Vesting/Lapse of Forfeiture Restrictions. Until the Restricted Shares are fully vested or forfeited, on each anniversary of the Grant Date, so long as the Director continues in a service relationship with the Company (as provided in Section 5) and subject to the satisfaction of the tax liability under Section 3 on such anniversary date, 25% of the Restricted Shares shall vest and the Forfeiture Restrictions shall lapse on such vested shares. The number of shares that vest as of each anniversary date will be rounded down to the nearest whole share, with any remaining shares vesting on the final installment. Notwithstanding the foregoing vesting schedule, the Forfeiture Restrictions shall lapse in full as to all of the Restricted Shares on the earlier of (i) a Change of Control (as defined in the Plan) or (ii) the termination of the Director’s service relationship with the Company due to the Director’s death.
Vesting/Lapse of Forfeiture Restrictions. As soon as administratively practicable after the last day of the Performance Period, the Committee shall determine the EBIT, Ending Shareholders' Equity and Return on Equity for the Performance Period. The Committee's determinations pursuant to the preceding sentence shall be certified by the Committee in writing and delivered to the Secretary of the Company. For purposes of the preceding sentence, approved minutes of the Committee meeting in which the certification is made shall be treated as a written certification. At the time of such certification and based on the Return on Equity for the Performance Period, the Restricted Performance Shares shall Vest in accordance with the following schedule (rounded to the nearest whole share): At or above the Full Vesting XXX Percentage 100% Above the Threshold Vesting XXX Percentage but less than the Full Vesting XXX Percentage Interpolated percentage between 20% and 100% At the Threshold Vesting XXX Percentage 20% Below the Threshold Vesting XXX Percentage 0% The interpolated percentage referred to in the schedule above shall be determined by increasing the 20% Vesting percentage for a Return on Equity equal to the Threshold Vesting XXX Percentage by the Incremental Percentage for each one-tenth of one percent (0.1%) by which the Return on Equity exceeds the Threshold Vesting XXX Percentage. To illustrate, if, for the Performance Period, the Full Vesting XXX Percentage is 18.0%, the Threshold Vesting XXX Percentage is 12.0%, and the Return on Equity is 15.6%, then the Incremental Percentage is 1⅓% (80% divided by (10 multiplied by (18.0% minus 12.0%))). Since the Return on Equity exceeds the Threshold Vesting XXX Percentage in this example by 3.6% (or 36 one-tenth of one percent increments), the Vesting percentage shall be 68% (20% plus (1⅓% multiplied by 36)).
Vesting/Lapse of Forfeiture Restrictions. (a) Subject to Sections 5.2 and 5.3, the Restricted Matching Shares shall Vest on the third anniversary of the Date of Grant provided that the following requirements are satisfied: (i) Participant's Service has been continuous from the Date of Grant through the third anniversary of the Date of Grant, and (ii) Participant has maintained continuous ownership of the Restricted Qualifying Shares from the Date of Grant through the third anniversary of the Date of Grant.
(b) To the extent that Participant maintains continuous ownership of some, but not all, of the Restricted Qualifying Shares and has thus forfeited a portion of the Restricted Matching Shares pursuant to Section 4.1, the Vesting of the Restricted Matching Shares described in this Section 5.1 shall be with respect to only the number of Restricted Matching Shares that is equal to the number of Qualifying Shares which Participant has maintained continuous ownership from the Date of Grant through the third anniversary of the Date of Grant.
Vesting/Lapse of Forfeiture Restrictions. (a) As soon as administratively practicable after the last day of the Performance Period, the Committee shall compare the Company’s Return on Invested Capital as compared to the Peer Group’s Return on Invested Capital as reported by Bloomberg at the end of the Performance Period. The Committee’s determinations pursuant to the preceding sentence shall be certified by the Committee in writing and delivered to the Secretary of the Company. For purposes of the preceding sentence, approved minutes of the Committee meeting in which the certification is made shall be treated as a written certification. At the time of such certification and based on the Performance Criteria being met, the Restricted Performance Shares shall fully Vest.
(b) Notwithstanding any provision of Section 4.1(a) to the contrary and except as provided in Section 4.2 and Section 4.3, no Restricted Performance Shares shall Vest if Participant’s Service is terminated prior to the last day of the Performance Period for reasons other than Succession Termination, death or disability.
Vesting/Lapse of Forfeiture Restrictions. The Forfeiture Restrictions shall lapse in full as to all of the Restricted Shares on the earlier of (i) the first anniversary of the Grant Date (ii) a Change of Control (as defined in the Plan) or (iii) the termination of the Employee’s service relationship with the Company due to the Employee’s death.
Vesting/Lapse of Forfeiture Restrictions. So long as the Grantee continues in a service relationship with the Company (as provided in Section 5) on the first anniversary of the Grant Date, the Restricted Shares shall vest and the Forfeiture Restrictions shall lapse on such vested shares on such anniversary date. Notwithstanding the foregoing vesting schedule, the Forfeiture Restrictions shall lapse in full as to all of the Restricted Shares on the earlier of (i) a Change of Control (as defined in the Plan) or (ii) the termination of the Grantee’s service relationship with the Company due to the Grantee’s Disability (as defined in the Plan) or death.
Vesting/Lapse of Forfeiture Restrictions. (a) Except as provided in Section 4.2 and Section 4.3, no Restricted Shares shall Vest if Participant’s Service is terminated prior to the last day of the Restricted Period for reasons other than death or disability.
Vesting/Lapse of Forfeiture Restrictions. (a) As soon as administratively practicable after the last day of the Performance Period, the Committee shall determine the EBIT, Ending Shareholders' Equity and Return on Equity for the Performance Period. The Committee's determinations pursuant to the preceding sentence shall be certified by the Committee in writing and delivered to the Secretary of the Company. For purposes of the preceding sentence, approved minutes of the Committee meeting in which the certification is made shall be treated as a written certification. At the time of such certification and based on the Return on Equity for the Performance Period, the Restricted Performance Shares shall Vest in accordance with the following schedule (rounded to the nearest whole share):
Vesting/Lapse of Forfeiture Restrictions. So long as the Grantee continues in a service relationship with the Company (as provided in Section 5) [Percentage 3] of the Restricted Shares, or a portion thereof ([Percentage 1 or Percentage 2]) as indicated in the table below, shall vest and the Forfeiture Restrictions thereon shall lapse on the date the Company files its Annual Report on Form 10-K for each of fiscal years [Year 1], [Year 2], [Year 3], and [Year 4] to the extent that the [income from operations][net sales] reported by the Company for such fiscal year exceeds a corresponding target amount shown in the table below; provided that, Restricted Shares that did not vest at the end of any fiscal year other than fiscal [Year 4] shall vest on the date the Company files its Annual Report on Form 10-K for fiscal [Year 4] if the [income from operations][net sales] reported by the Company for fiscal [Year 4] exceeds $[].] [all of the Restricted Shares shall vest and the Forfeiture Restrictions shall lapse on the date, between November 1, [Year 3] and October 30, [Year 4], that either (i) the 50-day average closing price of the Company’s common stock exceeds $[ ] or (ii) the ratio of the 50-day average closing price of the Company’s common stock to $[] exceeds by a factor of at least [] the ratio of the 50-day average of the Standard & Poor’s Healthcare Equipment Index (IHEY) (or its equivalent, if that index is not reported at that date) to []. If, as of October 30, [Year 4], neither of the foregoing vesting conditions has been met, then 75% of the Restricted Shares shall vest and the Forfeiture Restrictions thereon shall lapse if the 50-day average closing price of the Company’s common stock exceeded $[] at any time between November 1, [Year 3] and October 30, [Year 4]. If, as of October 30, [Year 4], none of the foregoing vesting conditions has been met, then 50% of the Restricted Shares shall vest and the Forfeiture Restrictions thereon shall lapse, if the 50-day average closing price of the Company’s common stock exceeded $[] at any time between November 1, [Year 3] and October 30, [Year 4].] Notwithstanding the foregoing vesting schedule, the Forfeiture Restrictions shall lapse in full as to all of the Restricted Shares on the earlier of (i) a Change of Control (as defined in the Plan) or (ii) the termination of the Grantee’s service relationship with the Company due to the Grantee’s Disability (as defined in the Plan) or death.
Vesting/Lapse of Forfeiture Restrictions. (a) Subject to Sections 4.2 and 4.3, the Restricted Bonus Shares shall Vest in accordance with the following schedule, provided that Participant's Service has been continuous and in good standing from the Date of Grant through the applicable Vesting date: Number of Full Years of Continuous Employment Percentage of Restricted Following Date of Grant Bonus Shares Vesting ----------------------- ------------------------ Less than 2 years 0% 2 years 50% 3 years or more 100%
