New Management Incentive Plan definition

New Management Incentive Plan means a post-Effective Date equity incentive plan providing for the issuance from time to time, as approved by the New Board, of equity and equity-based awards with respect to New Common Stock in the aggregate and on a fully-diluted basis, of up to five percent (5%) of the New Common Stock issued or to be issued as of the Effective Date.

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New Management Incentive Plan means a post-Effective Date equity incentive plan providing for the issuance from time to time, as approved by the New Board, of New Class A Shares to senior management of the Reorganized Debtors representing, in the aggregate and on a fully-diluted basis, up to seven percent (7%) of the New Equity Interests issued or to be issued as of the Effective Date.

New Management Incentive Plan means a post-Effective Date equity incentive plan providing for the issuance from time to time, as approved by the New Board, of New Limited Partnership Interests to those individuals involved in day-to-day management of the Reorganized Debtors. The New Board shall determine allocation and other terms of the New Management Incentive Plan.

Examples of New Management Incentive Plan in a sentence

• On the Effective Date, Reorganized Sunterra is authorized to and shall adopt and implement the New Management Incentive Plan without the need for any further corporate action.

• Notwithstanding the foregoing, (i) the New Board shall retain a compensation consultant acceptable to the Required Consenting Noteholders prior to the Effective Date to advise them regarding the development of the New Management Incentive Plan and (ii) the New Management Incentive Plan shall be adopted by the New Board within one-hundred twenty (120) days after the Effective Date.

• Up to ten percent (10%) of the New Common Stock, on a fully diluted basis, shall be reserved for issuance in connection with the New Management Incentive Plan, with the actual amount to be reserved as determined by the New Board.

• The participants in the New Management Incentive Plan, the allocations and form of the options and other equity-based compensation to such participants (including the amount of allocations and the timing of the grant of the options and other equity-based compensation), and the terms and conditions of such options and other equity-based compensation (including vesting, exercise prices, base values, hurdles, forfeiture, repurchase rights and transferability) shall be determined by the New Board.

• From and after the Effective Date, the Board of Directors of Reorganized Sunterra is further authorized to approve the Reorganized Debtors' issuance from time to time of all New Management Options to purchase shares of New Sunterra Common Stock, and the shares of New Sunterra Common Stock issuable upon exercise of such options, under the New Management Incentive Plan in accordance with the terms therein.

More Definitions of New Management Incentive Plan

New Management Incentive Plan means the management incentive plan (inclusive of equity grants and other incentive awards, severance protection and certain retirement program changes), to be evidenced by documents substantially in the forms included in the Plan Supplement, to be implemented on the Effective Date pursuant to Section 5.8 of the Plan.

New Management Incentive Plan means the management equity incentive plan to be adopted by the New Board as described in Article V.H hereof.

New Management Incentive Plan means a post-Effective Date equity incentive plan of the Reorganized Debtors.

New Management Incentive Plan means a post-Effective Date equity incentive plan, if any, providing for the issuance from time to time, as approved by the New Board in their sole discretion, of New Equity Interests and/or options, warrants or other securities to acquire New Equity Interests to management and managers of the Reorganized Debtors. The participants in the New Management Incentive Plan, the allocations of the awards to such participants, and the terms and conditions of such awards shall be determined by the New Board in its sole and absolute discretion.

New Management Incentive Plan means, collectively, the equity incentive and bonus plans and other terms of employment of Senior Management to be adopted by the Buyer Parties on the Effective Date which provide for the issuance of equity awards to officers and key employees of the Debtors. The Plan Supplement will include the forms of the New Management Incentive Plan in substantially the form to be implemented on the Effective Date.

New Management Incentive Plan means the management incentive plan to be implemented by Reorganized DNI, which shall be substantially consistent with the Restructuring Term Sheet.

New Management Incentive Plan means that certain post-Effective Date management incentive plan, the terms of which shall be subject to approval by the New Board and shall authorize the issuance of awards representing ten percent (10%) of the New Common Stock, on a fully diluted basis as of the Effective Date, after giving effect to the issuance of the New Common Stock issuable in connection with the Rights Offering, the GUC Rights Offering, distributions from the GUC Equity Pool, New Common Stock issuable to Encana, the Second Lien Investment, and the Backstop Premium, and to the Holders of VNR Preferred Units, but subject to dilution by any New Common Stock issuable upon exercise of the New Warrants, which awards will be issued after the Effective Date at the discretion of the New Board and on terms to be determined by the New Board (including with respect to allocation, timing and structure of such issuance and the New Management Incentive Plan).