Annual Long-Term Incentive Awards. Executive has received grants under the Company’s long-term incentive compensation plan (the “LTI Plan”) consisting of time-based long-term incentive partnership units (the “LTIP Units”), and performance-based long-term incentive partnership units (the “Performance LTIP Units”) which contain such terms and conditions as set forth in the applicable award agreements issued pursuant to the LTI Plan. The Executive will be eligible to receive future grants under the LTI Plan, the amount and terms of which will be determined in the sole discretion of the Compensation Committee of the Board.
Annual Long-Term Incentive Awards. With respect to each fiscal year of the Company ending during the Employment Period, the Executive shall be eligible to receive an annual long-term incentive award (the “Annual LTI Award”) with a target value of no less than 500% of the Executive’s Annual Base Salary (based on the grant date value of any such Annual LTI Award as determined in accordance with the Company’s standard valuation methodology and procedures for equity and equity-based awards as applied consistently with respect to other executive officers of the Company). The Executive’s Annual LTI Awards shall be determined by the Compensation Committee on the same basis as, and shall have terms and conditions no less favorable than those that apply to, other situated executive officers of the Company.
Annual Long-Term Incentive Awards. (i) As soon as reasonably practicable after the Effective Date, Executive will receive a grant under the Company’s long-term incentive compensation plan (the “LTI Plan”) of a number of equity awards equal to $1,250,000, divided by the volume-weighted average price of the Company’s stock on the NYSE for the 10 trading days immediately preceding the grant date, comprised of 50% long-term incentive partnership units (the “2017 LTIP Units”), and 50% outperformance plan units (assuming the achievement of target-level performance), (the “2017 OPP Units”) which will have such terms and conditions as set forth in the applicable award agreements issued pursuant to the LTI Plan. The 2017 LTIP Units will vest in equal annual installments on the 1st through 4th anniversary of the Effective Date, subject to continued employment with the Company through each vesting date except as provided herein. The 2017 OPP Units (if earned pursuant to the terms and conditions of the award agreement), will vest 50% on each of the 3rd and 4th anniversaries of the Effective Date, subject to continued employment with the Company through the vesting date except as provided herein.
Annual Long-Term Incentive Awards. During the Employment Period, Employee shall be entitled to receive annual equity and/or long-term incentive awards at the time such awards are generally made by the Employers to senior executives of the Employers, on a basis no less favorable than such awards are made to other senior executives of the Employers (including with respect to the form of award, the vesting and forfeiture conditions and the value of the award as a percentage of total annual compensation) and consistent with past practices for awarding equity to Employee. All equity and/or long-term incentive awards granted in connection with this Agreement or during the Employment Period will provide that Employee may, at his option, satisfy the minimum required tax withholdings and, in the case of stock options, pay the applicable exercise price, by either (A) the actual or constructive transfer to Xxxx of nonforfeitable unrestricted shares of Xxxx common stock that have been owned by Employee for more than six months prior to the date of exercise or the date on which such taxes are required to be withheld (the “Previously Acquired Shares”), or (B) in the event that Employee does not then own a sufficient number of Previously Acquired Shares, an automatic reduction in the number of shares otherwise required to be delivered to Employee, as applicable, in all cases unless and to the extent that any such transfer or reduction (1) is prohibited by a material financing or other agreement that restricts the ability of the Employers to permit such reduction, or (2) would reasonably be expected to jeopardize the cash flow of either of the Employers.
Annual Long-Term Incentive Awards. During each year of the Employment Period, Executive shall be eligible to receive long-term incentive awards of the Company having an aggregate target grant date fair value equal to at least 300% of the Annual Base Salary (as in effect from time to time, the “Target Annual LTI Opportunity”), with the types of awards and amounts allocated to each type of award, and grant dates, to be consistent with the types, amounts and grant dates applicable to senior executives of the Company; provided, however, that all such awards shall contain termination vesting protections no less favorable than those set forth in this Agreement (all such awards, collectively, the “Annual LTI Grants”). The Target Annual LTI Opportunity shall be reviewed at least annually by the Committee for possible increase, as determined in the sole and absolute discretion of the Committee, pursuant to the normal performance review policies for senior executives of the Company. Once the Target Annual LTI Opportunity has been increased hereunder it shall not subsequently be decreased during the Employment Period.
Annual Long-Term Incentive Awards. During the Term, the Executive will be eligible to receive annual grants under the Company’s 2019 Equity Incentive Plan or any successor plan. For 2019, the Executive’s annual long-term incentive awards will have an aggregate grant date target value of $500,000 and will be 50% in the form of time-based restricted stock units and 50% in the form of performance-based restricted stock units and will be granted to the Executive on or as soon as reasonably practicable following the Effective Date. The time-based restricted stock units will vest ratably in annual installments over three years commencing on the grant date and the performance-based restricted stock units will vest based on the level of achievement of previously determined performance metrics over a three-year performance period from January 1, 2019 through December 31, 2021, in each case subject to continued employment through the applicable vesting date and to the terms and conditions set forth in the applicable equity award agreement. For 2020 and subsequent years during the Term, the Executive shall be granted, subject to approval by the Board (or an independent committee thereof), annual long-term incentive awards with an aggregate grant date target value equal to 133% of Base Salary in the first quarter of each such year (which target may be increased (but not decreased) from time to time as the Board (or an independent committee thereof) may determine in its sole and absolute discretion). Each such future award shall include termination of employment provisions that are no less favorable than the termination of employment provisions set forth in the 2019 annual long-term incentive awards.
Annual Long-Term Incentive Awards. During the Employment Period, Employee shall be entitled to receive annual equity and/or long-term incentive awards at the time such awards are generally made by the Employers to senior executives of the Employers. All grants of annual equity and/or long-term incentive awards made to Employee will be at the sole discretion of Xxxx and LLC.
Annual Long-Term Incentive Awards. (i) As soon as reasonably practicable after the Effective Date, Executive will receive a grant under the Company’s long-term incentive compensation plan (the “LTI Plan”) of a number of equity awards equal to $2,000,000, divided by the average high and low trading prices of the Company’s stock on the NYSE for the 10 trading days immediately preceding the grant date, comprised of 50% long-term incentive partnership units (the “2017 LTIP Units”), and 50% outperformance plan units, (the “2017 OPP Units”) which will have such terms and conditions as set forth in the applicable award agreements issued pursuant to the LTI Plan. The 2017 LTIP Units will vest in equal annual installments on the 1st through 4th anniversary of the Effective Date, subject to continued employment with the Company through each vesting date except as provided herein. The 2017 OPP Units (if earned pursuant to the terms and conditions of the award agreement), will vest 50% on each of the 3rd and 4th anniversaries of the Effective Date, subject to continued employment with the Company through the vesting date except as provided herein.
Annual Long-Term Incentive Awards. After AGL issues shares of publicly traded stock, Executive will participate in the LTIP. The "target award" for the first year of the Initial Term will be 83,333 restricted shares of AGL stock and an option to purchase 166,667 shares of AGL stock, however the amount of any award made to Executive under LTIP will be based on the profitability of the AGL and Executive’s performance and will be subject to the discretion of the Compensation Committee of the AGL’s Board of Directors. All Long-Term Incentive awards will be subject to the terms and conditions of the LTIP.
Annual Long-Term Incentive Awards. After AGL issues shares of publicly traded stock, Executive will participate in the LTIP. If the Company determines that it has made a profit during any year of the Initial Term, the value of any Long-Term Incentive award made to Executive for that year will be no less than the amount of his annual base salary. The “target award” for the first year of the Initial Term will be 40,000 restricted shares of AGL stock and an option to purchase 80,000 shares of AGL stock. Subsequent to the Initial Term, the amount of any award made to Executive under Long-Term Incentive Plan will be based on the profitability of the AGL and Executive’s performance and will be subject to the discretion of the Compensation Committee of the AGL’s Board of Directors. All Long-Term Incentive awards will be subject to the terms and conditions of the LTIP. If the AGL IPO does not occur or is delayed, and as a result the AGL cannot make the Annual Long-Term Incentive Awards referenced in this subsection (b), then the Company will instead give the Executive cash, restricted ordinary shares of ACE Limited stock, a restricted option to purchase shares of ACE Limited stock, or any combination thereof, the aggregate of which equals Executive’s annual base salary as of the time the award is to be made. The Company will decide the components of the substitute award. Moreover, for as long as the Company remains majority owned subsidiary of ACE Limited and the Company continues to participate in the ACE Limited Long –Term Incentive Plan, Executive will be eligible to participate in the ACE Limited Long-Term Incentive Plan, pursuant to its terms, as may be in effect from time to time .
