Long-term Equity Awards. The Executive shall receive grants of equity compensation awards pursuant to the Company’s Omnibus Incentive Plan of 2006 (the “Incentive Plan”) as set forth below.
Long-term Equity Awards. Executive will be eligible to participate in and receive periodic equity grants commensurate with his position and level in any equity-based or equity related compensation plan, programs or agreements of Bio-Techne made available generally to its executive officers; provided that the amount, timing, and other terms of any future grant shall be determined by the Bio-Techne Board of Directors, or its designated committees, in its sole discretion.
Long-term Equity Awards. During the Term, the Committee shall grant the Executive (x) a Time-Based Vesting Equity Award (as more particularly described in, and subject to, the provisions of clause (i) below) and (y) a performance-based award of restricted stock units (the “Performance-Based TSR Equity Award”) (as more particularly described in, and subject to, the provisions of clause (ii) below). The long-term equity award payable to the Executive in 2024 shall be governed by the provisions of the 2021 Incentive Agreement.
(i) Beginning in 2025, and then annually during the Term, subject to adjustment as provided in Section 3(f), the Executive shall be granted an award of restricted stock (the “Time-Based Vesting Equity Award”) with respect to a number of shares of common stock with a fair market value (measured based on the average closing price of the common stock for the last thirty (30) trading days preceding the grant) of $2,200,000 (rounded down to the nearest whole share). Subject to the provisions of Section 4 of this Agreement, each such Time-Based Vesting Equity Award shall vest in full on the third anniversary of the date of such grant, subject to the Executive’s continued employment with the Company on such anniversary date.
(ii) Beginning in 2025 and then annually during the Term, subject to adjustment as provided in Section 3(f), the Executive shall be granted a performance-based award of restricted stock units (the “Performance-Based TSR Equity Award”) with respect to a number of shares of common stock with a fair market value (measured based on the average closing price of the common stock for the last thirty (30) trading days preceding the grant) of $8,800,000 (rounded down to the nearest whole share). Each such Performance-Based TSR Equity Award shall vest, in whole or in part, or shall be forfeited, at the end of the performance period based upon the Company’s achievement of the four year total shareholder return objectives (consisting of dividends paid and changes in the share price of the Company’s common stock, hereinafter (“TSR”)) set forth in Exhibit B hereto, and subject to the Executive’s continued employment with the Company on the completion of the four year performance period, except as provided in Section 4 hereof. The vesting of each award made under this Section 3(e)(iii) shall be determined as set forth in Exhibit B hereto.
(iii) During the period beginning on November 1 of each year, and ending on November 30 of such year, the Executive may irrev...
Long-term Equity Awards. Employee will be eligible to participate in and receive periodic equity-based compensation awards commensurate with his or her position and level pursuant to any Bio-Techne equity-based compensation plan or program made available generally to executive officers; provided that the amount, timing, and other terms of any future awards shall be determined by the Board, in its sole discretion.
Long-term Equity Awards. Employer will fulfill its obligations to Executive pursuant to the terms of outstanding equity award agreements held by Executive (the “Equity Agreements”), including Employer’s obligations under the Equity Agreements in the event of a change in control. In accordance with the terms of the Equity Agreement, Employer agrees that certain equity awards contained in Executive’s Equity Agreements will receive continued vesting as of the Departure Date by reason of Executive’s qualifying retirement under the retirement provisions included in such awards; certain other awards will be forfeited as a result of Executive’s retirement. In addition, Employer expressly agrees that Executive’s December 20, 2011 time-vesting restricted stock unit award is being amended by this Agreement to allow continued vesting on the applicable vesting dates, notwithstanding Executive’s retirement, as set forth on Exhibit A. Employer has provided a schedule of Executive’s awards and the impact of retirement.
Long-term Equity Awards. Employee will be eligible to participate in and receive periodic equity-based compensation awards commensurate with his or her position and level pursuant to any Bio-Techne equity-based compensation plan or program made available generally to executive officers; provided that the amount, timing, and other terms of any future awards shall be determined by the Board, in its sole discretion. On an annualized basis, Employee will receive equity grants valued at approximately $1,800,000 (based on a Black Scholes calculation as of the date of grant), with half that value in the form of time-vested stock options, which will have a seven-year term and a four-year vesting schedule, and the remaining half in the form of performance-based equity split equally between performance-based stock options and performance-based restricted stock units. The performance-based equity vests based on third year performance measures (end of fiscal year 2024) established by the Compensation Committee of the Board and specified in more detail in the grant agreements. For fiscal year 2022, the equity grant will be pro-rated. Employee will also receive a one-time grant of restricted stock units valued at approximately $1,000,000, which will have a three-year vesting schedule. All equity grants will be issued at the closing price of Bio-Techne’s stock as traded on the NASDAQ on the first trading day of the month following Employee’s first day of employment.
Long-term Equity Awards. The 2016 Long Term Equity Awards for the Eligible Officers consist of the following two components:
Long-term Equity Awards. The 2017 Long Term Equity Awards for the Eligible Officers consist of the following two components: • “2017 Performance Share Unit Awards” — 75%, in the case of Mx. Xxxxxxxx, and 65%, in the case of the other Eligible Officers, of the target value of each Eligible Officer’s annual 2017 Long Term Equity Award consist of Performance Share Unit Awards (the “2017 PSUs”) authorized by the Compensation Committee under the Long Term Equity Plan adopted pursuant to the 2012 Plan, with the number of RAIT common shares of beneficial interest (“Common Shares”) issued or their equivalent value in cash paid, at the Compensation Committee’s option, at the conclusion of the relevant performance period. The number of 2017 PSUs earned will be determined 100% by RXXX’s performance for the three- year period commencing January 1, 2017 and ending December 31, 2019 relative to three long term performance metrics established by the Compensation Committee, as described in greater detail below. The Compensation Committee did not allocate any portion of the 2017 PSUs to subjective factors. The actual number of 2017 PSUs earned by a participant may range from 0% to 150% of target based on actual performance for the performance period. The performance based awards vest 50% at December 31, 2019 based on performance for 2017-2019, and the 50% balance, consisting of the same number of shares that were awarded at December 31, 2019, become time vesting and vest one year thereafter, subject to forfeiture in such year only in the event RAIT has terminated the Eligible Officer’s employment for cause or the Eligible Officer has resigned without good reason as determined, in each situation, under such Eligible Officer’s employment agreement. The Compensation Committee currently intends to redeem any vested 2017 PSUs with Common Shares, subject to the availability of Common Shares under the 2012 Plan at the time of vesting.
Long-term Equity Awards. Employer will fulfill its obligations to Executive pursuant to the terms of the outstanding equity award agreements (the “Equity Agreements”). Employer and Executive agree that the specific equity awards for which Executive is eligible are set forth on Exhibit A. Employer further agrees that Executive's Equity Agreements are being amended as follows:
i. Executive shall be entitled to receive a pro rata portion of all outstanding time-vesting and performance-vesting Restricted Stock Units (RSUs), determined by reference to the Departure Date, with the remaining portion being forfeited, and with such pro rata portion to vest and settle as of the original vesting dates, subject to any performance adjustments and hold requirements specified in such awards, and
ii. Executive shall be entitled to receive a pro rata portion of all outstanding and unvested 2010 and 2011 stock option awards, and shall be entitled to exercise stock options under such Equity Agreements from the applicable vesting date through the stated award expiration date, subject to hold requirements specified in such awards. The terms of all remaining stock option awards are unaffected by this Agreement.
Long-term Equity Awards. Upon commencement of employment under Section 1.2 of this Agreement, Techne will grant to Employee a time-vested stock option to purchase an aggregate of Twenty-Five Thousand (25,000) shares of common stock in Techne, a performance-vested stock option to purchase an aggregate of Ten Thousand (10,000) shares of Techne common stock, and a grant of Five Thousand (5,000) restricted stock units, which will have a three year vesting schedule. These equity grant awards shall be in substantially the forms attached as Exhibits A, B and C, respectively, to this Agreement. Executive also will be eligible to participate in and receive additional grants commensurate with his position and level in any equity-based or equity related compensation plan, programs or agreements of Techne made available generally to its senior executives; provided that the amount, timing, and other terms of any future grant shall be determined by the Techne Board of Directors, or its designated committees, in its sole discretion.
