Initial Commitment Award Clause Samples
Initial Commitment Award. On January 1, 2018, Executive shall be granted an award of LTIPs (the “Initial Commitment Award”). The number of LTIPs to be issued pursuant to this Section 4 shall be determined by dividing $1,250,000 by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding the date of grant. The Initial Commitment Award will vest and become nonforfeitable as follows: (i) the first installment on December 31, 2018 in the amount of one-fifth (1/5) of the Initial Commitment Award and (ii) the second through fifth installments on the second through fifth anniversary of the Effective Date, respectively, in an amount equal to one-fifth (1/5) of the Initial Commitment Award, in each case subject to provisions set forth in Sections 3(f) and 5 of this Agreement.
Initial Commitment Award. As of the Effective Date, Executive shall be granted an award of LTIPs (the “Initial Commitment Award”). The number of LTIPs to be issued pursuant to this Section 4 shall be determined by dividing $1,250,000 by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding the date of grant. The Initial Commitment Award will vest and become nonforfeitable in five equal annual installments on each anniversary of the Effective Date, subject to provisions set forth in Sections 3(f) and 5 of this Agreement.