Three — Approval of Amendment to GTY Technology Holdings Inc. Amended and Restated 2019 Omnibus Incentive Plan”, we are asking shareholders to approve a further amendment to the Plan at the Annual Meeting.
TJ Parass
On October 30, 2019, Mr. Parass received an award under the Parass Employment Agreement of 140,000 time-based restricted stock units, of which 46,667 restricted stock units vested on each of October 30, 2019 and February 19, 2020 and 46,666 restricted stock units vested on February 19, 2021. All these restricted stock units were settled in an equivalent number of shares of the Company’s common stock on February 25, 2021.
Under the Amended and Restated Parass Employment Agreement, the Company also has granted the following restricted stock units, generally subject to Mr. Parass’ continued employment with the Company:
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On August 26, 2021, 100,000 time-based restricted stock units, 75,000 of which vested on December 31, 2021 and will be settled in an equivalent number of shares of the Company’s common stock, and the remaining 25,000 of which will vest on December 31, 2022.
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On August 26, 2021, 60,000 time-based restricted stock units vesting in three equal installments, 20,000 of which vested on February 19, 2022 and will be settled in an equivalent number of shares of the Company’s common stock, and the remaining 40,000 of which will vest in equal installments on February 19, 2023 and February 19, 2024.
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On August 26, 2021, 100,000 time-based restricted stock units, 75,000 of which will vest on December 31, 2022 and the remaining 25,000 of which will vest on December 31, 2023.
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On December 31, 2021, 70,000 performance-based restricted stock units, 9,963 of which were forfeited on February 10, 2022 because Mr. Parass did not achieve all performance goals established by the Board for the relevant performance period, 20,102 of which vested on February 19, 2022 as a result of the achievement of certain of such goals and will be settled in an equivalent number of shares of the Company’s common stock, and 40,205 of which will vest in substantially equal installments on February 19, 2023 and February 19, 2024 as a result of the achievement of certain of such goals.
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On February 10, 2022, 36,342 time-based restricted stock units, all of which vested on February 19, 2022 and will be settled in an equivalent number of shares of the Company’s common stock, as Mr. Parass’ annual bonus for 2021, consistent with his waiver and consent to receive such bonus in cash, restricted stock units with a vesting period of no more than one year, or a combination of both.
Under the Amended and Restated Parass Employment Agreement, the Company further will grant the following restricted stock units, subject the approval of the compensation committee and to Mr. Parass’ continued employment with the Company:
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On or before December 31, 2022, 60,000 time-based restricted stock units vesting in three equal installments on February 19, 2023, February 19, 2024 and February 19, 2025.
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On or before December 31, 2022, 70,000 performance-based restricted stock units vesting in three substantially equal installments on February 19, 2023, February 19, 2024 and February 19, 2025 subject to the achievement of performance goals established by the Board.
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On or before December 31, 2022, performance-based restricted stock units with a fair market value of $3,000,000 on the date of grant, rounded up to avoid a grant of fractional shares, vesting in the following installments over three years subject to the achievement of performance goals established by the Board related to revenue and shareholder value: (i) 50% in 2023 (the “2023 LTI Vesting”), (ii) 25% in 2024 and (iii) 25% in 2025 (collectively, the “Parass Long-Term Incentive Grant”).
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On or before December 31, 2023 and the end of each subsequent year, time-based restricted stock units with a fair market value of $300,000 on the date of grant, rounded up to avoid a grant of fractional shares, vesting in three equal installments on February 19 of each subsequent year.
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On or before December 31, 2023 and the end of each subsequent year, performance-based restricted stock units with a fair market value of $350,000 on the date of grant, rounded up to avoid a grant of