Common use of Sign-On Award Clause in Contracts

Sign-On Award. At the first regularly scheduled meeting of the Board after the Agreement Date, Executive shall be granted, under the Plan, and pursuant to the recommendation of the Compensation Committee of the Board (the “Committee”) and the approval of the Board, (i) options to purchase the Company’s common stock in an amount equal to $150,000 valued at the Black-Scholes method (the “Sign-on Options”) and (ii) restricted stock units in an amount equal to $150,000 valued at the closing stock price of the Company’s common stock as of the grant date (the "Sign-on Units” and together with the Sign-On Options, the “Sign-on Awards”). The Sign-On Options shall expire ten (10) years from the grant date. Except as otherwise set forth in and subject to Article III (E) hereof, one-quarter (1/4) of the Sign-On Options and one quarter (1/4) of the Sign-On Units, concurrently, shall vest on each 12-month anniversary date of the grant date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the grant date. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(D) hereof) while the Executive is employed by the Company. Any future options, restricted stock or other equity grants (“Equity”), if any, will be granted at the sole discretion of the Board.

Appears in 1 contract

Samples: Employment Agreement (Shuffle Master Inc)

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Sign-On Award. At the first regularly scheduled meeting of the Board after the Agreement Date, Executive shall be granted, under the Plan, and pursuant Subject to the recommendation of the Compensation Committee of the Board (the “Committee”) and the approval of the Board of Directors of the Parent (the “Board”), which will not be unreasonably withheld, and in accordance with the rules of the Parent’s 2021 Equity Incentive Plan (ias may be amended or amended and restated from time to time or such other equity plan then in effect, the “Equity Plan”), as soon as practicable after the 2024 annual meeting of stockholders of the Parent, the Parent will grant the Employee a one-time award of restricted stock units (“RSUs”) options with respect to purchase the Company’s a number of shares of common stock in an amount equal to $150,000 valued at of the Black-Scholes method Parent (the “Sign-on OptionsOn RSUs) and (ii) restricted stock units in an amount ). The number of RSUs to be awarded will be equal to (1) a nominal value of $150,000 valued at 3.0 million divided by (2) the closing stock volume weighted average price of the Company’s common stock as of the grant date Parent for a fifteen (15) trading day period ending on the "Sign-on Units” and together with the Sign-On Options, the “Sign-on Awards”)Effective Date. The Sign-On Options RSUs will be subject to the terms of the Equity Plan, and the applicable award agreement issued thereunder. The Sign-On RSUs shall expire ten vest in three (103) equal tranches over a period of three (3) years from the grant datedate (each respectively a “Vesting Date”) and be net settled in shares within thirty (30) days thereafter. If, following the occurrence of a Change in Control (as defined in the Equity Plan), the Employee experiences a termination of employment under circumstances which would entitle him to severance under Section 6(b) of this Agreement, all then-unvested Sign-On RSUs will vest, less all applicable withholding taxes and other authorized deductions. If the Employee voluntarily resigns, or the employment with the Company is terminated by the Company for Cause, prior to any of the three Vesting Dates, any remaining and unvested RSUs will be cancelled. Except as otherwise set forth in this Agreement, all equity or equity-based awards shall be governed by the terms and subject to Article III (E) hereof, one-quarter (1/4) conditions of the Sign-On Options Equity Plan and one quarter (1/4) of the Sign-On Unitsapplicable award agreement, concurrently, shall vest on each 12-month anniversary date of the grant date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject including but not limited to the Sign-On RSUs, LTIP Options shall be the Company’s closing stock price for a share of its common stock on the grant date. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(D) hereof) while the Executive is employed by the Company. Any future options, restricted stock or other equity grants (“Equity”), if any, will be granted at the sole discretion of the Boardand LTIP RSUs.

Appears in 1 contract

Samples: Employment Agreement (FREYR Battery, Inc. /DE/)

Sign-On Award. At the first regularly scheduled meeting of the Board after the Agreement Date, Executive shall be granted, under the PlanCompany's 2004 Equity Incentive Plan as amended and restated on January 28, 2009 and pursuant to the recommendation of the Compensation Committee of the Board (the "Committee") and the approval of the Board, (i) options to purchase the Company’s common stock in an amount equal to $150,000 500,000 valued at the Black-Black Scholes method (the “Sign-on On Options”) and (ii) restricted stock units in an amount equal to $150,000 500,000 valued at the closing stock price of the Company’s common stock as of the date of grant date (the "Sign-on Units" and together with the Sign-Sign On Options, the "Sign-on On Awards"). The Sign-On Options shall expire ten (10) years from the grant date. Except as otherwise set forth in and subject to Article III (Eparagraph III(E) hereof, one-quarter (1/4) of the Sign-On Options and one quarter (1/4) of the Sign-Sign On Units, concurrently, shall vest on each 12-month anniversary date of the grant dateCommencement Date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the grant datedate of the grant. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(DV(C) hereof) while the Executive is employed by the Company. Any future stock options, restricted stock shares or other equity grants (“Equity”), if any, will be granted at the sole discretion of the Board.

Appears in 1 contract

Samples: Employment Agreement (Shuffle Master Inc)

Sign-On Award. At In connection with Executive’s execution of this Agreement, the first regularly scheduled meeting of Company will grant to Executive an inducement award on the Board after the Agreement Date, Executive shall be granted, under the Plan, and pursuant to the recommendation of the Compensation Committee of the Board Effective Date (the “CommitteeGrant Date”) and the approval comprised of the Board, (i) options to purchase the Company’s common stock in an amount equal to $150,000 valued at the Black-Scholes method (the “Sign-on Options”) and (ii) 85,935 restricted stock units in and 161,181 stock options (with an amount exercise price equal to $150,000 valued at the closing stock price average of the high and low sales prices of the Company’s common stock as of on the trading day immediately prior to the grant date date) (the "Sign-on Units” and together with the Sign-On Optionstogether, the “Sign-on AwardsOn Award”), pursuant to an equity award agreement to be provided by the Company and entered into by and between the Company and Executive (the “Equity Award Agreement”). The Equity Award Agreement shall provide that the Sign-On Options Award shall expire ten vest with respect to twenty-five percent (1025%) years from of the grant date. Except as otherwise set forth in and shares of Company common stock subject to Article III such Sign-On Award on each of the first four anniversaries of the Effective Date, subject to any applicable provisions relating to the accelerated vesting and forfeiture provisions as described in this Agreement or the Equity Award Agreement; provided, however, that, if Executive’s employment is terminated at the end of the third anniversary of the Effective Date as a result of delivery of a notice of non-renewal by the Company, subject to Section 5.6, the final twenty-five percent (E25%) hereof, one-quarter (1/4) of the unvested stock options and any unvested restricted stock units comprising the remaining portion of the Sign-On Options Award shall become immediately and fully vested (and, in the case of any such stock options, exercisable), provided that any such stock options (together with any other vested stock options) held by Executive will cease being exercisable upon the earlier of ninety (90) days after such termination and the scheduled expiration date of such stock options. In all other respects, all stock options and restricted stock units held by Executive shall be governed by the plans and programs and the agreements and other documents pursuant to which the awards were granted; provided, further, however, if necessary to comply with Section 409A, settlement of any such equity-based awards shall be made on the date that is six (6) months plus one quarter (1/41) day following expiration of the Sign-On Units, concurrently, shall vest on each 12-month anniversary date of the grant date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the grant date. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(D) hereof) while the Executive is employed by the Company. Any future options, restricted stock or other equity grants (“Equity”), if any, will be granted at the sole discretion of the BoardTerm.

Appears in 1 contract

Samples: Employment Agreement (Scientific Games Corp)

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Sign-On Award. At the first regularly scheduled meeting of the Board after On the Agreement Date, Executive shall be granted, under the PlanCompany’s 2004 Equity Incentive Plan as amended and restated on January 28, 2009, and pursuant to the recommendation of the Compensation Committee of the Board (the “Committee”) and the approval of the Board, (i) options Options to purchase the Company’s common stock in an amount equal to $150,000 130,000 valued at the Black-Scholes method (the “Sign-on Options”) and (ii) restricted stock units in an amount equal to $150,000 130,000 valued at the closing stock price of the Company’s common stock as of the grant date Agreement Date (the "Sign-on Units” and together with the Sign-On Options, the “Sign-on Awards”). The Sign-On Options shall expire ten (10) years from the grant date. Except as otherwise set forth in and subject to Article paragraph III (E) hereof, one-quarter (1/4) of the Sign-On Options and one quarter (1/4) of the Sign-On Units, concurrently, shall vest on each 12-month anniversary date of the grant dateAgreement Date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the grant dateAgreement Date. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(D) hereof) while the Executive is employed by the Company. Any future optionsOptions, restricted stock shares or other equity grants (“Equity”), if any, will be granted at the sole discretion of the Board.

Appears in 1 contract

Samples: Employment Agreement (Bally Technologies, Inc.)

Sign-On Award. At the first regularly scheduled meeting of the Board after On the Agreement Date, Executive shall be granted, under the PlanCompany’s 2004 Equity Incentive Plan as amended and restated on January 28, 2009, and pursuant to the recommendation of the Compensation Committee of the Board (the “Committee”) and the approval of the Board, (i) options Options to purchase the Company’s common stock in an amount equal to $150,000 130,000 valued at the Black-Scholes method (the “Sign-on Options”) and (ii) restricted stock units in an amount equal to $150,000 130,000 valued at the closing stock price of the Company’s common stock as of the grant date Agreement Date (the "Sign-on Units” and together with the Sign-On Options, the “Sign-on Awards”). The Sign-On Options shall expire ten (10) years from the grant date. Except as otherwise set forth in and subject to Article paragraph III (E) hereof, one-quarter (1/4) of the Sign-On Options and one quarter (1/4) of the Sign-On Units, concurrently, shall vest on each 12-month anniversary date of the grant dateAgreement Date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the grant dateAgreement Date. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(D) hereof) while the Executive is employed by the Company. Any future optionsOptions, restricted stock shares or other equity grants (“Equity”), if any, will be granted at the sole discretion of the Board.

Appears in 1 contract

Samples: Employment Agreement (Shuffle Master Inc)

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