Initial Award Sample Clauses
Initial Award. Subject to the Board's adoption of the Plan, which shall be substantially similar to Draft Stock Incentive Plan that is attached hereto as Schedule C, the Executive shall be eligible to participate in the Plan. Conditioned upon the Board's approval and in accordance with the terms and conditions of the Plan, effective on the Commencement Date the Executive shall be granted an Option(s) to purchase a number of shares of Elastic common stock that is equal to Five Percent (5%) of the sum of the number of shares of Elastic common and preferred stock issued and outstanding on the grant date plus the number of shares of Elastic common stock authorized for grant under the Plan, with an exercise price to be determined by the Board. The vesting, rights and obligations with respect to such Option(s) shall be determined by the Board in accordance with the Plan and shall be set forth in appropriate option agreements which shall be substantially similar to the Draft Incentive Stock Option Agreement and Draft NonStatutory Stock Option Agreement attached hereto as Schedules D and E, respectively. Notwithstanding anything in the preceding sentence to the contrary, the outstanding Option(s) granted to the Executive pursuant to this Section 5(a) shall (i) upon the occurrence of an Acquisition Event, be assumed or an equivalent option or award substituted by the successor corporation or a parent or subsidiary of the successor corporation, provided that any such Options substituted for Incentive Stock Options shall satisfy, in the determination of the Board, the requirements of Section 424(a) of the Code, unless the successor corporation refuses to assume or substitute for the Option(s), in which case the Executive shall have the right to exercise the Option(s) in full, including with respect to shares of Common Stock as to which it would not otherwise be exercisable, and such Option(s) shall be exercisable for a period of not less than forty-five (45) days from the date on which the Board gives the Executive written notice that such Option(s) are fully exercisable and shall terminate upon the expiration of such period; and (ii) upon Elastic's termination of the Executive's employment without Cause, as provided in Section 8(a)(2) hereof, or the Executive's termination of his employment for Good Reason, as provided in Section 8(b)(2) hereof, be immediately exercisable in full.
Initial Award. Vacation periods will be awarded on the basis of valid bids and published.
Initial Award. Upon the Effective Date or within 15 days thereafter, the Company shall grant the Executive options to purchase 6,250,000 shares of Common Stock the granted options shall have an exercise price equal to the fair market value of the Common Stock on the date of grant. The granted options shall be subject to a four -year vesting schedule with 20% to vest upon the grant date, and the balance to grant ratably on an annual basis for the next 4 years. Death or Disability Granted awards shall continue and vest for 12 months following the death or disability date. Awards set to vest therein are awarded. Awards set to vest thereafter are cancelled. Vested options exercisable for the full ten year term. Voluntary quit Granted unvested awards cancelled. Yet to be granted awards cancelled. Vested options exercisable for the full ten year term. Termination for Cause Granted unvested awards cancelled. Yet to be granted awards cancelled. Vested options exercisable for the full ten year term. Termination without Cause/ Quit for Good Reason Granted unvested awards cancelled. Yet to be granted awards cancelled. Vested options exercisable for the full ten year term.
Initial Award. A restricted stock unit (“RSU”) award in respect of a number of shares of common stock of the Company having a fair value of $850,000 as calculated using the Company’s closing share price on the date of grant (the “Initial Award”). Fifty percent (50%) of the Initial Award of RSUs will vest subject to the Executive’s continued provision of services to the Company as further detailed below (the “Time-Based RSUs”) and fifty percent (50%) of the Initial Award of RSUs will vest subject to the attainment of certain performance based metrics established by the Compensation Committee of the Board (the “Performance-Based RSUs”). Subject to Executive’s continued provision of services to the Company through the applicable vesting dates, the Initial Award of Time-Based RSUs shall vest as follows: vest in accordance with the following schedule, as described in the applicable restricted stock unit agreement: 33% will vest on May 1, 2022 (the “Cliff Date”) and the remaining 66% will vest in equal quarterly installments on each August 1st, November 1st, February 1st, and May 1st over the two years following the Cliff Date, such that the Time-Based RSUs will be 100% vested on the second anniversary of the Cliff Date and in each case subject to the Executive’s continued services with the Company through each such applicable vesting date.
Initial Award. Without limiting Sections 2(c)(i) or 2(c)(ii) above, the Company will recommend to the FGS board of directors that Executive receive a stock option award to purchase shares of common stock of FGS, at an exercise price determined by the FGS board of directors in accordance with the requirements of the Incentive Plan, for (A) common stock of FGS in an amount equal to 2% of the total number of shares initially available under the Plan, to be initially vested and exercisable upon grant, and (B) common stock of FGS in an amount equal to 8% of the total number of shares initially available under the Plan, to vest and become exercisable over a four (4)-year period with 25% vesting on each anniversary of the IPO (defined below) subject to Executive’s continuous service through the applicable anniversary.
Initial Award. Subject to Board approval, Executive shall receive the long-term incentive award set out in Exhibit A hereto.
Initial Award. Employee shall be entitled to receive an award of 12,000 shares of performance-based restricted stock under and subject to the terms and conditions of the TXU Long-Term Incentive Compensation Plan ("LTICP") . Such award shall be made as soon as reasonably practical following Employee's commencement of employment hereunder, and shall be subject to terms, conditions and restrictions comparable to those contained in performance-based awards granted under the LTICP to officers of similar status as Employee at the May 2000 meeting of the Organization and Compensation Committee of the Board of Directors of TXU Corp.
Initial Award. Prior to the Effective Date the Company will have obtained a 409A or similar valuation to determine the fair market value of the Common Stock. Upon receipt of such valuation and subject to Board approval, on the Effective Date the Company will have made equity grants to Executive on the terms described in Appendix A hereto. Following the Effective Date, the Company agrees to make a reasonable and good faith effort to award equity grants to Executive as described on Appendix A and that are commercially reasonable and consistent with the ownership percentages described therein.
Initial Award. Subject to the approval of the Company’s Board, as soon as practicable after the Commencement Date and consistent with the Company’s standard equity grant cycle, the Company shall grant the Executive an option to purchase 100,000 (One Hundred Thousand) shares of the Company’s Common Stock (the “Initial Option”).
Initial Award. Simultaneously with the execution of this Agreement by the parties, the Company will grant to Executive the following equity awards (the “Equity Awards”) pursuant to the Company’s 2009 Long-Term Incentive Plan (the “Plan”): (A) in accordance with the terms of the Form of Stock Option Agreement attached hereto as Exhibit A, a stock option to purchase 150,000 shares of the Company’s common stock with an exercise price per share equal to the fair market value per share on the date of grant (as determined under the Plan); and (B) in accordance with the terms of the Form of Restricted Stock Award Agreement attached hereto as Exhibit B, a restricted stock award granted for 150,000 shares of the Company’s common stock. Except for the equity grants described in this Agreement, Executive will have no right to any future grants of Equity Awards from the Company, it being the understanding of the parties that the equity grants provided for in this Agreement are intended to cover the entire Employment Term. Any future Equity Awards granted by the Company and the amount of any such awards will be determined at the sole option and election of the Board or the Committee from time to time.