Initial Annual Equity Grant Sample Clauses

Initial Annual Equity Grant. On the Start Date, you will be granted equity-based awards under the Company’s 2020 Equity Incentive Plan (as in effect from time to time, the “EIP”) with respect to shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), having a total target grant date value of approximately $1,300,000 (collectively, the “Initial Awards”). It is expected that the Initial Awards will be granted 50% in the form of non-qualified stock options and 50% in the form of time-based restricted stock units. The Initial Awards will be subject to the EIP and the applicable award agreements evidencing such awards. You agree to execute the Company’s applicable forms of grant notice and award agreement to finalize our agreement as to the Initial Awards.
Sample 1
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Initial Annual Equity Grant. For the 2023 fiscal year the Executive will be eligible for an initial equity grant with an aggregate value of 100% of Executive’s Base Salary, subject to the approval and discretion of the Compensation Committee and subject to the terms and conditions of the Company’s organizational documents, any applicable plan documents, and individual award agreements, as such documents and agreements may be amended from time to time. Such equity grant is anticipated to be granted effective on or about June 1, 2023, subject to stockholder approval at the Company’s 2023 annual meeting of stockholders of an amendment to the Plan increasing the number of shares available for issuance thereunder out of which the equity grant described in this Section 5.4(b) will be granted. If such stockholder approval is not obtained, subject to the approval of the Compensation Committee and the terms and conditions of such approval, the Company will provide Executive with an alternative incentive award that provides substantially similar compensation to Executive.
Sample 1
Initial Annual Equity Grant. For the 2023 fiscal year the Executive will be eligible for an initial equity grant with an aggregate value of 100% of Executive’s Base Salary, subject to the approval and discretion of the Compensation Committee and subject to the terms and conditions of the Company’s organizational documents, any applicable plan documents, and individual award agreements, as such documents and agreements may be amended from time to time.
Sample 1
Initial Annual Equity Grant. On the Start Date, you will be granted equity-based awards with respect to shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), having a total grant date value of approximately $1,500,000 (each, an “Initial Award” and, collectively, the “Initial Awards”). It is expected that the Initial Awards will be 50% in the form of a non-qualified stock option and 50% in the form of a restricted stock unit award. The Initial Awards will be granted under the Company’s 2020 Equity Incentive Plan (as in effect from time to time, the “EIP”) and will be evidenced by award agreements. Each Initial Award will vest as to 20% of the shares of Common Stock underlying the award on each of the first five anniversaries of the date of grant, in each case, subject to your continued employment with the Company on each vesting date, and will be subject to the other terms and conditions of the EIP and the award agreements evidencing the Initial Awards.
Sample 1
Initial Annual Equity Grant. Following adoption of the 2024 Equity Incentive Plan, the Employee will be entitled to receive with respect to fiscal year 2025 a grant or grants of restricted stock or restricted stock units, as determined by the Compensation Committee in its sole discretion, with a target aggregate value of $1,300,000. The actual number of shares of restricted stock and/or restricted stock units shall be determined by dividing $1,300,000 by the trailing average closing price of the Company’s common stock for the 20 consecutive trading days immediately preceding (but not including) the grant date. Any vesting conditions relating to continued service with the Company shall use the grant date as the vesting commencement date and the definitions of “Cause” and “Good Reason” as set forth in this Agreement shall be used for purposes of applying any comparable provisions of the 2024 Equity Incentive Plan and the related individual award agreements. Such grant shall be made no later than December 31, 2024, and shall be subject to the terms and conditions of the 2024 Equity Incentive Plan and the related individual award agreements, including vesting conditions relating to continued service with the Company and/or performance of the Company and in such proportion as determined by the Compensation Committee in its sole discretion, as such documents may be amended from time to time; provided that, to the extent there is any conflict between this Section 4(e)(ii) and the terms and conditions of the 2024 Equity Incentive Plan and the related individual award agreement, the terms of this Section 4(e)(ii) shall govern. If shareholder approval of the 2024 Equity Incentive Plan is not obtained, the Company will provide the Employee with an alternative cash long-term incentive award that provides compensation to the Employee that is no less valuable than the grant described herein, comprised of such combination of equity-based award(s) as may be permissible under the Prior Stock Incentive Plan and cash award(s) as determined by the Compensation Committee in its sole discretion. Any awards granted under this Section 4(e)(ii) are hereinafter collectively referred to as the “Initial Annual Equity Grant.”
Sample 1
Initial Annual Equity Grant. For the 2023 fiscal year the Executive will be eligible for an initial equity grant with an aggregate value of $1,000,000, which will consist of 75% performance restricted stock units (PSUs) and 25% restricted stock units (RSUs), subject to the approval and discretion of the Compensation Committee and subject to the terms and conditions of the Company’s organizational documents, any applicable plan documents, and individual award agreements, as such documents and agreements may be amended from time to time. Such equity grant is anticipated to be granted effective on or about June 1, 2023, subject to stockholder approval of an amendment to the Plan increasing the number of shares available for issuance thereunder out of which the equity grant described in this Section 5.3(b) will be granted at the Company’s 2023 annual meeting of stockholders.
Sample 1

Related to Initial Annual Equity Grant

  • Initial Grant As soon as practicable after the effective date of this Agreement and subject to Board and all other required approvals, the Company shall grant to the Executive under the Company’s Amended and Restated 2003 Stock Incentive Plan (the “Plan”) a non-qualified stock option to purchase a number of shares of the common stock of the Company equal to 5.15% of the Company’s fully-diluted common stock (excluding the effects of any conversion of the (i) debt issued in connection with the Initial Financing, (ii) the investor convertible subordinated debt issued in January 2014 or (iii) any other convertible debt that is issued prior to the thirty-six (36) month anniversary of the Effective Date) with a per share exercise price equal to the fair market value of the Company’s common stock (as determined by the Board pursuant to the Plan) at the time of grant. The Initial Grant shall be granted pursuant to and governed by the terms of a stock option award agreement in a form provided by the Company at the time of grant; provided, however, that the form shall provide for cashless exercise of the option in an amount sufficient to satisfy the option exercise price. Provided the Executive remains continuously and actively employed with the Company through the applicable vesting date, the Initial Grant will be vested and exercisable with respect to (i) 10% of the underlying common stock as of the Effective Date, (ii) 25% of the underlying common stock on the first (1st) anniversary of the Effective Date, and (iii) the remaining shares of underlying common stock in substantially equal monthly installments over the 36-month period that commences on the first (1st) anniversary of the Effective Date. Notwithstanding the foregoing, the Initial Grant shall be fully vested and exercisable immediately prior to, but contingent upon, the occurrence of a Change in Control (as defined above), provided the Executive remains continuously and actively employed with the Company through the date of such Change in Control. Executive’s Initials & Date

  • Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.

  • Base Annual Salary “Base Annual Salary” means the greater of (1) the highest annual rate of base salary in effect for the Executive during the 12 month period immediately prior to a Change in Control or, (2) the annual rate of base salary in effect at the time Notice of Termination is given (or on the date employment is terminated if no Notice of Termination is required).

  • Accelerated Vesting of Equity Awards One hundred percent (100%) of Executive’s then-outstanding and unvested Equity Awards will become vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as to one hundred percent (100%) of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s).

  • Vested Options Each vested outstanding Company Option that is outstanding as of immediately prior to the Effective Time (the “Cashed-Out Options”) shall be cancelled at the Effective Time and converted into the right to receive an amount in cash equal to the Option Consideration after which it shall be cancelled and extinguished. If the Per Share Conversion Common Amount does not exceed the per share exercise price of each such outstanding Company Option, then such Company Option shall be cancelled and extinguished, with no consideration payable in connection with such cancellation and no further rights to the holder thereof (the “Cancelled Options”) and such Company Option shall not be deemed a Cashed-Out Option. Company shall take any and all necessary action to provide for the cancellation of each Company Option in accordance with this Section 1.6(b)(i). As soon as reasonably practicable after the Effective Time, through its payroll system on a special payroll run on the Closing Date, the Surviving Corporation shall or shall direct its payroll agent to, in accordance with its customary payroll practices, pay to each holder of a Cashed-Out Option that was granted to the holder in the holder’s capacity as an employee of Company or any of its Subsidiaries for applicable employment Tax purposes (“Employee Cashed-Out Option Holder”) the applicable portion of the Option Consideration (subject to applicable withholding Taxes) payable in respect of each such Cashed-Out Option (“Employee Option Consideration”); provided, that, if any such Employee Cashed-Out Holder has not executed and delivered to Parent a Cashed-Out Option Agreement (a “Cashed-Out Option Agreement”) in substantially the form attached hereto as EXHIBIT I, as of such date, the payment to such Employee Cashed-Out Option Holder shall be made as soon as reasonably practicable following the execution and delivery to Parent of a Cashed-Out Option Agreement. Each holder of a Cashed-Out Option that was granted to the holder in the holder’s capacity as a non-employee service provider to Company or any of its Subsidiaries for applicable employment Tax purposes (“Non-Employee Cashed-Out Option Holder”) shall be paid the applicable portion of the Option Consideration by the Exchange Agent in the manner provided in Section 1.11. No interest shall accrue or be paid on the Option Consideration payable with respect to any Cashed-Out Options. In no event shall any Cashed-Out Option or Cancelled Option be assumed by Parent.

  • OPTIONAL TWELVE-MONTH PAY PLAN 1. Where the Previous Collective Agreement does not contain a provision that allows an employee the option of receiving partial payment of annual salary in July and August, the following shall become and remain part of the Collective Agreement. 2. A continuing employee, or an employee hired to a temporary contract of employment no later than September 30 that extends to June 30, may elect to participate in an Optional Twelve-Month Pay Plan (the Plan) administered by the employer. 3. An employee electing to participate in the Plan in the subsequent year must inform the employer, in writing, on or before June 15. An employee hired after that date must inform the employer of their intention to participate in the Plan by September 30th. It is understood, that an employee appointed after June 15 in the previous school year and up to September 30 of the subsequent school year, who elects to participate in the Plan, will have deductions from net monthly pay, in the same amount as other employees enrolled in the Plan, pursuant to Article B.8.5. 4. An employee electing to withdraw from the Plan must inform the employer, in writing, on or before June 15 of the preceding year. 5. Employees electing to participate in the Plan shall receive their annual salary over 10 (ten) months; September to June. The employer shall deduct, from the net monthly pay, in each twice-monthly pay period, an amount agreed to by the local and the employer. This amount will be paid into the Plan by the employer. 6. Interest to March 31 is calculated on the Plan and added to the individual employee’s accumulation in the Plan. 7. An employee’s accumulation in the Plan including their interest accumulation to March 31st shall be paid in equal installments on July 15 and August 15. 8. Interest earned by the Plan in the months of April through August shall be retained by the employer. 9. The employer shall inform employees of the Plan at the time of hire. 10. Nothing in this Article shall be taken to mean that an employee has any obligation to perform work beyond the regular school year.

  • Vesting Date All remaining shares of Restricted Stock will become vested on the Vesting Date.

  • Treatment of Each Installment as a Separate Payment For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Additional Options The NYS Contract Price for Additional Options offered under the Contract in accordance with Section III.2.7 Additional Options, shall be the Additional Options NYS Discount listed on the Contract Pricelist, or higher, applied to the MSRP on the current OEM Data Book or Contractor-Published Pricelist, as applicable. See Section III.1.2

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