Initial Restricted Stock Award. Effective upon execution of this Agreement, the Company shall grant to the Executive, within thirty (30) days after the Effective Date, a restricted stock award of 0.34% of the fully-diluted shares of the common stock outstanding on the forty-fifth (45th) day after closing of the initial public offering of shares of the REIT's common stock, excluding shares issued to the underwriters as compensation to the underwriters. Such stock shall be subject to restrictions on transfer by the Executive and repurchase by the Company such that the Executive shall not be permitted to transfer such shares (other than succession by will or by operation of laws of descent and distribution) and the Company shall have the right to repurchase or recover such shares for the amount of cash paid therefor, if any, if the Executive shall terminate employment from the Company, provided that such transfer and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the one-year anniversary date of the issuance of the shares and on each subsequent anniversary of the issuance of the shares that the Executive shall remain continuously as an employee of the Company as of such date.
Initial Restricted Stock Award. The Company shall make an initial signing award to the Executive as of the Effective Date of 50,000 restricted shares of the Company's common stock under and subject to the terms and conditions of the Stock Compensation Plan (the "Stock Plan"), a copy of which is attached hereto as Exhibit A. The Executive shall vest in 50% of such shares on the 90th day following the Effective Date and 50% on the six month anniversary of the Effective Date. The foregoing award of restricted stock shall be evidenced by a restricted stock award agreement, which is attached hereto as Exhibit B and made a part of this Agreement.
Initial Restricted Stock Award. On the date of signing this Agreement, Executive shall be granted 1,000,000 shares of the Company's common stock ("Common Stock"), which shares shall initially be subject to forfeiture and shall vest and become non-forfeitable in accordance with the provisions of this Section 3 (the “Restricted Stock Award”). The Company shall take all actions as are necessary to ensure that the Restricted Stock Award qualifies as an “inducement award” not subject to stockholder approval under the rules of the American Stock Exchange (“AMEX”).
Initial Restricted Stock Award. In consideration for Executive entering into this Agreement, effective as of January 1, 2015 and subject to the Executive’s continued employment on such date, the Company shall grant Executive 850,000 shares of the Company’s common stock subject to that certain Restricted Stock Award Agreement between the Company and Executive (“Initial Restricted Stock”). The Initial Restricted Stock shall vest ratably over the 3-year period beginning on January 1, 2015, and shall be subject to such other terms and conditions and set forth in a separate Restricted Stock Award Agreement between Executive and the Company, which agreement shall include an acceleration of vesting in the event of (A) a Change in Control (as defined in Section 8(g) below), (B) the Executive’s termination of employment with the Company without Cause (as defined in Section 8(b) below) and (C) the Executive’s death
Initial Restricted Stock Award. The Company shall make an initial signing award to the Executive of 500,000 restricted shares of the Company's common stock under and subject to the terms and conditions of the Company's Stock Compensation Plan dated January 1, 2004 or as thereafter amended (the "Stock Plan").
Initial Restricted Stock Award. The Board shall grant to the Executive an initial restricted stock award consistent with the terms and conditions set forth in paragraph 3(c) for 1,590,000 shares of Common Stock of the Employer.
Initial Restricted Stock Award. On the Effective Date, Employee shall be granted 5,000 shares of restricted stock of the Company. The restricted shares shall vest on the one-year anniversary of the grant date, subject to Employee’s continued employment with the Company through such date.
Initial Restricted Stock Award. Employee will receive a one-time award of restricted stock equal in value to $202,000. For this purpose, the value of the restricted stock will be based on the average closing price of the DM3\941973.2 stock of the Company for the month of March, 2009. The restricted stock will vest at the rate of 25% for each complete year worked by Employee under this Agreement, beginning from the Effective Date.
Initial Restricted Stock Award. In consideration for Executive entering into this Agreement, the Committee will award Executive on the Commencement Date, 400,000 restricted shares of IMH’s common stock (“Initial Restricted Stock Award”) in the form of the separate Restricted Stock Award Agreement to be entered into between Company and Executive pursuant to the terms and provisions of the 2010 IMH Financial Corporation Employee Stock Incentive Plan, as it may be amended from time to time (the “Stock Incentive Plan”), with such Award Agreement in the form and substance of Exhibit A hereto. Subject to Executive’s continued employment, the “Initial Restricted Stock Award” shall vest as follows: 133,334 on the first anniversary of the date of grant; 133,333 on the second anniversary of the date of grant, and 133,333 on the third anniversary of the date of grant and shall include an acceleration of vesting in the event of: (A) a Change in Control (as defined in Section 8, below); (B) Executive’s termination of employment with Company without Cause or his resignation for Good Reason; (C) Executive’s death; (D) Executive’s Disability (as defined in Section 8, below); or (E) the closing of any event involving IMH or any currently-existing holder of Equity Securities (on the date of such event) or newly-subscribed holder of Equity Securities (on the date of such event), including, but not limited to the Applicable Shareholders, the result of which event is that the Combined Equity Interest of the Applicable Shareholders increases to no less than 75%. The Restricted Stock Award Agreement also shall include such other terms and conditions as may be approved by the Compensation Committee, including, without limitation, that the Initial Restricted Stock Award will be subject to all of the terms and conditions of the Stock Incentive Plan, IMH’s xxxxxxx xxxxxxx policy, and IMH’s then existing clawback or recoupment policy, if any. For purposes of this Section 6, the following terms shall carry the following meanings:
Initial Restricted Stock Award. In consideration for Executive entering into this Agreement, Company’s Chief Executive Officer will recommend to the Compensation Committee of Company’s Board of Directors that Executive receive a grant of 100,000 shares of Company’s common stock subject to the terms of a separate Restricted Stock Award Agreement to be entered into between Company and Executive pursuant to the terms and provisions of the 2010 IMH Financial Corporation Employee Stock Incentive Plan, as it may be amended from time to time (the “Stock Incentive Plan”). Subject to the approval of the Compensation Committee, this “Initial Restricted Stock Award” shall vest ratably over the 3-year period beginning on the Effective Date and shall include an acceleration of vesting in the event of (A) a Change in Control (as defined in Section 8(e) below), (B) Executive’s termination of employment with Company without Cause (as Cause is defined in Section 8(a) below) and (C) Executive’s death. The Restricted Stock Award Agreement also shall include such other terms and conditions as may be approved by the Compensation Committee. Executive may be entitled to receive additional awards pursuant to the Stock Incentive Plan in the future, as determined by the Compensation Committee.
