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 $450,000 on the grant date, and a nonqualified stock option with a value of $1,050,000 on the grant date. The number of restricted stock units granted to the Executive shall be determined by dividing $450,000 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 and restated (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. The Company will grant the Executive an award of Company stock units, with the total number of stock units awarded equal to Four Million One Hundred and Fifty Thousand Dollars ($4,150,000) divided by the average of the closing price 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 prior to the Employment Commencement Date (the “Award”). Two Million One Hundred Thousand Dollars ($2,100,000) in value of the Award (as converted to a number of stock units pursuant to the first paragraph of this Section 3.4) shall be in the form of time-based vesting stock units (“RSUs”) and shall be evidenced by, and subject to the terms and conditions of, the form of Restricted Stock Unit Award document the Company has provided to the Executive (the “RSU Award Agreement”) and shall vest based on the following schedule: (i) one-third (1/3) of the RSUs shall vest on November 1, 2024, (ii) one-third (1/3) of the RSUs shall vest on November 1, 2025, and (iii) one-third (1/3) of the RSUs shall vest on November 1, 2026; provided that vesting is subject in each case to the Executive’s continued employment with the Company through the respective vesting date. If any such date is not a trading date, the RSUs scheduled to vest on such date shall vest on the first trading date thereafter. The RSUs will be awarded to the Executive not later than the first business day of the month following the Employment Commencement Date. All other terms set forth in the RSU Award Agreement shall apply to the RSUs. One Million Fifty Thousand Dollars ($1,050,000) in value of the Award (as converted to a number of stock units pursuant to the first paragraph of this Section 3.4, hereinafter the “First PSU Grant”) will be the target number of performance-based stock units (“PSUs”) and cover the Company’s performance in fiscal 2024 through fiscal 2026 under the Company’s FY24 PSU Plan, subject to the terms and conditions of the Company’s form of Performance-Based Stock Unit Award document the Company has provided to the Executive (the “PSU Award Agreement”). The First PSU Xxxxx will be awarded to the Executive not later than the first business day of the month following the Employment Commencement Date. All other terms set forth in the PSU Award Agreement shall apply to the PSUs. One Million Dollars ($1,000,000) in value of the Award (as converted to a numb...
Initial Equity Awards. On the Effective Date, the Employer shall grant 100,000 shares of restricted stock (the “Restricted Stock Award”) and 300,000 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. In addition to the annual equity award grant described above, 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 an initial grant of equity in the total aggregate amount of $500,000, which shall consist of (i) restricted stock units with a value of $300,000 on the grant date, and (ii) nonqualified stock options with a value of $200,000 on the grant date. The number of restricted stock units granted to the Executive shall be determined by dividing $300,000 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 Plan, and will vest over a three-year period in 1/3rd increments on each anniversary of the grant date, with the first vesting date to occur on the one-year anniversary of the date of grant, and will 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. In recognition of the Executive’s promotion to President and Chief Executive Officer, on August 1, 2017 the Executive shall be granted equity awards with an aggregate value of $5,000,000 (the “Initial Equity”). For purposes of the preceding sentence, the number of units granted will be calculated based on $5,000,000 divided by the 20 trading day average closing price of a share of the Company’s common stock as of and including August 1, 2017. The Initial Equity shall be provided 50 percent in time-based restricted stock units and 50 percent in performance-based restricted stock units. The time-based restricted stock units will vest in three equal annual installments on each anniversary of the grant date, subject to continued employment of the Executive other than as stated herein. One-half of the performance-based restricted stock units (25% of the Initial Equity) will be based on the Company’s non-GAAP net operating margin percentage (“Non-GAAP Net Op Margin”) at the end of the performance period commencing on the Commencement Date and ending on December 31, 2019 (the “Performance Period”), subject to the performance hurdles illustrated in Exhibit I. The remaining one-half of the performance-based restricted stock units (25% of the Initial Equity) will be based on the percentage mix of new bookings as cloud/hybrid-cloud subscription (“New Cloud Bookings”) at the end of the Performance Period, as illustrated in Exhibit I.
Initial Equity Awards. Following the adoption by the Company of an equity compensation plan (the “LTIP”) and subject to the approval of the Board or a committee thereof:
Initial Equity Awards. On the Effective Date, Executive shall be granted the following equity pursuant to iGATE’s 2006 Stock Incentive Plan (the “Plan”):
