Equity Compensation Opportunity. During each year of the Employment Period (commencing with the 2022 grant cycle, assuming you have not received a grant in respect of 2022 prior to the Closing Date), you will be granted annual long-term incentive awards with a target grant date fair value of 300% of Annual Base Salary. The grant timing, form and terms and conditions of your long-term incentive awards will be as determined by the Compensation Committee of the Board and no less favorable than those applicable to other senior executives of the Company.
Equity Compensation Opportunity. For each calendar year during the Term, Employee will be eligible to participate in and receive a long term award under the Corporation’s Stock Plan (as defined below). The value of Employee’s annual target equity compensation award under the Stock Plan, for each calendar year for which such an award is made to Employee under this Agreement, shall be equal to an amount that is not less than $230,000. Long term incentive awards may be provided in the form of stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), restricted stock, long-term incentive plan (“LTIP”) units, profits interests, and/or other equity or equity-based types of award, as determined by the Compensation Committee in accordance with the terms of the UMH Properties, Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or long term equity-based incentive plan adopted by the Corporation from time to time (the “Stock Plan”). Equity award amounts shall be reviewed at least annually by the Compensation Committee and may be increased (but not decreased) in its discretion (taking into account the recommendation of the Corporation’s President and Chief Executive Officer). Such awards will be pro-rated for any partial year of employment. Such awards will be subject to time-based and performance-based vesting as determined by the Compensation Committee.
Equity Compensation Opportunity. For each calendar year during the Term, Employee will be eligible to participate in and receive a long term award under the Corporation’s Stock Plan (as defined below). The value of Employee’s annual target equity compensation award under the Stock Plan, for each calendar year for which such an award is made to Employee under this Agreement, shall be equal to an amount that is not less than $1,600,000. Long term incentive awards may be provided in the form of stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), restricted stock, long-term incentive plan (“LTIP”) units, profits interests, and/or other equity or equity-based types of award, as determined by the Compensation Committee in accordance with the terms of the UMH Properties, Inc. Amended and Restated 2013 Incentive Award Plan or any successor stock or long term equity-based incentive plan adopted by the Corporation from time to time (the “Stock Plan”). Equity award amounts shall be reviewed at least annually by the Compensation Committee and may be increased (but not decreased) in its discretion. Such awards will be pro-rated for any partial year of employment. Such awards will be subject to time-based and performance-based vesting as determined by the Compensation Committee. The terms and conditions of equity or equity-based grants to Employee in respect of any calendar year, including vesting and types of awards (but not necessarily the amount of such awards), shall be no less favorable than the terms and conditions of equity grants provided to other named executive officers of the Corporation, generally, in respect of such calendar year.
Equity Compensation Opportunity. During each year of the Employment Period (commencing with the 2022 grant cycle, assuming you have not received a grant in respect of 2022 prior to the Closing Date), you will be granted annual long-term incentive awards with a target grant date fair value of 300% of Annual Base Salary. The grant timing, form and terms and conditions of your long-term incentive awards will be as determined by the Compensation Committee of the Board and no less favorable than those applicable to other senior executives of the Company; provided, however, that any such long-term incentive awards may be granted to you in the form of restricted stock units with respect to Company common stock in lieu of shares of restricted stock.
