Long Term Incentive Benefits. Employee shall be eligible to participate in any long-term incentive (“LTI”) program established by the Board or Compensation Committee in their sole discretion. The terms of any such LTI and specifically those for which Employee shall be eligible, shall be determined at such time, and upon such terms, as the Board or the Compensation Committee may from time to time determine. Employee shall be eligible to receive LTI grants for a year only to the extent he continues to be employed by the Company until and as of the day such LTI is granted.
Long Term Incentive Benefits. Employee shall be eligible to participate in the Incentive Plan and receive annual LTI awards thereunder. The grant value of Employee’s LTI each year of the Term, which target LTI shall be solely as determined by the Company, when added to Employee’s target Annual Bonus for the year, shall be at least 225% of Employee’s Base Salary for the relevant year. The terms of any such target LTI and specifically those for which Employee shall be eligible, as well as the amount of LTI earned, shall be determined at such time, and upon such terms, as the Board or the Compensation Committee may from time to time determine. Employee shall be eligible to receive LTI grants for a year only to the extent Employee continues to be employed by the Company until and as of the day such LTI is granted. The awards described in this paragraph will be subject to the specific terms of separate Notices of Award that will be provided to the Employee once the terms of Employee’s LTI awards for the year are determined.
Long Term Incentive Benefits. The Executive shall participate in the Company's 1994 Long-Term Incentive Plan or any successor plan (the "Long-Term Incentive Plan"). Under the Long-Term Incentive Plan, the Executive will be credited with benefits which shall be subject to the terms and conditions of the Long-Term Incentive Plan and programs thereunder, except as otherwise specifically provided below, and shall include the following:
(i) The Executive will receive a grant of 10,000 shares of Company stock which shall vest in one-third increments with the first third vesting on the first anniversary of the Effective Date, the second third vesting on the second anniversary of the Effective Date, and the final third vesting on the third anniversary of the Effective Date. Also, the Executive will receive a cash payment on each of the three vesting dates equivalent to the federal, FICA, state and local taxes payable relative to the grant as determined by the Company.
(ii) The Executive will receive options to purchase 60,000 shares of Company stock. These options will also vest in one-third increments with the first third vesting on the first anniversary of the Effective Date, the second third vesting on the second anniversary of the Effective Date, and the final third vesting on the third anniversary of the Effective Date. The strike price for all of the options will be set on the Effective Date and will be the Fair Market Value on the Effective Date as defined in the Long-Term Incentive Plan. The exercise period shall be four years from the date of vesting.
(iii) The Executive shall be eligible to receive additional stock option grants under the Company's Long-Term Incentive Plan. For the 1998 plan year, and each of the following four plan years, the Executive will be granted options to purchase no less than 30,000 shares.
Long Term Incentive Benefits. As of the Closing, Buyer shall or shall cause its Affiliates to pay the individuals listed on Section 6.8 of the Disclosure Schedule subject to the individual’s continued employment with Buyer or any of its Affiliates, cash payments in the amounts and on the dates set forth on Section 6.8 of the Disclosure Schedule. In the event Buyer and its Affiliates terminates the employment of such individual for any reason other than for cause (but, excluding the individual’s voluntary resignation) during the twenty-four (24) months following the Closing Date, then Buyer or any of its Affiliates shall pay such individual the amounts listed on Section 6.8 of the Disclosure Schedule to the extent such amounts had not been previously paid. Beginning in 2013 (based on the individual’s performance in 2012), the individuals listed in Section 6.8 of the Disclosure Schedule, subject to the individual’s continued employment with Buyer or any of its Affiliates, shall be eligible to participate in Buyer’s long-term incentive plan as in effect from time to time.
