Performance-Based Vesting. At the end of each Measurement Year, on the Measurement Date, the percentage of Shares set forth above shall be eligible to vest (the "Eligible Shares"). On each Measurement Date, 50% of the Eligible Shares shall become Vested Shares if at least 90% of the Target EBITDA amount was met for the prior Measurement Year. If more than 90% of the Target EBITDA amount was met for the prior Measurement Year, then the Eligible Shares shall become Vested Shares on a straight line basis such that an additional 5% of Eligible Shares shall become Vested Shares for each 1% that actual Consolidated Adjusted EBITDA exceeds 90% of the Target EBITDA amount.
Appears in 15 contracts
Samples: Restricted Stock Agreement (Simmons Co), Restricted Stock Agreement (Simmons Co), Restricted Stock Agreement (Simmons Co)
Performance-Based Vesting. At the end of each Measurement Year, on the Measurement Date, the percentage number of Shares set forth above shall be eligible to vest (the "Eligible Shares"). On each Measurement Date, 50% of the Eligible Shares shall become Vested Shares if at least 90% of the Target EBITDA amount was met for the prior Measurement Year. If more than 90% of the Target EBITDA amount was met for the prior Measurement Year, then the Eligible Shares shall become Vested Shares on a straight line basis such that an additional 5% of Eligible Shares shall become Vested Shares for each 1% that actual Consolidated Adjusted EBITDA exceeds 90% of the Target EBITDA amount.
Appears in 7 contracts
Samples: Restricted Stock Agreement (Simmons Bedding Co), Manager Restricted Stock Agreement (Simmons Co /Ga/), Manager Restricted Stock Agreement (Simmons Co /Ga/)
Performance-Based Vesting. At the end of each Measurement Year, on the Measurement Date, the percentage of Shares set forth above shall be eligible to vest (the "“Eligible Shares"”). On each Measurement Date, 50% of the Eligible Shares shall become Vested Shares if at least 90% of the Target EBITDA amount was met for the prior Measurement Year. If more than 90% of the Target EBITDA amount was met for the prior Measurement Year, then the Eligible Shares shall become Vested Shares on a straight line basis such that an additional 5% of Eligible Shares shall become Vested Shares for each 1% that actual Consolidated Adjusted EBITDA exceeds 90% of the Target EBITDA amount.
Appears in 7 contracts
Samples: Restricted Stock Agreement (Simmons Co), Restricted Stock Agreement (Simmons Co), Restricted Stock Agreement (Simmons Co)
Performance-Based Vesting. At the end of each Measurement Year, on the Measurement Date, the percentage of Shares under the Option set forth above shall be eligible to vest (the "“Eligible Shares"”). On each Measurement Date, 50% of the Eligible Shares shall become Vested Shares if at least 90% of the Target EBITDA amount was met for the prior Measurement Year. If more than 90% of the Target EBITDA amount was met for the prior Measurement Year, then the Eligible Shares shall become Vested Shares on a straight line basis such that an additional 5% of Eligible Shares shall become Vested Shares for each 1% that actual Consolidated Adjusted EBITDA exceeds 90% of the Target EBITDA amount.
Appears in 3 contracts
Samples: Stock Option Agreement (Simmons Co), Stock Option Agreement (Simmons Co), Stock Option Agreement (Simmons Co)