Equity Compensation Grant. As a long term incentive, on the Effective Date under the Company’s Long-Term Equity Compensation Plan, Xxxxxxxx shall participate in any equity compensation program provided to all executive officers, based on criteria established by the Compensation Committee in its sole discretion each year.
Equity Compensation Grant. In addition to cash compensation, the Employee will be eligible to earn equity compensation during the Term. The amounts and form of all equity compensation awards shall be determined at the sole discretion of the Board or its designee and only in accordance with shareholder approved stock compensation plans. As of the Effective Date, under the Company’s Long-Term Equity Compensation Plan, the Employee will receive an award equal in value to $510,000, 50% of which will be awarded as restricted stock and 50% of which will be awarded as long-term incentive performance (“LTIP”) shares. For this purpose, the value of the restricted stock and the LTIP shares will be determined by the Company’s compensation consultants and will be based on the average closing price of the stock of the Company for the month of December, 2007. The restricted stock will vest at the rate of 25% for each complete year worked by the Employee under this Agreement, beginning on March 7, 2008 and vesting at the rate of 25% on each anniversary thereof. The performance shares will vest in accordance with the timing and performance targets set forth in the documentation for such LTIP shares. Future awards will vest on the schedule specified by the Board or its designee at the time of the award.
Equity Compensation Grant. As a long-term incentive, under the Company’s long-term equity compensation plan, Xxxxx shall participate in any equity compensation program provided to all executive officers, based on criteria established by the Compensation Committee in its sole discretion each year.
Equity Compensation Grant. As a long term incentive, on the Effective Date under the Company’s Long-Term Equity Compensation Plan, the Employee shall receive an award of stock options equal in value to thirty percent (30%) of the 2007 Base Salary of the Employee and restricted stock equal in value to seventy percent (70%) of the 2007 Base Salary of the Employee. For this purpose, the value of the stock shall be based on the closing market price of the Company on November 14, 2006 and the value of the stock and the value of the stock options shall be determined by the compensation committee. The stock options and restricted stock shall vest at the rate of 25% for each complete year worked by the Employee under this Agreement, beginning from the Effective Date and each anniversary thereof.
Equity Compensation Grant. In addition to cash compensation, the Employee will be eligible to earn equity compensation during the Term. The amounts and form of all equity compensation awards shall be determined at the sole discretion of the Board or its designee and only in accordance with shareholder approved stock compensation plans.
Equity Compensation Grant. As a long term incentive, on the Effective Date under the Company’s Long-Term Equity Compensation Plan, Xxxxxxx shall participate in any equity compensation program provided to all executive officers, based on criteria established by the Compensation Committee in its sole discretion each year. Initially, Xxxxxxx will be granted a restricted stock award equal to 100% of Base Salary, to vest pro rata over 4 years; the valuation date for such award will be based on the closing price of the Company’s stock on November 28, 2008.
Equity Compensation Grant. The Company hereby grants to Kanders 8,274,000 fully vested, unregistered shares of common stock of the Company, par value $0.0001 per share (“Common Stock”) without cost as compensation to Kanders for the Redeployment Services (the “Equity Compensation Shares”); subject to the conditions set forth in Section 6 herein. For the avoidance of doubt, it is intended and understood that such Equity Compensation Shares when issued, shall constitute 19.99% of the total number of shares of Common Stock to be outstanding following the Acquisition and the issuance of the Equity Compensation Shares, without giving effect to any shares issuable upon conversion of the Note as hereinafter defined in Section 6(b)).
