Cash LTIP Award. In addition to any other compensation granted or paid hereunder, with respect to the Company’s 2009 fiscal year, the Executive shall be entitled to receive a long-term incentive award, with a target value of no less than $100,000 (the “2009 LTIP Award”) (and which shall be granted at no less than target if the applicable performance targets have been met). Subject to the Executive’s achievement of certain performance goals already established by the Board (or any authorized committee thereof), the 2009 LTIP Award shall be granted to the Executive within the first 75 days of the year immediately following the end of the applicable fiscal year to which such performance goals relate (the “Performance Year”). Except as may otherwise be provided in Section 10 of this Agreement, (i) any such granted 2009 LTIP Award shall vest in three equal [***] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. installments, on each of October 13, 2010, October 13, 2011 and October 13, 2012, subject to the Executive’s continued employment with the Company through each applicable vesting date and (ii) any vested portion of such 2009 LTIP Award shall be delivered to the Executive, 100% in cash, on October 13, 2012. It is intent of the parties that there shall be no transfer of property (within the meaning of Section 83 of the Code) with respect to the 2009 LTIP Award prior to the payment date as described in this Section 4.
Cash LTIP Award. Executive shall be eligible to participate in the Cash LTIP and to receive such cash awards as are determined by the Compensation Committee in its discretion and in accordance with the Board approved plan and any amendments, provided the Company represents and warrants to the Executive that the terms of the Cash LTIP will not be amended, modified, changed, or interpreted or applied to make them less generous than they were on March 1, 2022, without prior written notice.
Cash LTIP Award. In addition to any other compensation granted or paid hereunder, with respect to the Company’s 2009 fiscal year, the Executive shall be entitled to receive a long-term incentive award, with a target value of no less than $1,200,000 (the “2009 LTIP Award”) (and which shall be granted at no less than target if the applicable performance targets have been met). Subject to the Executive’s achievement of certain performance goals already established by the Committee in consultation with the Executive, the 2009 LTIP Award shall be granted to the Executive within the first 75 days of the year immediately following the end of the applicable fiscal year to which such performance goals relate (the “Performance Year”). Except as may otherwise be provided in Section 10 of this Agreement, (i) any such granted 2009 LTIP Award shall vest in three equal annual installments, on each of June 4, 2010, June 4, 2011 and June 4, 2012, subject to the Executive’s continued employment with the Company through each applicable vesting date and (ii) any vested portion of such 2009 LTIP Award shall be delivered to the Executive, 100% in cash, on June 4, 2012. It is intent of the parties that there shall be no transfer of property (within the meaning of Section 83 of the Code) with respect to the 2009 LTIP Award prior to the payment date described in this Section 4.
