Retention Share-Based Awards Clause Samples

Retention Share-Based Awards. Subject to approval by the Board of Directors of the Company (“Board Approval”), the Company shall grant to the Executive share appreciation rights with respect to: (a) 60,000 of the Company’s common shares at an exercise price equal to the closing market price on the date of such Board Approval (the “Grant Date”), which award will vest in full on the fifth anniversary of the Grant Date; and (b) 15,000 of the Company’s common shares at an exercise price equal to the closing market price on the Grant Date, which award will vest in three equal annual installments on the first, second and third anniversaries of the Grant Date. Subject to Board Approval, on the Grant Date, the Company shall also grant to the Executive: (A) 60,000 restricted common shares of the Company, which will vest in full on the fifth anniversary of the Grant Date; and (B) 15,000 restricted common shares of the Company, which will vest in three equal annual installments on the first, second and third anniversaries of the Grant Date. The other terms of such share-based awards shall be as set forth in the applicable award agreements as approved by the Board of Directors of the Company.