Signing Award. On the Start Date, Executive will receive an award with a value on the date of grant of $1,300,000 of restricted stock units (otherwise known as deferred stock awards) (“RSUs”) under the terms and conditions of a Stock Award Agreement and the related Company Stock Incentive Plan. Such RSUs (“Signing Award RSUs”) shall vest in equal one third increments on the day after the dates of each of the six month, twelve month and twenty four month anniversaries of the Start Date.
Signing Award. The Employee will receive a restricted stock award (the “Restricted Stock Award”) under the Company's 2006 Omnibus Incentive Plan (the “Plan”) for 66,000 shares of the Company’s common stock on the Effective Date. Such Restricted Stock Award shall be in the form approved by the Compensation Committee. The Restricted Stock Award shall vest as follows: 16,500 shares on February 1, 2013, 16,500 shares on February 1, 2014, 16,500 shares on February 1, 2015 and 16,500 shares on February 1, 2016, subject to (i) the Employee's continued employment with the Company and/or service as a member of the Board, (ii) compliance with Section 6 of this Agreement through such vesting date, (iii) the terms of the related award agreement and (iv) the terms of the Plan.
Signing Award. The Executive shall receive as of the date of this Agreement a grant under the Incentive Plan to purchase the Company’s Series A common stock. Except as specifically stated herein, such stock options shall have terms and conditions consistent with the Company’s standard award agreement, including maximum term of seven years from the date of grant (the “Signing Options”). The Signing Options will be earned and become eligible to vest and be exercised in five tranches (determining each tranche’s vesting/exercisability beginning as of January 2 of the year set forth in the following table), and each successive tranche will have a higher exercise price, as follows: Tranche (shares) Exercise Price Vesting/Exercise schedule 2019 2,435,655 Closing Price on Grant Date 2020, 2021, 2022, 2023 (25%/yr) 2020 2,211,344 105% of Closing Price on Grant Date 2021, 2022, 2023, 2024 (25%/yr) 2021 2,155,404 110.25% of Closing Price on Grant Date 2022 (33%), 2023 (33%), 2024 (34%) 2022 2,393,454 115.76% of Closing Price on Grant Date 2023 (50%), 2024 (50%) 2023 1,571,489 121.55% of Closing Price on Grant Date 2024 (100%) Provided that any vesting/exercise date designated in the foregoing chart as 2024 shall be December 31, 2023. EXECUTION COPY
Signing Award. (i) On the Effective Date, the Board shall grant Executive the number of Performance Shares, as defined in the Destination XL Group, Inc. 2016 Incentive Compensation Plan (“2016 Plan”), equal in value to $1,800,000 on the grant date (the “P Shares”) under the 2016 Plan. A copy of the 2016 Plan is attached as Exhibit A. The P Share award shall vest in installments, if at all, when the value of a Share (as defined in the 2016 Plan) reaches the following milestones, provided that such milestones are reached prior to the fourth anniversary of the Commencement Date (the “Fourth Anniversary”): When the trailing 90-day volume-weighted average closing price of a Share is: Vesting of P Shares $4.00 33 1/3% of the P Shares vest $6.00 An additional 33 1/3% of the P Shares vest $8.00 or more The remaining P Shares vest Notwithstanding the foregoing, in the event the P Shares would vest in whole or in part prior to the first anniversary of the Effective Date (the “First Anniversary”) pursuant to the foregoing, such P Shares shall not vest until the First Anniversary, subject to Executive’s continuing employment through the First Anniversary. To the extent the P Shares do not vest by the Fourth Anniversary, they shall expire as of the close of business on the Fourth Anniversary. The P Shares will be subject to the terms and conditions of the 2016 Plan and the applicable P Shares award agreement attached hereto as Exhibit B. All vested P Shares shall be settled at the time provided in the award agreement.
Signing Award. 1. On the date following the February 2014 earnings release on which grants are made to employees generally, as a material inducement to the Executive entering into employment with the Company, the Company shall grant Executive a non-qualified stock option to purchase shares of the Company’s common stock at an exercise price equal to the closing price of such stock on the date of grant (the “Initial Option”). The Initial Option shall be subject to the terms of the governing Company equity plan and option agreement and shall have a term of ten (10) years, subject to earlier termination in connection with a termination of employment or a corporate transaction. The Initial Option shall have a “Black Scholes” value at grant of $11.7 million, based on the “Black Scholes” assumptions used by the Company to calculate the grant date fair value of the Initial Option in accordance with Generally Accepted Accounting Principles. For clarity, the number of shares subject to the Initial Option shall equal (x) $11.7 million divided by (y) the “Black Scholes” value per share as of the date of grant. 50% of the Initial Option shall be referred to as the “Performance-Based Option” and 50% of the Initial Option shall be referred to as the “Time-Based Option.” The Performance-Based Option shall vest ratably during the Period of Employment as to 25% of the shares subject to the Performance-Based Option on each annual anniversary of the Employment Commencement Date; provided that, notwithstanding the foregoing, 50% of the shares subject to the Performance-Based Option shall only become vested and exercisable if the closing price of the Company’s common stock is 25% higher than the exercise price for at least thirty (30) consecutive trading days, and the remaining 50% of the shares subject to the Performance-Based Option shall only become vested and exercisable if the closing price of the Company’s common stock is 50% higher than the exercise price for at least thirty (30) consecutive trading days, in each case during the Period of Employment and the term of the Performance-Based Option. The Time-Based Option shall vest during the Period of Employment as to 25% of the shares subject to the Time-Based Option on the one (1) year anniversary of the Employment Commencement Date and as to 1/48th of the shares subject to the Time-Based Option on each monthly anniversary thereafter.
Signing Award
