Common use of Annual Long-Term Incentive Awards Clause in Contracts

Annual Long-Term Incentive Awards. During the Employment Period, Employee shall be entitled to receive annual equity and/or long-term incentive awards at the time such awards are generally made by the Employers to senior executives of the Employers, on a basis no less favorable than such awards are made to other senior executives of the Employers (including with respect to the form of award, the vesting and forfeiture conditions and the value of the award as a percentage of total annual compensation) and consistent with past practices for awarding equity to Employee. All equity and/or long-term incentive awards granted in connection with this Agreement or during the Employment Period will provide that Employee may, at his option, satisfy the minimum required tax withholdings and, in the case of stock options, pay the applicable exercise price, by either (A) the actual or constructive transfer to Xxxx of nonforfeitable unrestricted shares of Xxxx common stock that have been owned by Employee for more than six months prior to the date of exercise or the date on which such taxes are required to be withheld (the “Previously Acquired Shares”), or (B) in the event that Employee does not then own a sufficient number of Previously Acquired Shares, an automatic reduction in the number of shares otherwise required to be delivered to Employee, as applicable, in all cases unless and to the extent that any such transfer or reduction (1) is prohibited by a material financing or other agreement that restricts the ability of the Employers to permit such reduction, or (2) would reasonably be expected to jeopardize the cash flow of either of the Employers.

Annual Long-Term Incentive Awards. During the Employment Period, Employee shall be entitled to receive annual equity and/or long-term incentive awards at the time such awards are generally made by the Employers to senior executives of the Employers, on a basis no less favorable than such awards are made to other senior executives of the Employers (including with respect to the form of award, the vesting and forfeiture conditions and the value of the award as a percentage of total annual compensation) and consistent with past practices for awarding equity to Employee. All equity and/or long-term incentive awards granted in connection with this Agreement or during the Employment Period (including, without limitation, the Initial Options (as defined below)) will provide that Employee may, at his option, satisfy the minimum required tax withholdings and, in the case of stock options, pay the applicable exercise price, by either (A) the actual or constructive transfer to Xxxx of nonforfeitable unrestricted shares of Xxxx common stock that have been owned by Employee for more than six months prior to the date of exercise or the date on which such taxes are required to be withheld (the “Previously Acquired Shares”), or (B) in the event that Employee does not then own a sufficient number of Previously Acquired Shares, an automatic reduction in the number of shares otherwise required to be delivered to Employee, as applicable, in all cases unless and to the extent that any such transfer or reduction (1) is prohibited by a material financing or other agreement that restricts the ability of the Employers to permit such reduction, or (2) would reasonably be expected to jeopardize the cash flow of either of the Employers.