Initial Incentive Award Clause Samples
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Initial Incentive Award. The Company shall grant to Executive, as a one-time award, Initial Unvested Class A Units in the amount set forth on Schedule A (the “Initial Incentive Award”), which shall be in lieu of the share options, restricted shares and/or performance units that CenterPoint would have awarded to Executive in 2006 for CenterPoint’s fiscal year 2005 performance, in the ordinary course, consistent with its past practice. Subject to the terms and conditions set forth herein and in accordance with the terms of the Equity Compensation Program, the Initial Incentive Award shall no longer be subject to a substantial risk of forfeiture on the fifth (5th) anniversary of the Effective Date.
Initial Incentive Award. On the Commencement Date, the Executive shall be granted an initial equity and equity-based award consisting of 125,000 shares of restricted stock of the Company (the “Performance Restricted Stock Award”) and 62,500 restricted stock units (the “Service RSU Award” and, together with the Performance Restricted Stock Award, the “Initial Equity-Based Award”). The Initial Equity-Based Award shall be conditioned on the Executive and the Company executing an award agreement(s), to be prepared by the Company, in form and substance reasonably satisfactory to both parties, consistent with the terms herein, and which will provide for, among other things, accelerated vesting in the event of a change in control of the Company or otherwise at the election of the Board.
Initial Incentive Award. 6.1 The Executive will be entitled to receive an initial incentive award of 440,000 deferred Class A common shares in Orient-Express Hotels, which award will be made on the Effective Date.
6.2 Subject to this clause 6.2, the initial incentive award will be made subject to the rules of Orient Express Hotels' 2009 Share Award and Incentive Plan (LTIP) applicable to deferred shares. Vesting of the initial incentive award will not be subject to any performance criteria: one quarter of the award will vest on 1 January 2013, with the remaining three quarters of the award vesting in three equal tranches on the first, second and third anniversary of 1 January 2013. Except as provided in clause 19.3 below or the Change of Control Agreement, vesting of each tranche of the award will be conditional on the Executive continuing to be employed by the Company and not being under notice on the applicable vesting date. Any vesting of the initial incentive award will be settled in Class A common shares in Orient-Express Hotels or in cash, unless otherwise agreed in writing with the Executive. Any such shares or cash to which the Executive becomes entitled as a result of the vesting of the initial incentive award will, subject to Section 11 of the LTIP rules, be delivered or paid to the Executive promptly after vesting and no later than 2½ months after the end of the calendar year in which the deferred shares become vested.
Initial Incentive Award. 9.1 The Employer shall procure that you are granted an initial incentive award in the form of stock options, subject to the rules of Belmond Ltd’s Long Term Incentive Plan (the “LTIP”) in force from time to time and the terms of the Side Letter. A copy of the LTIP and details of the initial incentive award shall be provided by the Employer to you separately.
9.2 You understand and acknowledge that you will be subject to the clawback regulations of the U.S. Securities Exchange Commission and the New York Stock Exchange and otherwise in accordance with the terms of the Side Letter.