Common use of Initial Formation Award Clause in Contracts

Initial Formation Award. On the Effective Date, the Company granted to Executive a number of initial formation partnership units (in the form of profits interests which provide for a share of appreciation above the fair market value on the grant date) equal to $4,000,000, divided by the volume-weighted average price of the Company’s stock on the NYSE on the grant date (the “Initial Formation Award”). The Initial Formation Award has such terms and conditions as set forth in the applicable award agreement issued pursuant to the LTI Plan. The Initial Formation Award vests 25% on each of the 3rd and 4th anniversaries and 50% on the 5th anniversary, of the Effective Date, subject to continued employment with the Company through each vesting date. Notwithstanding this paragraph 5(d), if applicable tax laws change such that the Initial Formation Award becomes taxable to Executive as ordinary income, the Initial Formation Award may be restructured by the Company in a way that permits the Company a tax deduction while preserving substantially similar pre-tax economics to Executive.

Initial Formation Award. On the Effective Date, the Company granted to Executive a number of initial formation partnership units (in the form of profits interests which provide for a share of appreciation above the fair market value on the grant date) equal to $4,000,0007,400,000, divided by the volume-weighted average price of the Company’s stock on the NYSE on the grant date (the “Initial Formation Award”). The Initial Formation Award has such terms and conditions as set forth in the applicable award agreement issued pursuant to the LTI Plan. The Initial Formation Award vests 25% on each of the 3rd and 4th anniversaries and 50% on the 5th anniversary, of the Effective Date, subject to continued employment with the Company through each vesting date. Notwithstanding this paragraph 5(d), if applicable tax laws change such that the Initial Formation Award becomes taxable to Executive as ordinary income, the Initial Formation Award may be restructured by the Company in a way that permits the Company a tax deduction while preserving substantially similar pre-tax economics to Executive.

Initial Formation Award. On the Effective Date, the Company granted to Executive a number of initial formation partnership units (in the form of profits interests which provide for a share of appreciation above the fair market value on the grant date) equal to $4,000,0006,250,000, divided by the volume-weighted average price of the Company’s stock on the NYSE on the grant date (the “Initial Formation Award”). The Initial Formation Award has such terms and conditions as set forth in the applicable award agreement issued pursuant to the LTI Plan. The Initial Formation Award vests 25% on each of the 3rd and 4th anniversaries and 50% on the 5th anniversary, of the Effective Date, subject to continued employment with the Company through each vesting date. Notwithstanding this paragraph 5(d), if applicable tax laws change such that the Initial Formation Award becomes taxable to Executive as ordinary income, the Initial Formation Award may be restructured by the Company in a way that permits the Company a tax deduction while preserving substantially similar pre-tax economics to Executive.