Incentive Equity Pool. There will be reserved, exclusively for management employees, a pool of equity (such reserve, the “EIP Pool”) having a value equal to: (i) 8% of the equity value of the Company Group as of the Emergence Date2 (the “Company Group Emergence Value”) as follows: (A) 2.5% of the Company Group Emergence Value in the form of restricted stock units (“RSUs”) to be issued at Emergence, (B) 1.5% of the Company Group Emergence Value in the form of profits interests that will vest based on time and performance3 (with the performance conditions satisfied once the equity value of the Company Group (as equitably adjusted for subsequent contributions and distributions) is equal to 1.5 times the Discounted Company Group Emergence Value4), all of which will be issued at Emergence (the “Base Profits Interests”), and (C) the remaining 4% of the Company Group Emergence Value in a form of equity-based award as determined by the board of directors of the company (the “Board”), taking into account the then prevailing practices of publicly traded E&P companies (the “Other Awards”), and (ii) an additional 2.0% of the Company Group Emergence Value, which will be issued as of the Emergence Date in the form of profits interests that vest once the equity value of the Company Group (as equitably adjusted for subsequent contributions and distributions) is equal to 1.5 times the Company Group Emergence Value (the “Appreciation Profits Interests”). The precise amount of equity and number of shares to be reserved will be determined in a manner consistent with the intended effect of this Term Sheet.
Incentive Equity Pool. To assist in the hiring and retention of key employees into the operations formerly conducted by the Company, I-Bus agrees to create an equity incentive program promptly following the Closing, utilizing for this purpose, as necessary, existing available employee stock options, newly-authorized employee stock options and shares of restricted stock, in an aggregate number of shares of I-Bus common stock of 95,017
Incentive Equity Pool. There will be reserved, exclusively for the Company’s employees, a pool of equity equal to 10% of the shares of the Company’s common stock outstanding on the Plan Effective Date on a fully diluted and fully distributed basis (including, for the avoidance of doubt, after giving effect to the conversion of the Convertible Bonds) (such reserve, the “MIP Pool”). The precise amount of equity and number of shares to be reserved will be determined in a manner consistent with the intended effect of this MIP Term Sheet.
Incentive Equity Pool. Issuer will reserve exclusively for employees of the Company and its subsidiaries and members of the Board of Directors (such reserve, the “MIP Pool”) a pool of shares of common equity (“Common Stock”) of Issuer representing 10% of Issuer’s Common Stock, determined on a fully diluted and fully distributed basis (i.e., assuming conversion of all outstanding convertible securities and full distribution of the MIP Pool).
Incentive Equity Pool. Holdco will reserve exclusively for management employees (such reserve, the “MIP Pool”) a pool of shares of Common Stock of Holdco (“Common Stock”) representing no less than 9% of Holdco’s Common Stock, determined on a fully diluted and fully distributed basis as of the Effective Date (i.e., assuming conversion of all outstanding convertible securities and full distribution of the MIP Pool).2 2 Assumes all common stock capital structure. The percentage of common stock allocated to the MIP Pool does not take into account, and will not be adjusted, for any potential dilution from the warrants to be issued under the chapter 11 plan.
