Common use of Performance Conditions Clause in Contracts

Performance Conditions. This Stock Option shall be exercisable with respect to the number of Option Shares set forth below upon the date as of which both of the following conditions have been satisfied: (i) during the Time Period set forth below, the closing price of the Stock exceeds the applicable Hurdle Price for at least 50 of the previous 75 consecutive trading days (such 50th day, the “Determination Date”) and (ii) the most recent annual assessment completed prior to the applicable Determination Date (or, if the most recent annual assessment completed prior to such Determination Date fails to satisfy the following condition, the first annual assessment completed after the Determination Date that satisfies such condition) of the Company’s internal controls, conducted using criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Xxxxxxxx Commission, concluded that the Company maintained effective internal control over financial reporting, and, if applicable, the attestation report of the Company’s registered public accounting firm regarding internal controls over financial reporting verified such conclusion. Incremental No. of Option Performance Conditions Shares Time Period Hurdle Price 19,801 Prior to the 5th anniversary of the Grant Date $ 16.43 Between the 5th and 6th anniversaries of the Grant Date $ 18.58 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,801 Prior to the 6th anniversary of the Grant Date $ 18.58 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,802 Prior to the 7th anniversary of the Grant Date $ 20.77 Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

Appears in 2 contracts

Samples: Non Qualified (Northeast Bancorp /Me/), Non Qualified Performance (Northeast Bancorp /Me/)

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Performance Conditions. This Stock Option shall be exercisable with respect to the number of Option Shares set forth below upon the date as of which both of the following conditions have been satisfied: (i) during the Time Period set forth below, the closing price of the Stock exceeds the applicable Hurdle Price for at least 50 of the previous 75 consecutive trading days (such 50th day, the “Determination Date”) and (ii) the most recent annual assessment completed prior to the applicable Determination Date (or, if the most recent annual assessment completed prior to such Determination Date fails to satisfy the following condition, the first annual assessment completed after the Determination Date that satisfies such condition) of the Company’s internal controls, conducted using criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Xxxxxxxx Commission, concluded that the Company maintained effective internal control over financial reporting, and, if applicable, the attestation report of the Company’s registered public accounting firm regarding internal controls over financial reporting verified such conclusion. Incremental No. of Option Shares Performance Conditions Shares Time Period Hurdle Price 19,801 Prior to the 5th anniversary of the Grant Date $ 16.43 27.86 Between the 5th and 6th anniversaries of the Grant Date $ 18.58 31.34 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 34.83 19,801 Prior to the 6th anniversary of the Grant Date $ 18.58 31.34 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 34.83 19,802 Prior to the 7th anniversary of the Grant Date $ 20.77 34.83 Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

Appears in 2 contracts

Samples: Stock Option Agreement (Northeast Bancorp /Me/), Stock Option Agreement (Northeast Bancorp /Me/)

Performance Conditions. This Stock Option shall be exercisable with respect to the number of Option Shares set forth below upon the date as of which both of the following conditions have been satisfied: (i) during the Time Period set forth below, the closing price of the Stock exceeds the applicable Hurdle Price for at least 50 of the previous 75 consecutive trading days (such 50th day, the “Determination Date”) and (ii) the most recent annual assessment completed prior to the applicable Determination Date (or, if the most recent annual assessment completed prior to such Determination Date fails to satisfy the following condition, the first annual assessment completed after the Determination Date that satisfies such condition) of the Company’s internal controls, conducted using criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Xxxxxxxx Commission, concluded that the Company maintained effective internal control over financial reporting, and, if applicable, the attestation report of the Company’s registered public accounting firm regarding internal controls over financial reporting verified such conclusion. Incremental No. of Option Shares Performance Conditions Shares Time Period Hurdle Price 19,801 13,501 Prior to the 5th anniversary of the Grant Date $ 16.43 27.86 Between the 5th and 6th anniversaries of the Grant Date $ 18.58 31.34 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,801 34.83 13,501 Prior to the 6th anniversary of the Grant Date $ 18.58 31.34 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,802 34.83 13,501 Prior to the 7th anniversary of the Grant Date $ 20.77 34.83 Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (Northeast Bancorp /Me/)

Performance Conditions. This Stock Option These SARs shall be exercisable with respect to the number of Option Shares SARs set forth below upon the date as of which both of the following conditions have been satisfied: (i) during the Time Period set forth below, the closing price of the Stock exceeds the applicable Hurdle Price for at least 50 of the previous 75 consecutive trading days (such 50th day, the “Determination Date”) and (ii) the most recent annual assessment completed prior to the applicable Determination Date (or, if the most recent annual assessment completed prior to such Determination Date fails to satisfy the following condition, the first annual assessment completed after the Determination Date that satisfies such condition) of the Company’s internal controls, conducted using criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Xxxxxxxx Commission, concluded that the Company maintained effective internal control over financial reporting, and, if applicable, the attestation report of the Company’s registered public accounting firm regarding internal controls over financial reporting verified such conclusion. Incremental No. of Option SARs Performance Conditions Shares Time Period Hurdle Price 19,801 13,501 Prior to the 5th anniversary of the Grant Date $ 16.43 27.86 Between the 5th and 6th anniversaries of the Grant Date $ 18.58 31.34 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,801 34.83 13,501 Prior to the 6th anniversary of the Grant Date $ 18.58 31.34 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,802 34.83 13,501 Prior to the 7th anniversary of the Grant Date $ 20.77 34.83 Once exercisable, this Stock Option these SARs shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

Appears in 1 contract

Samples: Option and Incentive Plan (Northeast Bancorp /Me/)

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Performance Conditions. This Stock Option shall be exercisable with respect to the number of Option Shares set forth below upon the date as of which both of the following conditions have been satisfied: (i) during the Time Period set forth below, the closing price of the Stock exceeds the applicable Hurdle Price for at least 50 of the previous 75 consecutive trading days (such 50th day, the “Determination Date”) and (ii) the most recent annual assessment completed prior to the applicable Determination Date (or, if the most recent annual assessment completed prior to such Determination Date fails to satisfy the following condition, the first annual assessment completed after the Determination Date that satisfies such condition) of the Company’s internal controls, conducted using criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Xxxxxxxx Commission, concluded that the Company maintained effective internal control over financial reporting, and, if applicable, the attestation report of the Company’s registered public accounting firm regarding internal controls over financial reporting verified such conclusion. Incremental No. of Option Performance Conditions Shares Time Period Hurdle Price 19,801 39,602 Prior to the 5th anniversary of the Grant Date $ 16.43 Between the 5th and 6th anniversaries of the Grant Date $ 18.58 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,801 39,603 Prior to the 6th anniversary of the Grant Date $ 18.58 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,802 39,603 Prior to the 7th anniversary of the Grant Date $ 20.77 Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

Appears in 1 contract

Samples: Non Qualified Performance Based Stock Option Agreement (Northeast Bancorp /Me/)

Performance Conditions. This Stock Option shall be exercisable with respect to the number of Option Shares set forth below upon the date as of which both of the following conditions have been satisfied: (i) during the Time Period set forth below, the closing price of the Stock exceeds the applicable Hurdle Price for at least 50 of the previous 75 consecutive trading days (such 50th day, the “Determination Date”) and (ii) the most recent annual assessment completed prior to the applicable Determination Date (or, if the most recent annual assessment completed prior to such Determination Date fails to satisfy the following condition, the first annual assessment completed after the Determination Date that satisfies such condition) of the Company’s internal controls, conducted using criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Xxxxxxxx Commission, concluded that the Company maintained effective internal control over financial reporting, and, if applicable, the attestation report of the Company’s registered public accounting firm regarding internal controls over financial reporting verified such conclusion. Incremental No. of Option Shares Performance Conditions Shares Time Period Hurdle Price 19,801 39,602 Prior to the 5th anniversary of the Grant Date $ 16.43 27.86 Between the 5th and 6th anniversaries of the Grant Date $ 18.58 31.34 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,801 34.83 39,603 Prior to the 6th anniversary of the Grant Date $ 18.58 31.34 Between the 6th and 7th anniversaries of the Grant Date $ 20.77 19,802 34.83 39,603 Prior to the 7th anniversary of the Grant Date $ 20.77 34.83 Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

Appears in 1 contract

Samples: Stock Option Agreement (Northeast Bancorp /Me/)

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