Initial Equity Awards. As soon as reasonably practicable following the consummation of an Initial Public Offering, Executive shall be eligible to receive one or more stock-based awards under the Company’s long-term incentive plan (the “IPO Equity Awards”), as determined by the Board (or a committee of directors to whom such responsibility has been delegated by the Board). The target grant date fair value of Executive’s IPO Equity Awards shall be $1 million, and shall be based on the per-share price of the REIT’s common stock upon the consummation of the Initial Public Offering. The IPO Equity Award shall be subject to vesting conditions, which shall include (x) time-based vesting in five substantially equal annual installments measured from the grant date (subject to Executive’s continued employment through the applicable vesting date), and (y) full acceleration of vesting upon the consummation of a Change in Control (subject to Executive’s continued employment through the date on which a Change in Control is consummated), and shall be subject to the terms and conditions in an award agreement and the Company’s long-term incentive plan.
Initial Equity Awards. On the Effective Date, the Company shall grant to Executive options to purchase 1,100,000 shares of Common Stock (the “Options”). The Options shall vest and become exercisable in accordance with the following:
Initial Equity Awards. As a material inducement to Executive’s willingness to accept employment with the Company, on or shortly following the Effective Date, the Executive shall be granted restricted stock units with a value of $750,000 on the grant date, and a nonqualified stock option with a value of $750,000 on the grant date. The number of restricted stock units granted to the Executive shall be determined by dividing $750,000 by the closing price of the Company's common stock on the grant date. The number of shares of the Company's common stock subject to the option shall be based on the Company’s option valuation methodology. These equity awards will be granted under the Company’s 2015 Incentive Plan, as amended (the “2015 Plan”) and will vest in accordance with, and have such other terms and conditions as are specified in, the Restricted Stock Unit Notice and Letter Agreement and the Nonqualified Stock Option Letter Agreement approved by the Compensation Committee with respect to such awards (the "Restricted Stock Unit Agreement" and the “NSO Agreement”) and shall otherwise be subject to the terms and conditions of the 2015 Plan and the Restricted Stock Unit Agreement and the NSO Agreement; provided, however, that notwithstanding the foregoing, in the event of a conflict between the terms and conditions of the Restricted Stock Unit Agreement or the NSO Agreement and this Agreement, the terms and conditions of this Agreement shall prevail.
Initial Equity Awards. Fifty percent (50%) of the original total of each equity award granted to Executive in connection with Executive’s initial employment with the Company (the “Initial Awards”) will immediately vest and, if applicable, become exercisable (that is, in addition to the portion of any such Initial Awards that had vested as of such termination, but in no event more than the original amount of such Initial Awards), but only if Executive was initially employed with the Company as a Vice President or other executive officer. The Initial Awards will, to the extent applicable, remain exercisable following Executive’s termination for the period prescribed in the related award agreement.
Initial Equity Awards. The Company will grant to the Executive the following stock, restricted stock and stock options at the following times:
Initial Equity Awards. As a material inducement to the Executive’s accepting employment with the Company, subject to approval of the Board, the Executive shall be granted equity awards with an aggregate value of $2,500,000 (the “Initial Equity”). Sixty percent (60%) of the Initial Equity shall be provided in shares subject to an option grant (the “Initial Option”), and forty percent (40%) of the Initial Equity shall be provided in shares of time-based restricted stock units (the “Initial RSUs”). The number of shares subject to the Initial Option will be based on the Black-Scholes Value as the last day of the 2nd calendar quarter of 2017. The number of restricted stock units subject to the Initial RSUs will be calculated based on the 20 trading day average closing price of a share of the Company’s common stock immediately prior to and ending on the Effective Date (defined above). The Initial Equity shall vest in accordance with the following three-year vesting schedule, as further described in the applicable award agreement: 1/3 of the Initial Equity shall vest on the last day of the month of the first anniversary of the grant date, provided that the Executive continues to have a service relationship with the Company as of such date, and 1/36th of the Initial Equity will vest on the last day of each month thereafter, provided that the Executive continues to have a service relationship with the Company as of each such date. The Initial Equity will be subject to the terms and conditions applicable to restricted stock units (“RSUs”) and stock options granted under the Company’s 2015 Stock Option and Incentive Plan (the “Plan”), as described in the Plan and the applicable award agreement to be signed by the Executive and the Company.
Initial Equity Awards. On the Effective Date, the Employer shall grant 150,000 shares of restricted stock (the “Restricted Stock Award”) and 450,000 restricted stock units (the “Restricted Stock Unit Award”) to Executive under the Gramercy Capital Corp. 2012 Inducement Equity Incentive Plan upon the terms summarized on Exhibit A hereto and pursuant to definitive documentation consistent with the Employer’s general practices for documenting such equity awards. In addition, on the Effective Date, Executive shall also be entitled to receive an award pursuant to an outperformance plan (the “Outperformance Plan”) in accordance with definitive documentation which is consistent with the terms summarized on Exhibit B hereto. Each of the Restricted Stock Award, the Restricted Stock Unit Award and the Outperformance Plan award is intended to constitute an employment inducement award pursuant to Section 303A.08 of the New York Stock Exchange Listed Company Manual, and Executive acknowledges that the granting of each of these awards is a material inducement to Executive agreeing to accept employment by the Employer.
Initial Equity Awards. The Company will grant the Executive an award of Company stock units, with the total number of stock units awarded equal to Six Million Dollars ($6,000,000) divided by the volume-weighted average of the closing prices for a share of the Company’s common stock (in regular trading) on The Nasdaq Stock Market over the thirty consecutive trading days ending with the last trading day for which such closing price is known before the Company’s public disclosure of its entry into this Agreement with the Executive (the “Award”). Half of the stock units awarded pursuant to the Award (with any fraction rounded down to the nearest whole unit) will be time-based vesting stock units which will be evidenced by and subject to the terms and conditions of the Company’s form of Restricted Stock Unit Award Certificate used for fiscal 2024 executive officer awards in the United States (except that the vesting schedule for such award shall be one-third (33.3%) of such stock units scheduled to vest on July 1, 2025, and on the first trading date of each calendar quarter thereafter for the following eight (8) consecutive calendar quarters until such time-based award is vested, subject in each case to the Executive’s continued employment with the Company through the respective vesting date). Such time based vesting stock units will be awarded on or promptly following the Effective Date. Half of the stock units awarded pursuant to the Award (with any fraction rounded up to the nearest whole unit) will be the “target” number of performance-based vesting stock units subject to the terms and conditions of the Company’s forms of Performance Stock Unit Award Certificates used for fiscal 2025 executive officer awards in the United States (with approximately half of the “target” number of performance-based vesting stock units subject to the financial measure form of Performance Stock Unit Award Certificate (“Financial Measure PSUs”) and approximately half of the “target” number of performance-based vesting stock units subject to the TSR form of Performance Stock Unit Award Certificate (“Relative TSR PSUs”)); provided that the Board (or a committee thereof) will consider in good faith the appliable performance-based vesting goals to be used in granting the Financial Measure PSUs. The Relative TSR PSUs will be awarded on or promptly following the Effective Date. The Financial Measure PSUs will be awarded after the Effective Date, reasonably promptly following the Board’s assessment of the bu...
Initial Equity Awards. (i) On the day after the Effective Date, if such date is during a Cigna open window period, or, if such day is not during an open trading window period, on the first day of an open trading window period following the Effective Date (the “Grant Date”), Executive will be granted, under the Cigna Long-Term Incentive Plan (the “Plan”), (A) two awards of Strategic Performance Shares (the “Initial SPS Awards”), one with respect to the performance period 2017-2019 and one with respect to the performance period 2018-2020, and (B) an award of restricted shares of Holdco common stock (the “Initial Restricted Stock Award” and together with the Initial SPS Awards, the “Initial Equity Awards”)). The Initial Equity Awards will be subject to terms and conditions approved by the People Resources Committee (the “PRC”) of the Board of Directors of Cigna (the “Board”), which terms and conditions will be no less favorable than those provided in the 2018 annual equity awards granted to executive officers of Cigna (the “Peer Executives”).
Initial Equity Awards. As a material inducement to the Executive’s accepting employment with the Company, on the Commencement Date, the Executive shall be granted equity awards with an aggregate value of $24,000,000 (the “Initial Equity”). For purposes of the preceding sentence, the number of units or shares granted will be calculated based on the 20 trading day average closing price of a share of the Company’s common stock immediately prior to and ending on the Commencement Date. The Initial Equity shall be provided 35 percent in shares of time-based restricted stock units and 65 percent in performance-based restricted stock units. The shares of time-based restricted stock will vest in twelve equal quarterly installments on each three-month anniversary of the grant date, subject to continued employment of the Executive other than as stated herein. The performance-based restricted stock units will be based the Company’s compounded annualized total shareholder return (“Absolute TSR”) over a three-year performance period, subject to the performance hurdles illustrated in Exhibit I. There will be an interim measurement after 18 months, and the number of stock units deemed earned will be banked and remain subject to service vesting until the end of the three-year performance period; provided, however, that the maximum amount that may be banked cannot exceed one-third of the target stock units.
