Examples of Annual Stock Grant in a sentence
Under the terms of MMC's Directors Stock Compensation Plan, the directors receive twenty-five percent of the basic retainer in shares of stock at the fair market value thereof, as well as their Annual Stock Grant on each June 1.
Simmons: o a basic retainer of $40,000 per year and an annual grant of 1,800 shares of stock (the "Annual Stock Grant"); o a fee of $1,000 and reimbursement of related expenses for each meeting of the board or a committee they attend; o an additional retainer of $5,000 per year to the chair of each committee (other than Mr. Greenberg as chair of the Executive Committee); and o an additional retainer of $2,000 per year to other members of committees.
The employment agreement defines “average annual compensation” as including aggregate base salary, the Annual Stock Grant Award, and bonus compensation earned in such years.
Not later than February 28th of each calendar year during the term of this Agreement, the Compensation Committees of the Employers’ Boards of Directors shall establish target performance levels related to such Annual Stock Grant based upon the Employers’ budget for such calendar year as presented to and accepted by the Employers’ Boards of Directors.
Subject to satisfying the applicable performance criteria, the Annual Stock Grant shall vest over a period of three years provided that the Executive is still employed by the Employers on the applicable vesting date, with the first one-third vesting on the first annual anniversary date of the date of grant, the second one-third vesting on the second annual anniversary date of the date of grant and the final one-third vesting on the third annual anniversary date of the date of grant.
The amendment also eliminated the income tax gross‑up on the Annual Stock Grant Award contemplated by the original employment agreement.
Also pursuant to the terms of the amendment, effective January 1, 2013, Mr. Bailly is no longer entitled to an income tax gross-up on the Annual Stock Grant Award.As amended, the employment agreement provides that Mr. Bailly will receive a minimum annual salary of $450,000 and consideration for discretionary bonuses.
On February 18, 2013 the employment agreement was again amended to provide that effective January 1, 2013, Mr. Bailly’s annual salary increased from not less than $350,000 to not less than $450,000, and the Annual Stock Grant Award changed from $300,000 worth of shares of our Common Stock to $400,000 worth of shares of our Common Stock.
Non-executive directors are eligible to participate in MMC’s matching-gift program for certain charitable gifts by employees up to a maximum of $5,000 per year.Under the terms of MMC’s Directors Stock Compensation Plan, the non-executive directors receive twenty-five percent of their basic annual retainer (i.e., $10,000) in MMC stock at the fair market value thereof, as well as their Annual Stock Grant, on each June 1.
Pursuant to the terms of the amendment, effective January 1, 2012, Mr. Bailly’s annual salary increased from not less than $300,000 to not less than $350,000, and the Annual Stock Grant Award (as defined below) changed from 25,000 shares of our Common Stock to $300,000 worth of shares of our Common Stock.