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.

  • In the event Executive's Good Reason termination occurs after the first twelve (12) months of the Employment Period, one hundred percent (100%) of the Executive's Initial Incentive Award and Annual Awards will become immediately vested as of the Termination Date, and irrespective of the terms of any such Initial Incentive Award and Annual Awards, the Executive will have 180 days from the Termination Date to exercise the so vested Initial Incentive Award and Annual Awards.

  • 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").

  • 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 Termination Date.

  • 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.

  • Xxxxxx Position: Chief Executive Officer Reporting Duties: Board Responsibilities and Authority as an Employee: See Attached Exhibit C Annual Base Salary: $358,800 Target Annual Bonus: 145% of Annual Base Salary Rollover/Investment: No less than $7 million of Moon Sub equity interests will be invested in by contribution/exchange of Company common stock, Initial Incentive Award and/or cash.

  • The Program consists of the Retention Equity Compensation Plan (the “ RECP”) and the Initial Incentive Award Plan (the “IIAP”).

  • 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.

Related to Initial Incentive Award

  • Annual Incentive Award means an Award made subject to attainment of performance goals (as described in Section 14) over a performance period of up to one year (the Company’s fiscal year, unless otherwise specified by the Committee).

  • Incentive Award means the right to receive a cash payment to the extent Performance Goals are achieved, and shall include “Annual Incentive Awards” as described in Section 10 and “Long-Term Incentive Awards” as described in Section 11.

  • LTIP Award means each or any, as the context requires, LTIP Award issued under any Equity Incentive Plan.

  • Cash Incentive Award means a cash award granted pursuant to Section 8 of this Plan.

  • Incentive Bonus means a bonus opportunity awarded under Section 9 pursuant to which a Participant may become entitled to receive an amount based on satisfaction of such performance criteria as are specified in the Award Agreement.

  • Other Incentive Award means an Award denominated in, linked to or derived from Shares or value metrics related to Shares, granted pursuant to Section 9.6 hereof.

  • Long-Term Incentive Award means an Award described in Section 6(g) hereof that is based upon a period in excess of one year.

  • 3(i) Award means an Award granted pursuant to Section 3(i) of the Ordinance to any person who is a Non- Employee.

  • Annual Incentive Plan means the Cinergy Corp. Annual Incentive Plan or any similar plan or successor to the Annual Incentive Plan.

  • Performance Share Award means an Award entitling the recipient to acquire shares of Stock upon the attainment of specified Performance Goals.

  • Performance Bonus means the performance bonus in respect of each Class payable to the General Partner by the Partnership which will be equal to 20% of the product of: (a) the number of Units of that Class outstanding on the Performance Bonus Date; and (b) the amount by which the Net Asset Value per Unit of that Class on the Performance Bonus Date (prior to giving effect to the Performance Bonus) plus the aggregate value of all distributions per Unit of that Class during the Performance Bonus Term exceeds $25.00.

  • Clawback Eligible Incentive Compensation means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable Nasdaq rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).

  • Performance Share Unit or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;

  • Performance Compensation Award means any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan.

  • Performance Unit Award means an award of Performance Units under this Plan.

  • Performance Shares means Shares or an Award denominated in Shares which may be earned in whole or in part upon attainment of performance criteria established by the Administrator.

  • Performance Award means any right granted under Section 6(d) of the Plan.

  • incentive plan award means compensation awarded, earned, paid, or payable under an incentive plan;

  • Performance Share Units means Performance Share Units granted to an Eligible Individual under Section 9.1(b).

  • Cash Award means an award denominated in cash.

  • Performance Stock Award means a Stock Award granted under the terms and conditions of Section 6(c)(i).

  • Equity Award means stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares or any other form of award that is measured with reference to the Stock.

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • Annual Award means the cash payment paid or payable to the Executive with respect to a fiscal year under the Corporation's Incentive Compensation Performance Plan.

  • Performance Stock Unit means a right granted to a Participant pursuant to Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee.

  • Annual Bonus shall have the meaning set forth in Section 4(b) hereof.