Common use of Equity Plan Participation Clause in Contracts

Equity Plan Participation. The Executive shall be eligible to participate in the Company’s 2011 Equity Incentive Plan and any subsequent equity incentive plan established during the Term and shall receive awards, in such amounts and subject to such terms, as determined by the Committee. Notwithstanding the preceding sentence, effective as of the completion of the initial public offering of the Company’s common stock the Executive shall receive a grant of options to purchase Forty-seven Thousand (47,000) shares of the Company’s common stock under the Company’s 2011 Equity Incentive Plan (which shall be governed solely by the terms of the option agreement prescribed by the Committee and the terms of the Company’s 2011 Equity Incentive Plan).

Appears in 3 contracts

Samples: Second Employment Agreement (Summit Hotel Properties, Inc.), Employment Agreement (Summit Hotel Properties, Inc.), Employment Agreement (Summit Hotel Properties, Inc.)

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Equity Plan Participation. The Executive shall be eligible to participate in the Company’s 2011 Equity Incentive Plan and any subsequent equity incentive plan established during the Term and shall receive awards, in such amounts and subject to such terms, as determined by the Committee. Notwithstanding the preceding sentence, effective as of the completion of the initial public offering of the Company’s common stock the Executive shall receive a grant of options to purchase FortyTwo Hundred Thirty-seven five Thousand (47,000235,000) shares of the Company’s common stock under the Company’s 2011 Equity Incentive Plan (which shall be governed solely by the terms of the option agreement prescribed by the Committee and the terms of the Company’s 2011 Equity Incentive Plan).

Appears in 2 contracts

Samples: Employment Agreement (Summit Hotel Properties, Inc.), Employment Agreement (Summit Hotel Properties, Inc.)

Equity Plan Participation. The Executive shall be eligible to participate in the Company’s 2011 2010 Equity Incentive Plan and any subsequent equity incentive plan established during the Term and shall receive awards, in such amounts and subject to such terms, as determined by the Committee. Notwithstanding the preceding sentence, effective as of the completion of the initial public offering of the Company’s common stock the Executive shall receive a grant of options to purchase FortyTwo Hundred Thirty-seven five Thousand (47,000235,000) shares of the Company’s common stock under the Company’s 2011 2010 Equity Incentive Plan (which shall be governed solely by the terms of the option agreement prescribed by the Committee and the terms of the Company’s 2011 2010 Equity Incentive Plan).

Appears in 2 contracts

Samples: Employment Agreement (Summit Hotel OP, LP), Employment Agreement (Summit Hotel Properties, Inc.)

Equity Plan Participation. The Executive shall be eligible to participate in the Company’s 2011 2010 Equity Incentive Plan and any subsequent equity incentive plan established during the Term and shall receive awards, in such amounts and subject to such terms, as determined by the Committee. Notwithstanding the preceding sentence, effective as of the completion of the initial public offering of the Company’s common stock the Executive shall receive a grant of options to purchase Forty-seven Thousand (47,000) shares of the Company’s common stock under the Company’s 2011 2010 Equity Incentive Plan (which shall be governed solely by the terms of the option agreement prescribed by the Committee and the terms of the Company’s 2011 2010 Equity Incentive Plan).

Appears in 2 contracts

Samples: Employment Agreement (Summit Hotel Properties, Inc.), Employment Agreement (Summit Hotel OP, LP)

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Equity Plan Participation. The Executive shall be eligible to participate in the Company’s 2011 Equity Incentive Plan and any subsequent equity incentive plan established during the Term and shall receive awards, in such amounts and subject to such terms, as determined by the Committee. Notwithstanding the preceding sentence, effective as of the completion of the initial public offering of the Company’s common stock the Executive shall receive a grant of options to purchase FortyThree Hundred Seventy-seven Six Thousand (47,000376,000) shares of the Company’s common stock under the Company’s 2011 Equity Incentive Plan (which shall be governed solely by the terms of the option agreement prescribed by the Committee and the terms of the Company’s 2011 Equity Incentive Plan).

Appears in 1 contract

Samples: Employment Agreement (Summit Hotel Properties, Inc.)

Equity Plan Participation. The Executive shall be eligible to participate in the Company’s 2011 2010 Equity Incentive Plan and any subsequent equity incentive plan established during the Term and shall receive awards, in such amounts and subject to such terms, as determined by the Committee. Notwithstanding the preceding sentence, effective as of the completion of the initial public offering of the Company’s common stock the Executive shall receive a grant of options to purchase FortyThree Hundred Seventy-seven Six Thousand (47,000376,000) shares of the Company’s common stock under the Company’s 2011 2010 Equity Incentive Plan (which shall be governed solely by the terms of the option agreement prescribed by the Committee and the terms of the Company’s 2011 2010 Equity Incentive Plan).

Appears in 1 contract

Samples: Employment Agreement (Summit Hotel OP, LP)

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