Common use of Performance Stock Units Clause in Contracts

Performance Stock Units. Upon the Effective Date, EXECUTIVE shall be issued a performance stock unit grant (“PSU Grant”), pursuant to the COMPANY’s 2014 Amended and Restated Stock Option and Incentive Plan (the “Plan”), in the amount of one hundred fifty thousand (150,000) shares of common stock and subject to the following terms and conditions: (i) the PSU shall vest in five (5) equal increments of thirty thousand (30,000) shares of common stock based on satisfaction of the following vesting conditions: (A) the COMPANY’s stock price equaling $4.75 per share based on 60-day VWAP; (B) the COMPANY’s stock price equaling $6.00 per share based on 60-day VWAP; (C) the COMPANY’s stock price equaling $7.00 per share based on 60-day VWAP; (D) the COMPANY’s stock price equaling $8.00 per share based on 60-day VWAP; and (E) the COMPANY’s stock price equaling $9.00 per share based on 60-day VWAP.

Performance Stock Units. Upon the Effective Date, EXECUTIVE shall be issued a performance stock unit grant (“PSU Grant”), pursuant to the COMPANY’s 2014 Amended and Restated Stock Option and Incentive Plan (the “Plan”), in the amount of one nine hundred fifty thousand (150,000900,000) shares of common stock and subject to the following terms and conditions: (i) the PSU shall vest in five (5) equal increments of thirty one hundred eighty thousand (30,000180,000) shares of common stock based on satisfaction of the following vesting conditions: (A) the COMPANY’s stock price equaling $4.75 per share based on 60-day VWAP; (B) the COMPANY’s stock price equaling $6.00 per share based on 60-day VWAP; (C) the COMPANY’s stock price equaling $7.00 per share based on 60-day VWAP; (D) the COMPANY’s stock price equaling $8.00 per share based on 60-day VWAP; and (E) the COMPANY’s stock price equaling $9.00 per share based on 60-day VWAP. In consideration of the PSU Grant issuance, EXECUTIVE shall forego participation in the equity component of the COMPANY’s annual executive compensation plan for the three (3) calendar year term commencing on January 1, 2022, and concluding on December 31, 2024.