LTIP Award. During the Term, the Executive shall be eligible to receive annual equity award grants pursuant to the LTIP, as determined by the Board or a committee thereof, which value may vary in the Board’s discretion based on Executive’s or the Company’s achievement of any performance criteria during the applicable performance period for the award. For calendar year 2024 and beyond, the annual LTIP target will be equal to two hundred and twenty-five percent (225%) of the Annual Base Salary which annual LTIP target shall be subject to review and upward, but not downward without Executive’s written consent, adjustment by the Compensation Committee in its sole discretion each year (the “Annual LTIP Target”). Any awards issued to the Executive under the LTIP are governed by and subject to the terms of the LTIP and the underlying award agreements.
LTIP Award. As of the Effective Date, Executive shall be granted 420,000 LTIP Units (the "LTIP Award") pursuant to a separate written LTIP Unit Award Agreement under the Plan. The LTIP Award shall be subject to the terms and conditions of that agreement and the Plan.
LTIP Award. Subject to adoption by the Board and approval by the REIT’s stockholders of the Company’s incentive award plan (the “Incentive Plan”), and provided the Executive is employed by the Company on the date of the grant, the Operating Partnership shall, on or as soon as practicable following the Effective Date, issue to the Executive, and the Executive agrees to accept from the Operating Partnership as part of his compensation for services rendered to or for the benefit of the Operating Partnership, (A) a number of LTIP Units (as defined the Amended and Restated Agreement of Limited Partnership of Xxxxxx Properties, L.P.) which is equal to the quotient obtained by dividing (x) $4,200,000 by (y) the initial public offering price of a share of the REIT’s common stock (the “Time Vesting LTIP Units”), and (B) a number of LTIP Units which is equal to the quotient obtained by dividing (x) $2,800,000 by (y) the product of the initial public offering price of a share of the REIT’s common stock multiplied by (the “Performance Vesting LTIP Units”). Subject to the Executive’s continued employment with the Company, the Time Vesting LTIP Units shall vest (a) forty percent (40%) on the date of grant and (b) twelve percent (12%) on each of the first five anniversaries of the date of grant, and the Performance Vesting LTIP Units shall vest based on the satisfaction by the REIT of “total shareholder return” hurdles established by the Company and set forth in the applicable award agreement. The terms and conditions of the Time Vesting LTIP Units and the Performance Vesting LTIP Units shall be set forth in separate award agreements (the “LTIP Units Agreements”) in such forms as are prescribed by the Company, each to be entered into by the Company and the Executive and which together shall evidence the grant of such awards.
LTIP Award. Executive will receive an award of $1,500,000.00 under the Company’s 2010 Executive Long-Term Incentive Plan, subject to and in accordance with the terms of that plan and the separate Award Agreement between the Company and Executive in connection with that plan.
LTIP Award. (a) The Grantee is hereby granted this Award, consisting of the number of LTIP Units set forth on the first page of this Agreement and designated as Award LTIP Units (the “Award LTIP Units”), which will be subject to vesting and forfeiture to the extent provided in this Section 3 and Section 4 hereof.
(b) As soon as practicable following the Measurement Date (but in no event later than 60 days thereafter), or, in the case of a Change in Control, as of the day prior to the effective date of the Change in Control, but as of the Measurement Date, the Committee will determine the Performance Factor, whereby the number of Award LTIP Units that are earned (the “Earned Award LTIP Units”) will be equal to the Award LTIP Units multiplied by the Performance Factor. For the avoidance of doubt, in no event shall the Earned Award LTIP Units be greater than the number of Award LTIP Units issued pursuant to this Award (other than any increase attributable to Earned Dividend LTIP Units).
(c) If the Grantee earns any Award LTIP Units as of the Measurement Date pursuant to the calculations set forth in Section 3(b) hereof, then the Grantee will also earn the Earned Dividend LTIP Units. Any Earned Dividend LTIP Units shall be subject to all of the provisions of Section 4 hereof applicable to the other Earned Award LTIP Units.
(d) If the number of Earned Award LTIP Units (including, for the avoidance of doubt, the Earned Dividend LTIP Units) is smaller than the number of Award LTIP Units previously issued to the Grantee, then the Grantee, as of the Measurement Date, shall forfeit a number of Award LTIP Units equal to the difference without payment of any consideration by the Partnership; thereafter the term Award LTIP Units will refer only to the Award LTIP Units that were not so forfeited and neither the Grantee nor any of the Grantee’s successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in the Award LTIP Units that were so forfeited. If the Earned Award LTIP Units, together with the Earned Dividend LTIP Units, are greater than the aggregate number of Award LTIP Units previously issued to the Grantee, then, upon the performance of the calculations set forth in this Section 3 and in Section 4: (i) the Company shall cause the Partnership to issue to the Grantee, as of the Measurement Date, a number of additional LTIP Units equal to the difference; (ii) such additional LTIP Units shall be added to the LTIP Units previousl...
LTIP Award. The 2022 LTIP Award shall be forfeited in its entirety.
LTIP Award. Exhibit A sets forth the LTIP Performance Period, the Participant’s LTIP Target Award and the methodology used to determine the total number of Units payable under this Agreement upon satisfaction of the LTIP Performance Goals. Each Unit granted pursuant to this LTIP Agreement shall correspond to an equal number of shares of Company common stock (the “Shares”) and is valued by reference to the Fair Market Value of such Shares on any applicable date.
LTIP Award. (a) The Company hereby grants to the Participant the LTIP Award, which represents a Cash Incentive Award and the opportunity to receive cash as determined under the Plan, upon the achievement of the Performance Goals described in the attachments hereto.
(b) The LTIP Award granted to the Participant shall achieve value and generate a cash payment upon the achievement of the Performance Goals (the “Performance Goals”) set forth in one or more of the exhibits to this Agreement describing the performance metrics for the Applicable Performance Periods specified in each respective attachment. The specific LTIP amount payable to Participant with respect to this Award is based on the percentage of the Target Award set forth on the cover page of this Agreement achieved based on attainment of Performance Goals, proportionately for each Award metric, as weighted on the cover page.
(c) The Committee will determine the level of achievement of each Performance Goal, and the amount of the corresponding payment for the LTIP Award (if any), following the Last Day of the Applicable Performance Period
LTIP Award. Subject to the terms of the Parent's Equity and Long-Term Incentive Plan (the “LTIP”) and the applicable award agreement in the form attached as Exhibit B hereto (the “Award Agreement”), Executive will receive an award of 30,000,000 restricted stock units (the “Award”) that will settle in shares of Class A Common Stock of Parent (the “Common Stock”). The Award shall be granted in January 2021 or during the next open trading window thereafter. The Award will vest pursuant to the following schedule: 33.3% on August 31, 2021, 33.3% on August 31, 2022, and 33.3% on August 31, 2023, subject to Executive’s continuous service with the Company through each applicable vesting date. The Award will be subject to accelerated vesting under certain circumstances as set forth under the Award Agreement. Executive hereby acknowledges that, notwithstanding anything to the contrary in the Award Agreement, the Common Stock issued to Executive in connection with the vesting of the Award may be issued by the Company or by Cottage Holdco B.V. (“Cottage Holdco”, a wholly-owned subsidiary of JAB Holding Company s.a.r.l., and any shares of Common Stock delivered to Executive in settlement of the Award shall reduce the Company's obligations thereunder. Unless otherwise determined by the Board, which determination shall be made in writing and communicated to Executive in advance of an applicable performance cycle, during the Employment Term, Executive shall not be entitled to receive additional grants pursuant to the LTIP.
LTIP Award. During the Term, the Executive shall be eligible to receive annual equity award grants pursuant to the LTIP, as determined by the Board or a committee thereof. Within 30 days of the Effective Date, the Executive will receive a one-time LTIP award for the 2020 calendar year with a value equal to approximately $1,200,000, consisting of (i) 500,000 Phantom Units, and (ii) a dollar-denominated cash amount of $800,000 (the “2020 LTIP Award”). The 2020 LTIP Award grant agreement will include vesting provisions that provide for the award to vest 50% on March 31, 2021 and 50% on March 31, 2022, subject to (x) Executive’s continued employment through such dates, and (y) accelerated vesting in limited circumstances prior to the vesting date in accordance with the terms of the LTIP. For calendar year 2021 and beyond, the Annual LTIP Target will be equal to 165% of the Annual Base Salary. Any awards issued to the Executive under the LTIP are governed by and subject to the terms of the LTIP and the underlying award agreements.
