Initial Equity Award. Upon or as soon as practicable after the Effective Date, the Company will award Executive restricted stock units and stock options to purchase shares of the Company’s common stock, with an aggregate grant date fair market value as determined by the Board for accounting purposes of $1,200,000. Such restricted stock units or stock options, as applicable, to vest ratably over 4 years (25% each year). Allocation between restricted stock units and stock options to be determined by the Board.
Initial Equity Award. On the pricing date of the IPO (the “Pricing Date”), the Parent shall grant to the Executive, contingent upon the occurrence of the IPO, an initial equity grant (the “Initial Equity Award”) as follows: (a) a stock option to acquire shares of the Parent’s common stock, at an exercise price per share equal to the per share IPO price of the Parent’s common stock, with the number of shares subject to such stock option being that necessary to cause the Black-Xxxxxxx-Xxxxxx value of such stock option on the Pricing Date to be equal to 100% of the Base Salary (determined using inputs consistent with those the Parent uses for its financial reporting purposes), which will vest 25% on each of the first four anniversaries of the IPO Date (subject to the Executive’s continued employment on the applicable vesting date); and (b) a number of restricted shares of the Parent equal to 100% of the Base Salary divided by the per share IPO price of the Parent’s common stock, which will vest 50% on each of the third and fourth anniversaries of the IPO Date (subject to the Executive’s continued employment on the applicable vesting date). The Initial Equity Award shall be subject to the terms of the Red Rock Resorts, Inc. 2016 Equity Incentive Plan and the terms of the applicable award agreements.
Initial Equity Award. Subject to the terms of the Company’s 2022 Equity Incentive Plan (the “Equity Incentive Plan”) and the form of RSU Award Grant Notice and award agreement issued thereunder, promptly following the Effective Date and approval by the Board, the Company will issue the Executive an RSU Award (as defined in the Equity Incentive Plan) for 625,064 (the “Initial RSU Award”) shares of the Company’s common stock. The Initial RSU Award shall include the following additional terms: (1) subject to the Executive’s continued employment with the Company and the terms and conditions of the Equity Incentive Plan, the Initial RSU Award shall vest as follows, 50% of the Initial RSU Award shall vest on the first anniversary of the Effective Date and the remainder of the Initial RSU Award shall vest in equal monthly installments on the last day of each full month over the twelve (12) months following the first anniversary of the Effective Date, subject to the Executive’s continuous service with the Company or an Affiliate through such vesting dates; and (3) in the event that during the Employment Period the Company consummates a Change in Control (as defined below) and the Initial RSU Award is not assumed, continued or substituted by the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) in such Change in Control in the manner contemplated by Section 6(c)(i) of the Equity Incentive Plan, then 100% of the unvested portion of the Initial RSU Award shall fully vest and become exercisable immediately prior to the effectiveness of such Change in Control, subject to the Executive’s continued employment with the Company as of each such date and as further provided in the terms and conditions of this Agreement, the Initial RSU Award and the Equity Incentive Plan.
Initial Equity Award. During the first year of the Original Agreement, the Executive shall be awarded 30,000 shares of restricted membership units in the Parent Company (the “NMLH Restricted Units”), pursuant to the New Mountain Lake Holdings, LLC Restricted Membership Units Plan (the “Membership Units Plan”).
Initial Equity Award. On or as soon as reasonably practicable following the Commencement Date and subject to approval by the Compensation Committee, Executive will receive an award of 75,000 restricted stock units pursuant to the Plan, which will vest in ratable annual installments over a period of five (5) years following the grant date thereof, provided that Executive remains employed by the Company on each vesting date and with other specific terms to be determined by the Compensation Committee in its sole discretion (the “Initial Equity Award”). The Initial Equity Award will be subject to the terms of the Plan and the applicable award agreement thereunder; provided that such award agreement shall have terms and conditions for Executive that are equivalent to those set forth in the award agreement for the Company’s Chief Executive Officer. Notwithstanding anything to the contrary contained herein or in the award agreement governing the Initial Equity Award, pursuant to Section 2(g)(iii) of that certain Registration Rights Agreement, dated as of December 23, 2019, by and between Parent and Xxxxxx, Xxxxxxxx & Company, Incorporated (the “Registration Rights Agreement”), no portion of the Initial Equity Award shall vest (and no forfeiture restrictions applicable to such award shall lapse) until the Shelf Registration Statement is effective and the Common Stock is listed on a National Securities Exchange (each capitalized term is as defined in the Registration Rights Agreement).
Initial Equity Award. On or as soon as reasonably practicable following the Commencement Date and subject to approval by the Compensation Committee, Executive will receive an award of 150,000 restricted stock units pursuant to the Plan, which will vest in ratable annual installments over a period of five (5) years following the grant date thereof, provided that Executive remains employed by the Company on each vesting date and with other specific terms to be determined by the Compensation Committee in its sole discretion (the “Initial Equity Award”). The Initial Equity Award will be subject to the terms of the Plan and the applicable award agreement thereunder. Notwithstanding anything to the contrary contained herein or in the award agreement governing the Initial Equity Award, pursuant to Section 2(g)(iii) of that certain Registration Rights Agreement, dated as of December 23, 2019, by and between Parent and Xxxxxx, Xxxxxxxx & Company, Incorporated (the “Registration Rights Agreement”), no portion of the Initial Equity Award shall vest (and no forfeiture restrictions applicable to such award shall lapse) until the Shelf Registration Statement is effective and the Common Stock is listed on a National Securities Exchange (each capitalized term is as defined in the Registration Rights Agreement).
Initial Equity Award. Upon execution of this Agreement, Executive shall be entitled to receive an initial equity award in the form of restricted stock units in the amount of $250,000, as determined by the closing price of the Common Stock on the Nasdaq Capital Market on the grant date and vesting in whole and not in part on the fourth anniversary of the grant date, subject to the terms of the initial restricted stock unit agreement (time-vesting) pursuant to which such award shall be made. Such initial equity award shall be issued on the Effective Date of Executive’s employment under this Agreement.
Initial Equity Award. Shortly following the Effective Date, the Executive will be granted 150,000 restricted shares of Class A common stock (“Stock”) of the Company (the “Initial Equity Award”) which shall be earned and vest in accordance with the terms hereof and the terms, the terms of the applicable award agreement and the terms of the Plan.
i. The Initial Equity Award shall be earned and vested in three separate annual installments, and the number of shares earned with respect to the installment for each calendar year ended during such period shall be determined based on the percentage of the Company’s budgeted EBITDA achieved in such calendar year in accordance with the following table: If the percentage of the Company’s budgeted EBITDA achieved is greater than 70% but less than 75%, then the amount of earned shares in the table above will be determined based on linear interpolation.
ii. To the extent any shares of Stock are earned with respect to the Initial Equity Award in accordance with 4(c)(i), such shares shall vest on the last day of the calendar year to which such instalment relates, subject in all cases to the Executive’s continued employment through the applicable vesting date.
iii. The Initial Equity Award will be issued pursuant to the Plan and will be subject to the terms and conditions of the Plan and a separate award agreement attached hereto as Exhibit A, which shall include the approval of the Compensation Committee, and which shall also provide that in the event of Executive’s termination other than for Cause or resignation for Good Reason (x) the next scheduled vesting installment prorated for the number of days elapsed during the applicable vesting period, plus (y) the full next installment of RSUs scheduled for vesting, if any, shall together be deemed vested immediately upon such termination (the “Initial Equity Award Acceleration”).
Initial Equity Award. Subject to applicable securities laws and the approval of the Compensation Committee of the Company’s Board of Directors, you will be granted an initial equity award pursuant to the terms of the Company’s 2005 Equity Incentive Plan that will be valued for financial accounting purposes at $300,000. The grant date of this award is currently expected to be on the Effective Date. If the Effective Date falls within one of the Company’s xxxxxxx xxxxxxx “blackout” periods, then the award grant date will be the first trading day after such “blackout” period is lifted. You will have the choice, to be made prior to the Effective Date, of accepting this award in the form of either all non-qualified options (NQ options) to purchase the Company’s common stock, or in the form of an allocation of 50% of the value of the award to NQ options and the remaining 50% to restricted stock units (RSUs). The number of NQ option shares under the award will be determined using the “fair value” of a NQ option calculated using the Black-Scholes option pricing model on the grant date of the award. For example, if the “fair value” of a NQ option for the Company’s common stock is $15.00 on the grant date, and you choose all NQ options for your award, then you would be awarded options to purchase 20,000 shares of the Company’s common stock ($300,000 / $15.00). The actual “fair value” calculation on the grant date of your award may be higher or lower than this example. The number of RSU shares, if any, will be determined using the closing price of the Company’s common stock on the Nasdaq Global Market on the grant date of the award. Vesting for this award, regardless of whether it is NQ options or RSUs, will be 20% annually, beginning with the first anniversary of their grant date, over a total of five (5) years. You will also be eligible for additional grants of equity awards from time to time at the discretion of the Compensation Committee of the Board.
Initial Equity Award. As soon as reasonably practicable after the Effective Date, Executive will be granted an equity award in respect of the number of shares of common stock equal to 1.75% of the common stock of AirSculpt outstanding upon effectiveness of AirSculpt’s registration statement on Form S-1 related to the IPO (the “Initial Equity Award”), excluding the underwriter’s overallotment. The Initial Equity Award shall consist of 50% restricted stock units and 50% performance-based restricted stock units; which awards shall be substantially consistent with the forms of award agreement attached as Exhibit B and Exhibit C hereto. All equity grants are subject to the approval of the Board.
