Common use of Emergence Equity Grant Clause in Contracts

Emergence Equity Grant. The Company shall grant Executive a combination of restricted stock units (“Restricted Stock Units”) that are to be settled in common stock of the Company (“Common Stock”) and options to purchase Common Stock (“Stock Options”) with an aggregate economic value of $800,000 (such grant of Restricted Stock Units and Stock Options are together referred to as the “Executive LTIP”). The $800,000 aggregate economic value of the Restricted Stock Units and Stock Options to be awarded under the Executive LTIP shall be determined in the good faith judgment of the Compensation Committee of the Board taking into account the requirements set forth in (A) and (B) below. (A) Ten days following the Company’s emergence from bankruptcy protection (the “Emergence Date”) under Chapter 11 of Title 11 of the United States Code, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,000, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded ten days following the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted ten days following the Emergence Date shall have an exercise price per share equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted ten days following the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. (B) Forty five days after the Emergence Date, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,000, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded 45 days after the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted 45 days after the Emergence Date shall have an exercise price equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted 45 days after the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. The terms and conditions of the Executive LTIP shall be governed by and subject to the award agreements to be entered into between Executive and the Company, substantially in the forms of Exhibits B and C respectively (the “LTIP Award Agreements”). The Restricted Stock Units and Options granted pursuant to the Executive LTIP shall, subject to the treatment of the Executive LTIP upon termination of Executive’s employment as provided in the LTIP Award Agreement, vest over a period of three years, with 25% to vest six months after the Emergence Date, 25% to vest one year after the Emergence Date, 25% to vest two years after the Emergence Date and 25% to vest three years after the Emergence Date.

Emergence Equity Grant. The Company shall grant Executive a combination of restricted stock units (“Restricted Stock Units”) that are to be settled in common stock of the Company (“Common Stock”) and options to purchase Common Stock (“Stock Options”) with an aggregate economic value of $800,000 3.6 million (such grant of Restricted Stock Units and Stock Options are together referred to as the “Executive LTIP”). The $800,000 3.6 million aggregate economic value of the Restricted Stock Units and Stock Options to be awarded under the Executive LTIP shall be determined in the good faith judgment of the Compensation Committee of the Board taking into account the requirements set forth in (A) and (B) below. (A) Ten days following the Company’s emergence from bankruptcy protection (the “Emergence Date”) under Chapter 11 of Title 11 of the United States Code, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,0001.8 million, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded ten days following the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted ten days following the Emergence Date shall have an exercise price per share equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted ten days following the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. (B) Forty five days after the Emergence Date, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,0001.8 million, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded 45 days after the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted 45 days after the Emergence Date shall have an exercise price equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted 45 days after the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. The terms and conditions of the Executive LTIP shall be governed by and subject to the award agreements to be entered into between Executive and the Company, substantially in the forms of Exhibits B and C respectively (the “LTIP Award Agreements”). The Restricted Stock Units and Options granted pursuant to the Executive LTIP shall, subject to the treatment of the Executive LTIP upon termination of Executive’s employment as provided in the LTIP Award Agreement, vest over a period of three years, with 25% to vest six months after the Emergence Date, 25% to vest one year after the Emergence Date, 25% to vest two years after the Emergence Date and 25% to vest three years after the Emergence Date.

Emergence Equity Grant. The Company shall grant Executive a combination of restricted stock units (“Restricted Stock Units”) that are to be settled in common stock of the Company (“Common Stock”) and options to purchase Common Stock (“Stock Options”) with an aggregate economic value of $800,000 .1.1 million (such grant of Restricted Stock Units and Stock Options are together referred to as the “Executive LTIP”). The $800,000 1.1 million aggregate economic value of the Restricted Stock Units and Stock Options to be awarded under the Executive LTIP shall be determined in the good faith judgment of the Compensation Committee of the Board taking into account the requirements set forth in (A) and (B) below. (A) Ten days following the Company’s emergence from bankruptcy protection (the “Emergence Date”) under Chapter 11 of Title 11 of the United States Code, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,000550,000, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded ten days following the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted ten days following the Emergence Date shall have an exercise price per share equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted ten days following the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. (B) Forty five days after the Emergence Date, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,000550,000, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded 45 days after the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted 45 days after the Emergence Date shall have an exercise price equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted 45 days after the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. The terms and conditions of the Executive LTIP shall be governed by and subject to the award agreements to be entered into between Executive and the Company, substantially in the forms of Exhibits B and C respectively (the “LTIP Award Agreements”). The Restricted Stock Units and Options granted pursuant to the Executive LTIP shall, subject to the treatment of the Executive LTIP upon termination of Executive’s employment as provided in the LTIP Award Agreement, vest over a period of three years, with 25% to vest six months after the Emergence Date, 25% to vest one year after the Emergence Date, 25% to vest two years after the Emergence Date and 25% to vest three years after the Emergence Date.

Emergence Equity Grant. The Company shall grant Executive a combination of restricted stock units (“Restricted Stock Units”) that are to be settled in common stock of the Company (“Common Stock”) and options to purchase Common Stock (“Stock Options”) with an aggregate economic value of $800,000 12 million (such grant of Restricted Stock Units and Stock Options are together referred to as the “Executive LTIP”). The $800,000 12 million aggregate economic value of the Restricted Stock Units and Stock Options to be awarded under the Executive LTIP shall be determined in the good faith judgment of the Compensation Committee of the Board taking into account the requirements set forth in (A) and (B) below. (A) Ten days following the Company’s emergence from bankruptcy protection (the “Emergence Date”) under Chapter 11 of Title 11 of the United States Code, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,0006 million, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded ten days following the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted ten days following the Emergence Date shall have an exercise price per share equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted ten days following the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. (B) Forty five days after the Emergence Date, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,0006 million, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded 45 days after the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted 45 days after the Emergence Date shall have an exercise price equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted 45 days after the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. The terms and conditions of the Executive LTIP shall be governed by and subject to the award agreements to be entered into between Executive and the Company, substantially in the forms of Exhibits B and C respectively (the “LTIP Award Agreements”). The Restricted Stock Units and Options granted pursuant to the Executive LTIP shall, subject to the treatment of the Executive LTIP upon termination of Executive’s employment as provided in the LTIP Award Agreement, vest over a period of three years, with 25% to vest six months after the Emergence Date, 25% to vest one year after the Emergence Date, 25% to vest two years after the Emergence Date and 25% to vest three years after the Emergence Date.

Emergence Equity Grant. The Company shall grant Executive a combination of restricted stock units (“Restricted Stock Units”) that are to be settled in common stock of the Company (“Common Stock”) and options to purchase Common Stock (“Stock Options”) with an aggregate economic value of $800,000 3.2 million (such grant of Restricted Stock Units and Stock Options are together referred to as the “Executive LTIP”). The $800,000 3.2 million aggregate economic value of the Restricted Stock Units and Stock Options to be awarded under the Executive LTIP shall be determined in the good faith judgment of the Compensation Committee of the Board taking into account the requirements set forth in (A) and (B) below. (A) Ten days following the Company’s emergence from bankruptcy protection (the “Emergence Date”) under Chapter 11 of Title 11 of the United States Code, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,0001.6 million, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded ten days following the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted ten days following the Emergence Date shall have an exercise price per share equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted ten days following the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. (B) Forty five days after the Emergence Date, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,0001.6 million, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded 45 days after the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted 45 days after the Emergence Date shall have an exercise price equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted 45 days after the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. The terms and conditions of the Executive LTIP shall be governed by and subject to the award agreements to be entered into between Executive and the Company, substantially in the forms of Exhibits B and C respectively (the “LTIP Award Agreements”). The Restricted Stock Units and Options granted pursuant to the Executive LTIP shall, subject to the treatment of the Executive LTIP upon termination of Executive’s employment as provided in the LTIP Award Agreement, vest over a period of three years, with 25% to vest six months after the Emergence Date, 25% to vest one year after the Emergence Date, 25% to vest two years after the Emergence Date and 25% to vest three years after the Emergence Date.

Emergence Equity Grant. The Company shall grant Executive a combination of restricted stock units (“Restricted Stock Units”) that are to be settled in common stock of the Company (“Common Stock”) and options to purchase Common Stock (“Stock Options”) with an aggregate economic value of $800,000 3.8 million (such grant of Restricted Stock Units and Stock Options are together referred to as the “Executive LTIP”). The $800,000 3.8 million aggregate economic value of the Restricted Stock Units and Stock Options to be awarded under the Executive LTIP shall be determined in the good faith judgment of the Compensation Committee of the Board taking into account the requirements set forth in (A) and (B) below. (A) Ten days following the Company’s emergence from bankruptcy protection (the “Emergence Date”) under Chapter 11 of Title 11 of the United States Code, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,0001.9 million, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded ten days following the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted ten days following the Emergence Date shall have an exercise price per share equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted ten days following the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. (B) Forty five days after the Emergence Date, Executive shall be awarded Restricted Stock Units and Stock Options with an aggregate value of $400,0001.9 million, with one-third of such value to consist of Restricted Stock Units. The exact number of Restricted Stock Units to be awarded 45 days after the Emergence Date shall be determined solely based on the average of the daily closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the average of the midpoint of the daily bid and ask price of a share of Common Stock on the OTC Bulletin Board, from the Emergence Date to the date of grant of such Restricted Stock Units, without any discount based on vesting requirements or lack of transferability. The Stock Options granted 45 days after the Emergence Date shall have an exercise price equal to the closing price of a share of Common Stock on The New York Stock Exchange or, if the Common Stock is not traded on The New York Stock Exchange, the midpoint of the bid and ask price of a share of Common Stock on the OTC Bulletin Board, on the date of grant of such Stock Options. Such Stock Options shall have a ten-year term. The exact number of Stock Options granted 45 days after the Emergence Date shall be determined based upon a Black-Scholes or other valuation model, using reasonable assumptions as determined in good faith by the Compensation Committee of the Board. The terms and conditions of the Executive LTIP shall be governed by and subject to the award agreements to be entered into between Executive and the Company, substantially in the forms of Exhibits B and C respectively (the “LTIP Award Agreements”). The Restricted Stock Units and Options granted pursuant to the Executive LTIP shall, subject to the treatment of the Executive LTIP upon termination of Executive’s employment as provided in the LTIP Award Agreement, vest over a period of three years, with 25% to vest six months after the Emergence Date, 25% to vest one year after the Emergence Date, 25% to vest two years after the Emergence Date and 25% to vest three years after the Emergence Date.