Measurement Year definition
Examples of Measurement Year in a sentence
On each Measurement Date, 50% of the Eligible Shares shall become Vested Shares if at least 90% of the Target EBITDA amount was met for the prior Measurement Year.
If more than 90% of the Target EBITDA amount was met for the prior Measurement Year, then the Eligible Shares shall become Vested Shares on a straight line basis such that an additional 5% of Eligible Shares shall become Vested Shares for each 1% that actual Consolidated Adjusted EBITDA exceeds 90% of the Target EBITDA amount.
Performance Units that have not become Vested Units will accelerate as set forth below upon a Change of Control solely if the Company (a) achieves at least 90% of the EBITDA target for the Measurement Year immediately preceding the year in which the Change of Control occurs, and (b) the actual EBITDA for the Measurement Year immediately preceding the year in which the Change of Control occurs exceeded the actual EBITDA for the preceding year.
On each Measurement Date, 50% of the Eligible Performance Units with respect to the prior Measurement Year shall become Vested Units if at least 90% of the annual EBITDA target amount was met for the prior Measurement Year.
If (x) the conditions set forth in clauses (a) and (b) above are met, and (y) the Company achieved 90% of the cumulative EBITDA target for the Measurement Year completed immediately prior to the Change of Control, then 50% of the Missed Performance Units and 50% of the Performance Units that are not Eligible Performance Units shall become Vested Units.