Stock Appreciation Units. The Director shall receive Stock Appreciation Units (“SARs”) pursuant and subject to the Company’s 2015 Stock Incentive Plan (the “Plan”) on the terms herein described. The number of SARs in the grant shall be computed by dividing $75,000 by the per share fair market value of the Company (diluted to take into account all outstanding SARs), all in accordance with the Company’s standard practices for the granting of awards under the Plan. The SARs, so granted, shall have a vesting start date of August 15, 2019, with 20% thereof vesting on the first (1st) anniversary of the grant or August 15, 2020, whichever is later. Thereafter, the SARs shall vest at the rate of five percent (5%) per calendar quarter commencing on the final day of the first (1st) calendar quarter after the first (1st) anniversary of the date of grant. Subject to determination by the Board, it is the intention that the SARs be granted in conjunction with the next ensuing general grant of SARs to Company personnel. Notwithstanding the foregoing, if the Director ceases to be a member of the Board at any time during the vesting period for any reason (such as resignation, withdrawal, death, disability or any other reason), then any unvested shares shall be irrefutably and irrevocably forfeited. Furthermore, the Director agrees that any shares which may be issued pursuant to such SARs, shall be subject to any “lock up” agreement required to be signed by the Company’s officers in connection with any financing or other transaction. Any future grants of SARs or any other equity-type compensation, if any, shall be made at the discretion of the Board.
Appears in 2 contracts
Samples: Independent Director Agreement (Apria, Inc.), Independent Director Agreement (Apria, Inc.)
Stock Appreciation Units. The Director shall receive Stock Appreciation Units (“SARs”) pursuant and subject to the Company’s 2015 Stock Incentive Plan (the “Plan”) on the terms herein described. The number of SARs in the grant shall be computed by dividing $75,000 by the per share fair market value of the Company (diluted to take into account all outstanding SARs), all in accordance with the Company’s standard practices for the granting of awards under the Plan. The SARs, so granted, shall have a vesting start date of August 15, 2019, with 20% thereof vesting on the first (1st) anniversary of the grant or August 151, 2020, whichever is later. Thereafter, the SARs shall vest at the rate of five percent (5%) per calendar quarter commencing on the final day of the first (1st) calendar quarter after the first (1st) anniversary of the date of grant. Subject to determination by the Board, it is the intention that the SARs be granted in conjunction with the next ensuing general grant of SARs to Company personnel. Notwithstanding the foregoing, if the Director ceases to be a member of the Board at any time during the vesting period for any reason (such as resignation, withdrawal, death, disability or any other reason), then any unvested shares shall be irrefutably and irrevocably forfeited. Furthermore, the Director agrees that any shares which may be issued pursuant to such SARs, shall be subject to any “lock up” agreement required to be signed by the Company’s officers in connection with any financing or other transaction. Any future grants of SARs or any other equity-type compensation, if any, shall be made at the discretion of the Board.
Appears in 2 contracts
Samples: Independent Director Agreement (Apria, Inc.), Independent Director Agreement (Apria, Inc.)
