Brun 6,263; and (iv) Mr. Malone 5,010. The 2018 performance-based RSUs will be paid in 2019 dependent upon achieving financial performance targets for 2018.
The Compensation Committee believes that the vesting periods in connection with these performance-based RSU awards are appropriate because
they allow the Compensation Committee to formulate performance targets annually that are aligned with our dynamic business plans and external factors.
MPU Grants
. A market performance unit, or MPU is a long-term equity-based award denominated in dollars representing up to 45% of the grantees base salary, which vests
based on achieving stock price targets over a specified three-year performance period.
One-third
of the MPUs will vest at the end of each
one-year
performance period if
the Company meets the specified stock price target. The value of the MPUs that will be earned each year ranges from 7.5% to 15% of each of the Named Executive Officers base salary for the year in which the MPUs were granted depending on the
Companys stock price performance for that year above the specified minimum target price. Under the terms of the MPUs, the annual stock price is calculated by using the average daily closing price of the Companys common stock for 20
trading days preceding December 31 of the relevant fiscal year. The payout amounts for the MPUs may be paid in cash, stock or a combination of both as determined by the Compensation Committee. If paid in common stock, the payout amount will be
calculated based upon the fair market value of the Companys common stock on the trading day immediately preceding the payout date. Payment whether paid in cash, common stock or a combination of both must be paid by March 15th of the
calendar year immediately following the year in which each performance period ends. If the stock price at the end of each annual year is below the minimum stock price, the payout amounts will be zero. If the stock price meets the minimum stock price
for each year, the payout amount will be equal to 7.5% of the grantees base salary for the year in which the MPUs were granted. If the stock price falls between the minimum and target stock price for each year, the payout amounts will be
interpolated on a straight-line basis between the minimum and target stock prices.
MPUs 2015-2017 Performance Cycle
. On
December 17, 2014, the Compensation Committee granted MPUs to Messrs. Eisenberg, Costantini, Stolte, Le Brun and Malone for the three-year performance period which ends on December 31, 2017 (the 2015-2017 MPUs). On
January 1, 2016, the first third of the 2015-2017 MPUs vested based on the stock price performance for 2015 exceeding the specified target price of $7.00 per share. The payout amounts for Messrs. Eisenberg, Costantini, Stolte, Le Brun and
Malone were 15% of their respective 2015 base salaries and were paid solely in cash: Mr. Eisenberg $67,500; Mr. Costantini $46,500; Mr. Stolte $38,700; Mr. Le
Brun $36,750; and Mr. Malone $33,750. On January 1, 2017, the second third of the 2015-2017 MPUs vested based on the stock price performance for 2016 exceeding the specified target price of $8.00 per
share. The payout amounts for Messrs. Eisenberg, Costantini, Stolte, Le Brun and Malone were 15% of their respective 2015 base salaries and were paid solely in cash: Mr. Eisenberg $67,500;
Mr. Costantini $46,500; Mr. Stolte $38,700; Mr. Le Brun $36,750; and Mr. Malone $33,750. On January 1, 2018, the final third of the 2015-2017 MPUs vested
based on the stock price performance for 2017 exceeding the specified target price of $9.00 per share. The payout amounts for Messrs. Eisenberg, Costantini, Stolte, Le Brun and Malone were 15% of their respective 2015 base salaries ($67,500,
$46,500, $38,700, $36,750 and $33,750, respectively) and were paid in 6,631 shares, 4,568 shares, 3,802 shares, 3,610 shares and 3,315 shares of common stock, respectively, based on the closing price of our common stock on December 29, 2017 of
$10.18 per share.
MPUs 2016-2018 Performance Cycle
. On December 15, 2015, the Compensation Committee granted MPUs
to Messrs. Eisenberg, Costantini, Stolte, Le Brun and Malone for the three-year performance period which ends on December 31, 2018 (the 2016-2018 MPUs). On January 1, 2017, the first third of the 2016-2018 MPUs vested based on
the stock price performance for 2016 exceeding the specified target price of $7.00 per share. The payout amounts for Messrs. Eisenberg, Costantini, Stolte, Le Brun and Malone were 15% of their respective 2016 base salaries and were paid solely in
cash: Mr. Eisenberg $67,500; Mr. Costantini $46,500; Mr. Stolte $38,700; Mr. Le Brun $36,750; and Mr. Malone $33,750. On January 1,
2018, the second third of the 2016-2018 MPUs vested based on the stock price performance for 2017 exceeding the specified target price of $8.00 per share. The payout amounts for Messrs. Eisenberg, Costantini, Stolte, Le Brun and Malone were 15% of
their respective 2016 base salaries ($67,500, $46,500, $38,700, $36,750 and $33,750,
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