Initial Incentive Award definition

Initial Incentive Award. Moon Sub shall grant the Executive shares of restricted and unvested common equity interests (“Equity Interests”) in Moon Sub (the “Initial Incentive Award”) as described in the Incentive Program in lieu of the share options, restricted shares and/or performance units that the Company would have awarded the Executive in early 2006 in the ordinary course, consistent with past practice. Subject to the terms set forth herein, such Equity Interests shall no longer be subject to a substantial risk of forfeiture on the fifth (5th) anniversary of the Effective Date. New Equity-Based Awards Under the Incentive Program: The Executive shall be eligible to receive awards of MIP Units pursuant to the terms of Section II of the Incentive Program (Section II specifically referred to as the “MIP”). Equity Interests Available Under the RECP: Key employees of the Company (other than the CEO and CFO) who are selected by the CEO and CFO of the Company and are approved by the Board shall be eligible to participate in the Retention Equity Compensation Plan (the “RECP”) as further described in the Incentive Program.
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Initial Incentive Award. Moon Sub shall grant the Key Management Team and the Additional Employees at the Effective Time restricted Equity Interests in Moon Sub (the “Initial Incentive Award”) in an amount not to exceed their share of a total pool which will not exceed $12 million in lieu of the share options, restricted shares and/or performance units that the Company would have awarded to the Key Management Team and other Company employees in early 2006 in the ordinary course, consistent with past practices. Such awards will be based on recommendations made by the board of trustees of the Company on or prior to December 31, 2005 and reasonably approved by Moon. Such recommendations shall be based on the Company’s performance during the Company’s fiscal 2005, without regard to the common stock price of the Company. The Initial Incentive Award will be restricted, will vest and will be subject to the forfeiture provisions as described in the Employment Agreement Term Sheet.
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Initial Incentive Award has the meaning set forth in Section 6(b) of this Agreement.
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Examples of Initial Incentive Award in a sentence

  • All of Executive's vested Initial Incentive Award and Annual Awards not exercised on or before the 180th day referred to above (the "Last Exercise Date"), will be cancelled as of the Last Exercise Date.

  • Subject to the terms and conditions set forth herein and in accordance with the terms of the Equity Compensation Program, the Initial Incentive Award shall no longer be subject to a substantial risk of forfeiture on the fifth (5th) anniversary of the Effective Date.

  • Terms of any Replacement Awards will to the extent possible be substantially identical to the Initial Incentive Award or Annual Awards being replaced.

  • All of Executive's unvested Initial Incentive Award and Annual Awards or other grants will be cancelled as of the effective date of Executive's termination (the "Termination Date").

  • If Executive voluntarily terminates his employment (i) without Good Reason, or (ii) without Good Reason on Change of Control, then Executive shall be entitled to receive: (A) a cash payment equal to the aggregate amount of (x) accrued but unpaid Base Salary and (y) unused vacation days; (B) settlement of any then vested Units; and (C) the ability to exercise any then vested Initial Incentive Award and Annual Awards in accordance with their terms.

  • In the event Executive's Good Reason termination occurs within the first twelve (12) months of the Employment Period, then fifty percent (50%) of the Executive's Initial Incentive Award and any Annual Award will become immediately vested as of the Termination Date, and irrespective of the terms of any such Initial Incentive Award and Annual Award, the Executive will have 180 days from the Termination Date to exercise the so vested Initial Incentive Award and Annual Award.

  • Act as service agent in connection with dividend and distribution functions; perform shareholder account and administrative agent functions in connection with the issuance, transfer, and redemption or repurchase of Fund Shares.

  • All of Executive's unvested Initial Incentive Award and Annual Awards or other grants will be cancelled as of the Termination Date.