Company: PERI
Filing Date: 2025-03-25
Form Type: 20-F
Source: 0001178913-25-001021
Chunk: 102

Company: Perion Network Ltd.
Filing Date: 2025-03-25
Form: 20-F
Item: Item 6
Chunk 102
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 or Adjusted EBITDA targets are below 80%.

Furthermore, Mr. Jacobson was granted 250,000 RSU and 250,000 PSUs as of July 30, 2024 (the “2024 CEO Grant”). The RSUs under the 2024 CEO Grant vest over three years with a 12-month cliff; one-third vests on the first anniversary of the grant date, and the balance vests quarterly over the next eight quarters. The PSUs under the 2024 CEO Grant are subject to achievement of certain business and performance related measurable criteria as determined by our Compensation Committee and Board. These performance criteria are split equally: 50% are based on revenue and EBITDA targets for 2024, 2025 and 2026,and 50% are based on appreciation in the Company’s share price.
 
 The vesting of the PSUs under the CEO Grants is calculated based on the average performance levels of actual revenue and Adjusted EBITDA. The maximum vesting of all granted PSUs is capped at 100%. All granted PSUs  will not vest before the first anniversary of the grant date. The RSUs and all granted PSUs are subject to vesting acceleration provisions in the event of a change in control of the Company, provided that the Mr. Jacobson is still employed by the Company or any of its subsidiaries, as the case may be.

The PSUs and RSUs will become fully vested upon the closing of an M&A Event, which shall mean in essence (A) any consolidation, merger or reorganization (“Transaction”) of the Company, in which the shareholders of the Company, immediately prior to such Transaction, own less than 50% of the voting power of the surviving entity (or its affiliated company, as the case may be) immediately after such Transaction; or (B) any transaction or series of related transactions to which the Company is a party, in which all or substantially all of the Company’s outstanding share capital is transferred to any entity or person (excluding a public offering in a stock exchange, or any consolidation, merger or reorganization effected exclusively to change the domicile of the Company, or a transaction or series of related transactions, in which the shareholders of the Company prior to such transaction, hold more than 50% of the voting and economic rights of the Company or surviving entity, as applicable, immediately following such transaction), or (C) the sale, lease, exclusive license, transfer or other disposition, in a single transaction or series of