Initial Equity Awards Sample Clauses
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. 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. On the Effective Date, the Company shall grant to Executive options to purchase 1,200,000 shares of Common Stock (the “Options”). The Options shall vest and become exercisable in accordance with the following:
(a) 400,000 shares of Common Stock subject to the Options shall have an exercise price of 6 NOK and shall vest and become exercisable on the date that is twelve (12) months following the Effective Date (provided Executive is employed on such date);
(b) 400,000 shares of Common Stock subject to the Options shall have an exercise price of 8 NOK and shall vest and become exercisable on the date that is twenty-four (24) months following the Effective Date (provided Executive is employed on such date); and
(c) 400,000 shares of Common Stock subject to the Options shall have an exercise price of 10 NOK and shall vest and become exercisable on the date that is thirty-six (36) months following the Effective Date (provided Executive is employed on such date). The Options shall be subject to the terms of this Agreement and the award agreements into which Executive and the Company will enter on the Effective Date evidencing the grant of the Options. If at any time during the twenty four month period immediately following the Effective Date, the Company stock price reaches 12 NOK and remains at such for one month (30 day average), 400,000 unvested Options with the lowest remaining exercise price will vest and become exercisable immediately upon expiration of such period, provided Executive is employed on such date. The Options shall fully vest and become exercisable upon a Change in Control of the Company, provided Executive is employed on the date of the Change in Control. The Options shall have a term of five (5) years, thereby expiring on the 5th anniversary of the Effective Date.
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:
(A) On or before the Initial Effective Date, the Company will adopt an omnibus stock incentive plan (the “Equity Plan”), which will, at a minimum, allow for the issuance of non-qualified stock options and restricted stock;
(B) Following the Initial Effective Date, the Executive will be granted 371,250 restricted stock units and stock options with respect to 453,750 shares of Company common stock (the “Initial Equity Awards”). The Initial Equity Awards will be granted subject to terms and conditions set forth in an equity award agreement and the Equity Plan and will be subject to the following minimum vesting conditions, in each case, subject to the Executive’s continued employment with the Company through any such vesting date (unless provided otherwise in the applicable equity award agreement) and the achievement of GSE Approval:
(1) the restricted stock (“performance shares” will vest as follows: 1/3 of the performance shares will vest when the stock price equals or exceeds $12.50 per share, 1/3 of the performance shares will vest when the stock price equals or exceeds $14 per share and 1/3 of the performance shares will vest when the stock price equals or exceeds $16 per share.
(2) one-third (1/3) of the stock options will vest on the first anniversary of the Initial Effective Date, an additional 1/3 of the stock options will vest on the second anniversary of the Initial Effective Date and the final 1/3 of the stock options will vest on the third anniversary of the Initial Effective Date.
(C) The price per share of Company common stock (the “Common Stock”) for determining the performance shares under the Equity Plan, and under Section 4(b)(iv) (D) will be determined as follows:
(1) if the Common Stock is traded on an established securities exchange, such stock will vest when the average closing price of the shares on such exchange for any consecutive thirty- (30-) day trading period exceeds the price required for vesting;
(2) if the Common Stock is actively traded over-the-counter, such stock will vest when the average of the closing bid price over any consecutive thirty- (30-) day trading period exceeds the price required for vesting;
(3) if the Common Stock is traded on the FBR PlusTM System, such stock will vest when the average sales price reported on the FBR PlusTM System over any consecutive thirty- (30-) day trading period excee...
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. 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. On the last trading date in the month of following the commencement of Executive’s employment with the Company (the “Grant Date”), Executive will be granted the following stock awards: (A) an option to acquire shares of the Company’s common stock (the “Option”) having a fair value of $800,000 (determined using the Company’s black- scholes valuation methodology). The Option
Initial Equity Awards. (i) Subject to the approval of the Board (and/or a subcommittee thereof), and the Executive’s commencement of employment on the Effective Date, Holdings shall grant to the Executive an equity award having an aggregate value of $18,000,000 (with the number of shares of Holdings’ Class A common stock subject thereto calculated as described below), 50% of which shall be granted in the form of a restricted stock unit award (the “Initial RSU Award”), and the remaining 50% of which shall be granted in the form of a stock option (the “Initial Option” and, together with the Initial RSU Award, the “Initial Equity Awards”), pursuant to the Holdings 2020 Incentive Award Plan (as may be amended from time to time, the “Plan”).
(ii) The number of shares of Holdings’ Class A common stock subject to the Initial RSU Award shall be determined by dividing $9,000,000 by the average closing share price over the last 20 trading days preceding the applicable grant date. Subject to the Executive’s continued employment with the Corporation through the applicable vesting date (except as set forth in Section 5.3(b) below), the Initial RSU Award shall vest as to 25% of the shares subject to the Initial RSU Award on the 15th day of the calendar month in which the first anniversary of the Effective Date occurs (or, if the first anniversary of the Effective Date occurs after the 15th of the month, on the 15th of the calendar month following the month in which the first anniversary of the Effective Date occurs), and as to one-sixteenth (1/16th) of the shares subject to the Initial RSU Award on each quarterly anniversary thereafter.
(iii) The Initial Option shall be a nonqualified stock option, shall have an exercise price per share equal to the closing price of Holdings’ Class A common stock on the applicable grant date, and shall have a maximum term of ten years from the applicable grant date. The number of shares of Holdings’ Class A common stock subject to the Initial Option shall be determined by dividing $9,000,000 by the per share Black-Scholes valuation as of the applicable grant date, utilizing materially the same assumptions that Holdings uses in the preparation of its financial statements. Subject to the Executive’s continued employment with the Corporation through the applicable vesting date (except as set forth in Section 5.3(b) below), the Initial Option shall vest as to 25% of the shares subject to the Initial Option on the 15th day of the calendar month in which the first ...
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.