Performance Option Award Sample Clauses

Performance Option Award. The Company’s Board of Directors shall, within seven (7) days of the date of this Employment Agreement, approve the award to the Employee of the right to be issued by the Company an option under the Option Plan (as defined below) to purchase 833,334 shares of Common Stock (the “Performance Option”) and an equity incentive compensation plan pursuant to which the Performance Option may be issued to the Employee (the “Option Plan”); provided that, the Performance Option, the right to be issued the Performance Option and the award of both shall be effective and binding on the Company only upon and subject to Shareholder Ratification and stockholder approval of the Option Plan, and in no event shall the Performance Option be issued or exercisable until stockholder approval of the Option Plan. The Performance Option shall be subject to the terms and conditions of a Stock Option Agreement between the Employee and the Company (the “Option Agreement”) in the form attached hereto as Exhibit B, and such terms and conditions shall include the following: (A) the grant date of the right to be issued the Performance Option shall be the date on which the Company’s Board of Directors approves the award of the Performance Option (the “Option Grant Date”), (B) the exercise price under the Performance Option shall be the “fair market value” of Common Stock on the Option Grant Date (if “fair market value” is defined in the Option Plan), or such other exercise price as determined pursuant to the Option Plan, (C) the term of the Performance Option shall be ten (10) years, and (D) the Performance Option shall vest and become exercisable with respect to shares thereunder to the extent that the Company has achieved its Performance Objectives as set forth in Exhibit A (so long as the Employee is an employee of the Company on such date of vesting).
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Performance Option Award. (a) Subject to the approval of the Board, the Company will grant to Executive an option to purchase 300,000 shares of the Company’s common stock, at an exercise price not less than the fair market value of the Company’s common stock on the date of grant. The exercise price of the option will be determined by the Board in a manner consistent with the Company’s standard option grant practices. Such option shall be an incentive stock option to the maximum extent permitted under applicable U.S. tax laws. The option will be subject to the terms and conditions of the Company’s Amended and Restated 2000 Stock Incentive Plan and the form of option agreement previously approved by the Board for options granted under the Plan.
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Performance Option Award. With respect to the Performance Option Award, any unvested portion of the Performance Option Award shall automatically become vested and exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse, in each case, with respect to that number of shares subject to the Performance Option Award that would have vested upon achievement of any of the Company Target Stock Price goals if the compounded annual growth rate in the closing price of the Company’s Common Stock from April 19, 2022 to the date of the Change in
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Performance Option Award. A pro rata portion of Executive’s outstanding Performance Option Award shall vest in an amount equal to the Pro Rata Equity Vesting Percentage, as determined in accordance with Section 8(c)(ii)(B) of the Employment Agreement entered into between the Company and Executive, dated June 26, 2017 (the “Employment Agreement”) and calculated in a manner consistent with the methodology set forth in Section 8(c)(ii)(B) of the Employment Agreement, except: (1) the Company CAGR shall be measured from the date of grant of the Performance Option Award until the date of Executive’s Covered Termination, utilizing the greater of the sale price of the Company’s common stock paid in the Change in Control and the price of the common stock of the Company (and any successor) on the date of Executive’s Covered Termination (determined as an average of the closing price of the Company’s common stock on the 20 trading days immediately preceding the date of such Covered Termination); and (2) the Pro Rata Equity Vesting Percentage shall be calculated by using a fraction, the numerator of which is the greater of (x) number of full months that Executive performed services for the Company and (y) 30, and the denominator of which is 60. Any portion of the Performance Option Award that does not vest pursuant to this Section 3(c)(ii) as of Executive’s termination date shall be immediately forfeited and of no further force or effect.
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Performance Option Award. “Performance Option Award” has the meaning provided in the Section 5(b) of the Employment Agreement.
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Related to Performance Option Award

  • Performance Option If the Company, on a consolidated basis, achieves its annual EBITDA targets as set forth in Schedule A attached hereto (each an “EBITDA Target” or “Annual Performance Target”) for the applicable given Fiscal Year, then the Performance Option shall be eligible to become vested and exercisable as to a percentage of the Shares subject to such Option at the end of each of the six Fiscal Years as follows:

  • Performance Options “Performance Option(s)” shall mean the portion of the Option designated as Performance Options in the Grant Notice.

  • Performance Stock Units The Company may grant to Executive performance stock units (“PSUs”) pursuant to the Incentive Plan. All PSUs are subject to and conditioned on approval of the grant and its terms by the Board. All granted PSUs shall vest as provided in the applicable PSU grant notice and grant agreement (“PSU Agreement”). All PSUs shall be subject to the terms and conditions of the Incentive Plan and a PSU Agreement in a form prescribed by the Company, which Executive must sign as a condition to receiving the PSUs.

  • Stock Option Award Within the 60-day period following the Start Date, Executive will receive an award of stock options to purchase Common Stock (the “Options”). The terms and conditions of the Options will be governed by Parent’s 2010 Equity Incentive Plan and the Stock Option Agreement in substantially the form attached hereto as Exhibit A. The number of shares covered by such Options shall equal 10,000. The Options shall have a per share exercise price equal to the fair market value per share of such Option on the date of grant, as determined by the Board.

  • Option Award The Company hereby awards Grantee an Option to purchase shares of Company common stock, par value $.01 per share (“Shares”), pursuant to this Agreement at an exercise price per Share of $XX.XX, subject to the terms and conditions set forth herein and in the Plan. The Option may not be exercised in whole or in part as of the Grant Date, and becomes exercisable only if and to the extent provided in the following paragraphs and otherwise subject to and in accordance with the Plan.

  • Performance Units Subject to the limitations set forth in paragraph (c) hereof, the Committee may in its discretion grant Performance Units to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which sets forth the terms and conditions of the Award.

  • Option Awards The Company represents and warrants to the Executive that all shares issued pursuant to any equity award granted to the Executive by the Company, upon issuance to the Executive, will be duly authorized, fully paid and non-assessable. A sufficient number of shares for each such equity award will be properly reserved.

  • Stock Option Awards During the Term, the Executive shall be eligible for awards of options to purchase shares of the Company’s common stock (the “Stock Options”), such Stock Options to be awarded in the sole discretion of the Compensation Committee and in accordance with the terms of the Company’s Stock Option Plan, as such Stock Option Plan may be amended, suspended or terminated from time to time.

  • Performance Vesting Within sixty (60) days following the completion of the Performance Period, the Plan Administrator shall determine the applicable number of Performance Shares in accordance with the provisions of the Award Notice and Schedule I attached thereto.

  • Award of Performance Stock Units The Company hereby grants to you, effective as of the Grant Date, an Award of Performance Stock Units for that number of Performance Stock Units communicated to you and set forth in the Company’s records (the “PSUs”), on the terms and conditions set forth in such communication, this Agreement and the Plan. Each PSU represents the right to receive one share of Stock, subject to the terms and conditions set forth herein.

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