3Long-Term Incentive Compensation. Long-term incentive compensation awards may be made to the Employee from time to time during the Employment Term by the Board in its sole discretion, whose decision will be based upon performance and award guidelines for executive officers of the Company established periodically by the Board in its sole discretion.
3Long-Term Incentive Compensation. 4.3.1 The Executive shall be entitled to participate in the Company’s stock plans for granting equity (e.g., future grants of restricted stock awards (“RSAs”) or other stock awards) as may subsequently be approved by the Compensation Committee. These Restricted Shares are granted on the conditions that Executive remains employed by the Company through and including the respective vesting periods and that the Board has not terminated the employment of the Executive for “Cause,” as the term is defined in Section 6.2, below.
3Long-Term Incentive Compensation. During the Employment Period, you shall participate in the Company’s equity incentive plan (currently the 2019 Omnibus Incentive Plan) and any successor thereto (as applicable, the “Long-Term Incentive Plan”) in accordance with the terms and conditions thereof and on the same basis as other senior executives of the Company. In connection with the commencement of your employment, the Company will award you the following equity grants under the Long-Term Incentive Plan:
3Long-Term Incentive Compensation. During the Employment Period, Executive shall participate in the Company’s 2009 Equity Incentive Plan and any successor thereto (the “Long-Term Incentive Plan”) in accordance with the terms and conditions thereof and on the same basis as other senior executives of the Company. In connection with his commencing employment with the Company, on the Effective Date Executive is being awarded under the Long Term Incentive Plan a time vesting restricted stock grant (the “Initial Grant”) for one hundred thousand dollars ($100,000) of the Company’s common stock, valued as of market closing on the Effective Date, and vesting in equal semi-annual installments over 4 years from the Effective Date. The Initial Grant is in lieu of a grant that would vest based on the Company’s 2016 financial results. Also, on the Effective Date Executive is being awarded under the Long Term Incentive Plan a restricted stock grant for one hundred thousand dollars ($100,000) of the Company’s common stock, valued as of market closing on the Effective Date, which would be earned based upon the Company achieving three year performance targets for Company’s executive officers for the three year period of 2016, 2017 and 2018, measured by results of 2018, as established by the Committee, and if earned, would vest 100% upon the Committee’s determination that such performance target was achieved (“2016 Three Year Performance Grant”). The terms and conditions of the Initial Grant and 2016 Three Year Performance Grant shall be governed by the Long Term Incentive Plan and an award agreement determined by the Committee in the case of the 2016 Three Year Performance Grant consistent with corresponding grants provided to other senior executive officers of the Company for 2016, and in the case of the Initial Grant consistent with time vested grants recently awarded.
3Long-Term Incentive Compensation. Subject to Compensation Committee and/or Board approval, during the Term, Executive will be eligible to receive future long-term incentive awards commencing in 2024 as part of the Company’s annual grant process, with vesting and other terms as determined by the Compensation Committee consistent with those applicable to long-term incentive grants awarded to other executive officers of the Company. Executive’s target opportunity for the long-term incentive compensation program shall be equal to $7,000,000 (such target long term incentive compensation program target, as it may be increased from time to time, the ”Target LTI”), with the actual amount of the Target LTI earned (which may be more or less than, including zero, the Target LTI) being based on achievement of personal or Company performance goals, as established by the Compensation Committee each year in its sole discretion. The Compensation Committee will determine in its sole discretion the extent to which the performance goals have been achieved. The Compensation Committee may, but shall not be required to, increase (but not decrease) Executive’s Target LTI at any time for any reason.
