Common use of Initial Equity Grant Clause in Contracts

Initial Equity Grant. Executive shall be entitled to an initial grant of restricted stock units or restricted share awards (the “Initial Award”) in respect of such number of shares of common stock of the Company as is equal to $5.0 million divided by the average fair market value of a share of common stock of the Company over the 30-calendar day period immediately following the Distribution Date, as determined in accordance with the LTIP. The Initial Award will be granted as soon as reasonably practicable following the 30-day period immediately following the Distribution Date, but in no event later than 60 days following such period. Subject to Sections 3(c)(iii) and 5, the Initial Award shall vest as to 25% of the shares of common stock subject to the Initial Award on each of the first, second, third and fourth anniversaries of the Commencement Date, provided that Executive is employed by the Company through the applicable vesting date.