Examples of Earned Options in a sentence
After a Change in Control, the Award shall no longer be subject to performance-based vesting conditions and the number of unvested Earned Options determined pursuant to the preceding sentence shall remain unvested, with vesting subject to Participant’s continued service with the Company or a Subsidiary through the applicable Vesting Date.
Except as provided in Section 6(b), all unvested Earned Options will be automatically forfeited if the Grantee terminates employment for any reason prior to the vesting dates set forth in this Section 6(a).
In the event of a Change in Control occurring within three years after the Date of Grant, to the extent a number of Options have not been earned as of the date of the Change in Control equal to at least two-thirds of the Options granted (the “Target”), an additional number of Unearned Options shall be deemed Earned Options such that total Earned Options equals the Target number of Options.
The exercise price of the Earned Options will be equal to the fair market value of the Company’s common stock as reported on the Over the Counter Bulletin Board on the date that this Agreement is executed by both parties.
For the avoidance of doubt, subject to Sections 8 and 9, each Achievement Date must occur during the Performance Period and if the Achievement Date for any Performance Goal does not occur during the Performance Period, the portion of the Option eligible to be earned upon achievement of the Performance Goal shall terminate in its entirety immediately on the first day following the end of the Performance Period, and Earned Options shall only vest upon an Applicable Vesting Date.
For example, if the “Threshold” [_____] Goal were to be achieved in 2022, the “Threshold” [_____] Goal were to be achieved in 2023, and the “Target” [_____] Goal were to be achieved in 2024, the number of Earned Options on each of the three Vesting Dates would be 25% on the first Vesting Date, it would remain 25% on the second Vesting Date, and it would increase to 50% on the third Vesting Date.
Any portion of the Options granted to a Grantee that are determined not to be Earned Options shall be forfeited as of the date of the Compensation Committee Certification.
The Earned Options shall be exercisable for a period of ten years from the date of grant.
Each of the four [_____] Goals may only be achieved once (i.e., once a [_____] Goal has been achieved, the number of Earned Options will not increase unless the next highest Performance Level is achieved).
The Earned Options will vest only to the extent the Grantee also satisfies the employment service requirements set forth in Section 6 below.