Common use of Vesting Criteria Clause in Contracts

Vesting Criteria. The Grantee’s interest in the Shares shall vest in accordance with the vesting schedule set forth below in this Section 3(a) (each such vesting date, a “Vesting Date”) only if the Average Return on Equity for the ten fiscal years ending March 31, 2015 is at least 15.00% (the “Performance Criteria”); provided, that if the Performance Criteria is satisfied, the Compensation Committee may exercise negative discretion and provide that the Grantee shall earn less than 100% of the Shares after taking into consideration the extent to which the Grantee has achieved his/her individual goals attached hereto as Exhibit A. After the end of the Performance Period, the Compensation Committee shall certify whether the Performance Criteria has been satisfied (“Certification Date”), and if so, to what extent (if any) the Compensation Committee will exercise negative discretion to provide that the Grantee shall earn less than 100% of the Shares (such earned Shares shall be considered “Earned But Unvested Shares” hereunder). Such Earned But Unvested Shares shall vest one-fifth on the second business day following the Certification Date and then ratably on the next four Service Vesting Dates. Prior to the Certification Date, all Shares shall be considered “Unvested Shares.” If the Performance Criteria has not been satisfied then the Shares shall be immediately and automatically forfeited. The “Average Return on Equity for the ten fiscal years ending March 31, 2015” shall mean: (i) the sum of the Return on Equity for each of the ten fiscal years ended March 31, 2015, divided by (ii) 10.

Vesting Criteria. The Grantee’s interest in the Shares shall vest in accordance with the vesting schedule set forth below in this Section 3(a) (each such vesting date, a “Vesting Date”) only if the Average Return on Equity for the ten fiscal years year ending March 31, 2015 2018 is at least 15.0011.0% (the “Performance Criteria”); provided, that if the percentage of Shares that will be earned shall be based on the following: Performance Percentage of Criteria is satisfiedShares Earned > 18.0% 100.0% 14.5% 83.3% 11.0% 66.7% ; provided, the Compensation Committee may exercise negative discretion and provide further, that the Grantee exact percentage of Shares earned shall earn less than 100% be calculated based on straight-line interpolation between the points shown above with fractional points rounded up to the nearest tenth of the Shares after taking into consideration the extent to which the Grantee has achieved his/her individual goals attached hereto as Exhibit A. a percent. After the end of the Performance Period, the Compensation Committee shall certify whether and to what extent the Performance Criteria has been satisfied (“Certification Date”), and if so, to what extent (if any) the Compensation Committee will exercise negative discretion to provide that the Grantee shall earn less than 100% of the Shares (such earned Shares shall then be considered “Earned But Unvested Shares” hereunder). Such Earned But Unvested Shares shall vest one-fifth fourth on the second third business day following the Certification Date and then ratably on the next four three Service Vesting Dates. Prior to the Certification Date, all Shares shall be considered “Unvested unvested Shares.” If the Performance Criteria has not been satisfied then the Shares shall be immediately and automatically forfeited. The “Average Return on Equity for Upon the ten fiscal years ending March 31Certification Date, 2015” shall mean: (i) the sum any portion of the Return on Equity for each of Shares that are not earned in accordance with the ten fiscal years ended March 31, 2015, divided by (ii) 10provisions above shall be forfeited.

Vesting Criteria. The Grantee’s interest in the Shares shall vest in accordance with the vesting schedule set forth below in this Section 3(a) (each such vesting date, a “Vesting Date”) only if the Average Return on Equity for the ten fiscal years year ending March 31, 2015 2019 is at least 15.0010.0% (the “Performance Criteria”); provided, that if the percentage of Shares that will be earned shall be based on the following: Performance Percentage of Criteria is satisfiedShares Earned > 20.0% 100.0% 15.0% 83.3% 10.0% 66.7% ; provided, the Compensation Committee may exercise negative discretion and provide further, that the Grantee exact percentage of Shares earned shall earn less than 100% be calculated based on straight-line interpolation between the points shown above with fractional points rounded up to the nearest tenth of the Shares after taking into consideration the extent to which the Grantee has achieved his/her individual goals attached hereto as Exhibit A. a percent. After the end of the Performance Period, the Compensation Committee shall certify whether and to what extent the Performance Criteria has been satisfied (“Certification Date”), and if so, to what extent (if any) the Compensation Committee will exercise negative discretion to provide that the Grantee shall earn less than 100% of the Shares (such earned Shares shall then be considered “Earned But Unvested Shares” hereunder). Such Earned But Unvested Shares shall vest one-fifth fourth on the second third business day following the Certification Date and then ratably on the next four three Service Vesting Dates. Prior to the Certification Date, all Shares shall be considered “Unvested unvested Shares.” If the Performance Criteria has not been satisfied then the Shares shall be immediately and automatically forfeited. The “Average Return on Equity for Upon the ten fiscal years ending March 31Certification Date, 2015” shall mean: (i) the sum any portion of the Return on Equity for each of Shares that are not earned in accordance with the ten fiscal years ended March 31, 2015, divided by (ii) 10provisions above shall be forfeited.

Vesting Criteria. The Grantee’s interest in the Shares shall vest in accordance with the vesting schedule set forth below in this Section 3(a) (each such vesting date, a “Vesting Date”) only if the Average Return on Equity for the ten fiscal years year ending March 31, 2015 2021 is at least 15.0010.0% (the “Performance Criteria”); provided, that if the percentage of Shares that will be earned shall be based on the following: Performance Percentage of Criteria is satisfiedShares Earned > 20.0% 100.0% 15.0% 83.3% 10.0% 66.7% ; provided, the Compensation Committee may exercise negative discretion and provide further, that the Grantee exact percentage of Shares earned shall earn less than 100% be calculated based on straight-line interpolation between the points shown above with fractional points rounded up to the nearest tenth of the Shares after taking into consideration the extent to which the Grantee has achieved his/her individual goals attached hereto as Exhibit A. a percent. After the end of the Performance Period, the Compensation Committee shall certify whether and to what extent the Performance Criteria has been satisfied (“Certification Date”), and if so, to what extent (if any) the Compensation Committee will exercise negative discretion to provide that the Grantee shall earn less than 100% of the Shares (such earned Shares shall then be considered “Earned But Unvested Shares” hereunder). Such Earned But Unvested Shares shall vest one-fifth fourth on the second seventh business day following the Certification Date and then ratably on the next four three Service Vesting Dates. Prior to the Certification Date, all Shares shall be considered “Unvested unvested Shares.” If the Performance Criteria has not been satisfied then the Shares shall be immediately and automatically forfeited. The “Average Return on Equity for Upon the ten fiscal years ending March 31Certification Date, 2015” shall mean: (i) the sum any portion of the Return on Equity for each of Shares that are not earned in accordance with the ten fiscal years ended March 31, 2015, divided by (ii) 10provisions above shall be forfeited.

Vesting Criteria. The Grantee’s interest in the Shares shall vest in accordance with the vesting schedule set forth below in this Section 3(a) (each such vesting date, a “Vesting Date”) only if the Average Return on Equity for the ten fiscal years year ending March 31, 2015 2022 is at least 15.0010.0% (the “Performance Criteria”); provided, that if the percentage of Shares that will be earned shall be based on the following: Performance Percentage of Criteria is satisfiedShares Earned > 20.0% 100.0% 15.0% 83.3% 10.0% 66.7% ; provided, the Compensation Committee may exercise negative discretion and provide further, that the Grantee exact percentage of Shares earned shall earn less than 100% be calculated based on straight-line interpolation between the points shown above with fractional points rounded up to the nearest tenth of the Shares after taking into consideration the extent to which the Grantee has achieved his/her individual goals attached hereto as Exhibit A. a percent. After the end of the Performance Period, the Compensation Committee shall certify whether and to what extent the Performance Criteria has been satisfied (“Certification Date”), and if so, to what extent (if any) the Compensation Committee will exercise negative discretion to provide that the Grantee shall earn less than 100% of the Shares (such earned Shares shall then be considered “Earned But Unvested Shares” hereunder). Such Earned But Unvested Shares shall vest one-fifth fourth on the second seventh business day following the Certification Date and then ratably on the next four three Service Vesting Dates. Prior to the Certification Date, all Shares shall be considered “Unvested unvested Shares.” If the Performance Criteria has not been satisfied then the Shares shall be immediately and automatically forfeited. The “Average Return on Equity for Upon the ten fiscal years ending March 31Certification Date, 2015” shall mean: (i) the sum any portion of the Return on Equity for each of Shares that are not earned in accordance with the ten fiscal years ended March 31, 2015, divided by (ii) 10provisions above shall be forfeited.

Vesting Criteria. The Grantee’s interest in the Shares shall vest in accordance with the vesting schedule set forth below in this Section 3(a) (each such vesting date, a “Vesting Date”) only if the Average Return on Equity for the ten fiscal years year ending March 31, 2015 2023 is at least 15.0010.0% (the “Performance Criteria”); provided, that if the percentage of Shares that will be earned shall be based on the following: Performance Percentage of Criteria is satisfiedShares Earned > 20.0% 100.0% 15.0% 83.3% 10.0% 66.7% ; provided, the Compensation Committee may exercise negative discretion and provide further, that the Grantee exact percentage of Shares earned shall earn less than 100% be calculated based on straight-line interpolation between the points shown above with fractional points rounded up to the nearest tenth of the Shares after taking into consideration the extent to which the Grantee has achieved his/her individual goals attached hereto as Exhibit A. a percent. After the end of the Performance Period, the Compensation Committee shall certify whether and to what extent the Performance Criteria has been satisfied (“Certification Date”), and if so, to what extent (if any) the Compensation Committee will exercise negative discretion to provide that the Grantee shall earn less than 100% of the Shares (such earned Shares shall then be considered “Earned But Unvested Shares” hereunder). Such Earned But Unvested Shares shall vest one-fifth fourth on the second seventh business day following the Certification Date and then ratably on the next four three Service Vesting Dates. Prior to the Certification Date, all Shares shall be considered “Unvested unvested Shares.” If the Performance Criteria has not been satisfied then the Shares shall be immediately and automatically forfeited. The “Average Return on Equity for Upon the ten fiscal years ending March 31Certification Date, 2015” shall mean: (i) the sum any portion of the Return on Equity for each of Shares that are not earned in accordance with the ten fiscal years ended March 31, 2015, divided by (ii) 10provisions above shall be forfeited.

Vesting Criteria. The Grantee’s interest in the Shares shall vest in accordance with the vesting schedule set forth below in this Section 3(a) (each such vesting date, a “Vesting Date”) only if the Average Return on Equity for the ten fiscal years year ending March 31, 2015 2020 is at least 15.0010.0% (the “Performance Criteria”); provided, that if the percentage of Shares that will be earned shall be based on the following: Performance Percentage of Criteria is satisfiedShares Earned > 20.0% 100.0% 15.0% 83.3% 10.0% 66.7% ; provided, the Compensation Committee may exercise negative discretion and provide further, that the Grantee exact percentage of Shares earned shall earn less than 100% be calculated based on straight-line interpolation between the points shown above with fractional points rounded up to the nearest tenth of the Shares after taking into consideration the extent to which the Grantee has achieved his/her individual goals attached hereto as Exhibit A. a percent. After the end of the Performance Period, the Compensation Committee shall certify whether and to what extent the Performance Criteria has been satisfied (“Certification Date”), and if so, to what extent (if any) the Compensation Committee will exercise negative discretion to provide that the Grantee shall earn less than 100% of the Shares (such earned Shares shall then be considered “Earned But Unvested Shares” hereunder). Such Earned But Unvested Shares shall vest one-fifth fourth on the second seventh business day following the Certification Date and then ratably on the next four three Service Vesting Dates. Prior to the Certification Date, all Shares shall be considered “Unvested unvested Shares.” If the Performance Criteria has not been satisfied then the Shares shall be immediately and automatically forfeited. The “Average Return on Equity for Upon the ten fiscal years ending March 31Certification Date, 2015” shall mean: (i) the sum any portion of the Return on Equity for each of Shares that are not earned in accordance with the ten fiscal years ended March 31, 2015, divided by (ii) 10provisions above shall be forfeited.

Vesting Criteria. The Grantee’s interest in the Shares shall vest in accordance with the vesting schedule set forth below in this Section 3(a) (each such vesting date, a “Vesting Date”) only if the Average Return on Equity for the ten fiscal years year ending March 31, 2015 2017 is at least 15.0011.0% (the “Performance Criteria”); provided, that if the percentage of Shares that will be earned shall be based on the following: Performance Percentage of Criteria is satisfiedShares Earned > 18.0% 100.0% 14.5% 83.3% 11.0% 66.7% ; provided, the Compensation Committee may exercise negative discretion and provide further, that the Grantee exact percentage of Shares earned shall earn less than 100% be calculated based on straight-line interpolation between the points shown above with fractional points rounded up to the nearest tenth of the Shares after taking into consideration the extent to which the Grantee has achieved his/her individual goals attached hereto as Exhibit A. a percent. After the end of the Performance Period, the Compensation Committee shall certify whether and to what extent the Performance Criteria has been satisfied (“Certification Date”), and if so, to what extent (if any) the Compensation Committee will exercise negative discretion to provide that the Grantee shall earn less than 100% of the Shares (such earned Shares shall then be considered “Earned But Unvested Shares” hereunder). Such Earned But Unvested Shares shall vest one-fifth fourth on the second third business day following the Certification Date and then ratably on the next four three Service Vesting Dates. Prior to the Certification Date, all Shares shall be considered “Unvested unvested Shares.” If the Performance Criteria has not been satisfied then the Shares shall be immediately and automatically forfeited. The “Average Return on Equity for Upon the ten fiscal years ending March 31Certification Date, 2015” shall mean: (i) the sum any portion of the Return on Equity for each of Shares that are not earned in accordance with the ten fiscal years ended March 31, 2015, divided by (ii) 10provisions above shall be forfeited.