In Situations 1 and 2, (1) all of the employees covered by the converted or merged MPPP remain covered under the continuing profit-sharing plan, (2) the MPPP assets and liabilities retain their characterization under the profit-sharing plan and (3) the employees vest in
the continuing profit-sharing plan under the same vesting schedule that existed under the MPPP.
The restricted stock units will vest in
one-quarter increments on each of the first four anniversaries of the grant date.
One half of the remaining 20,000 options vest quarterly over the 12 month period following the date of grant and the remaining half will only vest in
the event that certain financial objectives are achieved for the 2006 fiscal year.
The stock options vest in
three equal annual installments on the anniversary of the grant date and are subject to forfeiture in the event of resignation or termination for cause prior to vesting.
The restricted stock award will vest in
full on November 9, 2009; provided, however, that the award shall vest on an accelerated basis in the following situations: (i) 125,000 shares shall vest if the Company achieves performance targets to be established by the board and compensation committee for 2006, and (ii) 125,000 shares shall vest if the Company achieves performance targets to be established by the board and compensation committee for 2007.
Limeri's options will vest in
four equal annual installments on each of the first four anniversaries of the grant.
The restricted stock units vest in
one-third increments on each of the first, second and third anniversary of the grant date; provided that Mr.
Marvin will vest in
the restricted shares so long as he remains an employee through the applicable vesting dates.
These shares vest in
four equal annual installments commencing on October 29, 2005.
01 per share and vest in
one-third increments if and at such time the Company's stock price reaches predetermined performance hurdles, and otherwise will vest approximately seven years from the grant date, subject to continued employment with the Company.