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EYE » Topics » Terms of Performance Award Agreements

This excerpt taken from the EYE 8-K filed May 18, 2005.

Terms of Performance Award Agreements

 

The Form of Performance Award Agreement (the “Performance Agreement”) evidences the grant by us of the right to receive an award in the form of cash, shares of stock or restricted stock or restricted units of our common stock upon the attainment of performance goals established by the Committee at the time of grant during a specified performance period (the “Award”). The Performance Agreement provides that upon a change of control of our company during a performance period, the recipient will be entitled to receive a payment of the Award based on criteria established by the Committee. The Performance Agreement provides that the Awards may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered. Recipients of Awards will have no rights of a stockholder of the company. If the recipient’s employment with us is terminated for any reason during the performance period, then the recipient’s right to any Award will be immediately forfeited.

 

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