Common use of Long-Term Equity Incentive Awards Clause in Contracts

Long-Term Equity Incentive Awards. If the Company or the Bank adopts an Equity Plan, the Executive shall be granted long-term equity incentive awards (“Equity Awards”) at the same time as Equity Awards are granted to other members of the Company’s and the Bank’s executive leadership teams (the “ELT”) during the Term. The Company Board or Bank Board shall determine the composition and size of the Executive’s Equity Awards granted during the Term in its discretion. The Executive agrees and acknowledges that the actual value of any performance-based Equity Award will be based upon performance in relation to the performance goals used for the award. The terms and conditions of each Equity Award granted to the Executive shall be governed by the terms and conditions of the Equity Plan, as it may be amended or replaced from time to time, and the applicable award agreement evidencing the Equity Award, which shall be consistent with the form of award agreement evidencing the grant of similar Equity Awards to other ELT members as of the applicable grant date.