares Each Performance Period after 2012: Bank ROAE must be equal to or greater than the ROAE at the top of the 50th percentile of members of the Comparative Group 100% of available Roll Forward Shares, if any, provided that a maximum of 3,600 Shares may vest for any given Performance Period) Vesting can occur for a given Performance Period only if the Participant is still employed by the Company (or a subsidiary thereof) on the last day of that Performance Period. The Company may, in its discretion, lower the performance standards for any given Performance Period. The Company shall lower the performance standards for any given Performance Period to match the actual and ultimate performance goals applicable under the 1st Pacific Bank of California Incentive Compensation Plan for Senior Management.