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

Annual Long-Term Incentive Awards. During the Term, the Executive will be eligible to receive annual grants under the Company’s 2019 Equity Incentive Plan or any successor plan. For 2019, the Executive’s annual long-term incentive awards will have an aggregate grant date target value of $458,370 and will be 50% in the form of time-based restricted stock units and 50% in the form of performance-based restricted stock units and will be granted to the Executive on or as soon as reasonably practicable following the Effective Date. The time-based restricted stock units will vest ratably in annual installments over three years commencing on the grant date and the performance-based restricted stock units will vest based on the level of achievement of previously determined performance metrics over a three-year performance period from January 1, 2019 through December 31, 2021, in each case subject to continued employment through the applicable vesting date and to the terms and conditions set forth in the applicable equity award agreement. The Executive shall be granted, subject to approval by the Board, annual long-term incentive awards in the first quarter of each year during the Term with an aggregate grant date target value equal to, for 2020 and 2021, 157% of Base Salary, and for 2022 and subsequent years during the Term, 200% of Base Salary (which target may be increased (but not decreased) from time to time as the Board may determine in its sole and absolute discretion). Each future annual long-term incentive award shall include termination of employment provisions that are no less favorable than the termination of employment provisions set forth in the 2019 annual long-term incentive awards.

Annual Long-Term Incentive Awards. During the Term, the Executive will be eligible to receive annual grants under the Company’s 2019 Equity Incentive Plan or any successor plan. For 2019, the Executive’s annual long-term incentive awards will have an aggregate grant date target value of $458,370 500,000 and will be 50% in the form of time-based restricted stock units and 50% in the form of performance-based restricted stock units and will be granted to the Executive on or as soon as reasonably practicable following the Effective Date. The time-based restricted stock units will vest ratably in annual installments over three years commencing on the grant date and the performance-based restricted stock units will vest based on the level of achievement of previously determined performance metrics over a three-year performance period from January 1, 2019 through December 31, 2021, in each case subject to continued employment through the applicable vesting date and to the terms and conditions set forth in the applicable equity award agreement. The For 2020 and subsequent years during the Term, the Executive shall be granted, subject to approval by the BoardBoard (or an independent committee thereof), annual long-term incentive awards in the first quarter of each year during the Term with an aggregate grant date target value equal to, for 2020 and 2021, 157% of Base Salary, and for 2022 and subsequent years during the Term, 200to 133% of Base Salary in the first quarter of each such year (which target may be increased (but not decreased) from time to time as the Board (or an independent committee thereof) may determine in its sole and absolute discretion). Each such future annual long-term incentive award shall include termination of employment provisions that are no less favorable than the termination of employment provisions set forth in the 2019 annual long-term incentive awards.

Annual Long-Term Incentive Awards. During the Term, the Executive will be eligible to receive annual grants under the Company’s 2019 Equity Incentive Plan or any successor plan. For 2019, the Executive’s annual long-term incentive awards will have an aggregate grant date target value of $458,370 208,335 and will be 50% in the form of time-based restricted stock units and 50% in the form of performance-based restricted stock units and will be granted to the Executive on or as soon as reasonably practicable following the Effective Date. The time-based restricted stock units will vest ratably in annual installments over three years commencing on the grant date and the performance-based restricted stock units will vest based on the level of achievement of previously determined performance metrics over a three-year performance period from January 1, 2019 through December 31, 2021, in each case subject to continued employment through the applicable vesting date and to the terms and conditions set forth in the applicable equity award agreement. The For 2020 and subsequent years during the Term, the Executive shall be granted, subject to approval by the Board, annual long-term incentive awards in the first quarter of each year during the Term with an aggregate grant date target value equal to, for 2020 and 2021, 157% of Base Salary, and for 2022 and subsequent years during the Term, 200to 100% of Base Salary in the first quarter of each such year (which target may be increased (but not decreased) from time to time as the Board may determine in its sole and absolute discretion). Each future annual long-term incentive award shall include termination of employment provisions that are no less favorable than the termination of employment provisions set forth in the 2019 annual long-term incentive awards.