Initial Awards Clause Samples
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Initial Awards. (i) On December 31, 2021, the Executive will be granted a stock option to purchase shares of the Company’s common stock having a grant date fair value of $5,000,000 (the “Initial Stock Option Grant”) as determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, of stock options granted under the Company’s equity plans (“FASB ASC Topic 718”). The Initial Stock Option Grant will be subject to the Company’s 2018 Stock Incentive Plan, as may be amended from time to time (the “2018 Plan”) and the Company’s standard stock option agreement under the 2018 Plan. The exercise price of the Initial Stock Option Grant shall be equal to the closing price of the Company’s common stock on the Nasdaq Global Select Market on the grant date. The Initial Stock Option Grant will vest over a four year period with 25% of the award vesting on the first anniversary of the grant date and then an additional 6.25% of the award vesting at the end of each three-month period thereafter until the fourth anniversary of the grant date, when the Initial Stock Option Grant will be fully vested, subject to the Executive continuing to be an eligible Participant (as defined in the 2018 Plan) on each vesting date.
(ii) The Executive will receive a one-time lump sum cash award of $250,000 (the “Initial Cash Award”) on January 1, 2022 (the “Award Date”) to facilitate her transition to the Boston area in connection with her serving as Chief Executive Officer of the Company. In the event that the Executive terminates her employment with the Company without Good Reason (as defined below) or the Executive is terminated by the Company for Cause (as defined below) within 24 months following the Award Date, the Executive will be required to repay the gross amount of the Initial Cash Award based on the following scale: 0-12 months following the Award Date: 100% of the Initial Cash Award; 13-24 months following the Award Date: 50% of the Initial Cash Award. Any such repayment will be required within 30 days following the Executive’s Date of Termination (as defined below) and the Executive agrees that any such repayment amount may be deducted from monies owed to her by the Company, including her last regular paycheck, to the extent permitted by law. In the event the Company is unable to deduct the full gross amount from the Executive’s last paycheck, the Executive is required to fulfill her remaining repayment obligations within 30 days following the Date...
Initial Awards. Each individual who first becomes an Outside Director following the Closing Date automatically will be granted an award of Options (an “Initial Award”) to purchase 153,000 Shares. The grant date of the Initial Award will be the first Trading Day on or after the date on which such individual first becomes an Outside Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy. If an individual was an Inside Director, becoming an Outside Director due to termination of the individual’s status as an Employee will not entitle the Outside Director to an Initial Award. Each Initial Award will be scheduled to vest as to one thirty-sixth (1/36th) of the Shares subject to the Initial Award each month following the Initial Award’s grant date on the same day of the month as such grant date (or on the last day of the month, if there is no corresponding day in such month), in each case subject to the Outside Director remaining a Service Provider through the applicable vesting date.
Initial Awards. Concurrently with the execution of this Agreement, the Company and the Executive shall enter into a Share Purchase Option Agreement, covering 15,000 voting common shares of the Company, par value US$0.10 (the "COMMON STOCK"), in the form attached hereto as Exhibit A (the "OPTION AGREEMENT") and a Share Grant Agreement, covering 10,000 shares of Common Stock, in the form attached hereto as Exhibit B (the "SHARE AGREEMENT").
Initial Awards. The Company and the Executive have previously entered into a Share Purchase Option Agreement, covering 10,000 voting common shares of the Company, par value US$0.10 (the "Common Stock"), in the form attached hereto as Exhibit A (the "Option Agreement"), and a Restricted Share Grant Agreement, covering 10,000 shares of Common Stock, in the form attached hereto as Exhibit B (the "Share Agreement").
Initial Awards. Upon the consummation of the IPO, ▇▇▇▇▇ Inc. will issue shares of Cowen Common Stock and options to purchase Cowen Common Stock only to the employees and officers of ▇▇▇▇▇ Inc. set forth on Schedule 4.04 hereto, and in each case only up to the respective amounts set forth next to each employee’s or officer’s name on such schedule, which schedule may be amended at any time and from time to time with the consent of SG until the date that is three (3) Business Days prior to the anticipated Separation Date.
Initial Awards. Subject to Board approval, the Corporation shall grant Executive initial equity awards with a target aggregate grant date fair value of $5 million (the “Initial Awards”), with 50% of the Initial Awards in the form of time-based restricted stock units (“Initial RSUs”) and 50% of the Initial Awards in the form of performance-based restricted stock units (“Initial PSUs”). The Initial RSUs will vest in equal annual installments over three years following the Start Date, subject to Executive’s continued employment through each applicable vesting date. The Initial PSUs will vest on the third anniversary of the Start Date, subject to achievement of the applicable performance conditions and subject to Executive’s continued employment through the applicable vesting date. In all other material respects, the Initial Awards will be subject to the same vesting and other terms as those applicable to the time-based and performance-based restricted stock units (as applicable) granted to the Corporation’s other executive officers in February 2024. Subject to the foregoing, the Initial Awards shall be subject to the terms and conditions set forth in the Equity Documents.
Initial Awards. You will receive a restricted stock unit award with a value equal to $1,000,000 on the date of the grant. The award will vest in four equal annual installments beginning on the first anniversary of the grant date, subject to your continued service on each such date. The grant date of this award will be the date of the first regular meeting of the Compensation Committee occurring after your first day of employment. The Committee's next regular meeting is scheduled for October 2013. You will receive a second restricted stock unit award with a value equal to $400,000 on the date of the Committee’s first regular meeting in 2014. This award will also vest in four equal annual installments beginning on the first anniversary of its grant date. The awards will be made pursuant to the Vantiv, Inc. 2012 Equity Incentive Plan or successor plan and are further conditioned upon your review and acceptance of Vantiv’s electronic RSU Agreement that will be delivered via Vantiv’s stock plan administrator, UBS. The RSU Agreement will include non-solicitation and non-compete provisions. Subsequent Awards. Commencing with the award cycle in 2014, you will be eligible for annual grants of equity awards or other long-term incentive awards in amounts and on terms and conditions approved by the Board or the Committee. While there can be no guarantee, it is expected that positions at your level will typically be eligible to receive additional equity grants on an annual basis. Severance Pay: You will be a participant in the Company's Executive Severance Plan. The Executive Severance Plan will provide you a severance benefit of up to 1 year of salary plus target bonus, subject to certain conditions and compliance with certain restrictive covenants. The terms and conditions of your participation in the Executive Severance Plan are set forth more fully in the plan document as in effect from time to time. Your execution of this offer letter shall constitute your acceptance and agreement to the restrictive covenants set forth in the Executive Severance Plan.
Initial Awards. Executive will benefit from the following two initial awards:
Initial Awards. Concurrently with the execution of this Agreement, the Company and the Executive shall enter into a Share Purchase Option Agreement, covering 253,139 common shares of the Company, par value US$0.10 (the "COMMON STOCK"), in the form attached hereto as Exhibit A (the "OPTION AGREEMENT"), such grant representing 1.5% of the outstanding shares of Common Stock as of the date hereof.
Initial Awards. As a material inducement to Executive’s acceptance of employment with the Company under this Agreement and in partial consideration for the covenants set forth in Sections 7 through 9 below, on the Effective Date, Executive shall receive Initial Awards under the Company’s Stock Incentive Plan (the “Stock Plan”) as described in Exhibit B.