Incentive Stock. Subject to the approval of the 2004 Omnibus Long-Term Plan at the Company's 2004 annual meeting of stockholders, as an incentive bonus, shares of the Company's common stock ("Incentive Stock") shall be granted to the Executive in accordance with the following: 3.1. Incentive Stock shall be granted to the Executive in reward for the Executive's service and achievement of certain performance criteria, which performance criteria shall be established and determined by the Compensation Committee. 3.2. A total of 350,000 shares of Incentive Stock shall be granted in the form of deferred stock. Two and nine-tenths percent (2.9 %) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2004, five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2005, five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2006, and five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2007. The remaining shares of Incentive Stock shall be granted and released based on the achievement of performance criteria over semi-annual, annual and cumulative performance periods ending December 31, 2007, as determined by the Compensation Committee.
Appears in 2 contracts
Samples: Employment Agreement (CNL Hospitality Properties Inc), Employment Agreement (CNL Hospitality Properties Inc)
Incentive Stock. Subject to the approval of the 2004 Omnibus Long-Term Plan at the Company's 2004 annual meeting of stockholders, as an incentive bonus, shares of the Company's common stock ("Incentive Stock") shall be granted to the Executive in accordance with the following:
3.1. Incentive Stock shall be granted to the Executive in reward for the Executive's service and achievement of certain performance criteria, which performance criteria shall be established and determined by the Compensation Committee.
3.2. A total of 350,000 1,050,000 shares of Incentive Stock shall be granted in the form of deferred stock. Two and nine-tenths percent (2.9 2.9%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2004, five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2005, five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2006, and five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2007. The remaining shares of Incentive Stock shall be granted and released based on the achievement of performance criteria over semi-annual, annual and cumulative performance periods ending December 31, 2007, as determined by the Compensation Committee.
Appears in 1 contract
Samples: Employment Agreement (CNL Hospitality Properties Inc)
Incentive Stock. Subject to the approval of the 2004 Omnibus Long-Term Plan at the Company's 2004 annual meeting of stockholders, as an incentive bonus, shares of the Company's common stock ("Incentive Stock") shall be granted to the Executive in accordance with the following:
3.1. Incentive Stock shall be granted to the Executive in reward for the Executive's service and achievement of certain performance criteria, which performance criteria shall be established and determined by the Compensation Committee.
3.2. A total of 350,000 520,000 shares of Incentive Stock shall be granted in the form of deferred stock. Two and nine-tenths percent (2.9 %) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2004, five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2005, five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2006, and five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2007. The remaining shares of Incentive Stock shall be granted and released based on the achievement of performance criteria over semi-annual, annual and cumulative performance periods ending December 31, 2007, as determined by the Compensation Committee.
Appears in 1 contract
Samples: Employment Agreement (CNL Hospitality Properties Inc)
Incentive Stock. Subject to the approval of the 2004 Omnibus Long-Term Plan at the Company's 2004 annual meeting of stockholders, as an incentive bonus, shares of the Company's common stock ("Incentive Stock") shall be granted to the Executive in accordance with the following:
3.1. Incentive Stock shall be granted to the Executive in reward for the Executive's service and achievement of certain performance criteria, which performance criteria shall be established and determined by the Compensation Committee.
3.2. A total of 350,000 700,000 shares of Incentive Stock shall be granted in the form of deferred stock. Two and nine-tenths percent (2.9 %) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2004, five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2005, five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2006, and five and seven-tenths percent (5.7%) of the shares of Incentive Stock shall be granted and released to the Executive if he is continuously employed by the Company from the Effective Date through December 31, 2007. The remaining shares of Incentive Stock shall be granted and released based on the achievement of performance criteria over semi-annual, annual and cumulative performance periods ending December 31, 2007, as determined by the Compensation Committee.
Appears in 1 contract
Samples: Employment Agreement (CNL Hospitality Properties Inc)