Common use of Initial Equity Grant Clause in Contracts

Initial Equity Grant. On the thirtieth (30th) day following the Effective Date (and if the stock of the Company is not traded on such date, the next trading day), Executive shall be granted Equity Awards with respect to Company common stock with a grant date fair value of $7,500,000 (determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718, or any successor promulgation) (the “Initial Grant”). The Initial Grant shall be granted (i) one-half in stock options to acquire Company common stock that vest ratably on each of the first three (3) anniversaries of the Effective Date and (ii) one-half in restricted stock units, (A) three-quarters of which vest ratably on each of the first three (3) anniversaries of the Effective Date and (B) one-quarter of which vest based on the achievement of reasonable performance goals to be determined by the Company’s Board or the Compensation Committee, in consultation with management of the Company, prior to the Effective Date. Prior to the grant date of the Initial Grant, Executive shall have the opportunity to make an election to defer settlement of the restricted stock units granted as part of the Initial Grant pursuant to the terms set forth in the SERP (as defined below); provided, that any election to defer settlement must be compliant with Section 409A of the Code and with the Company’s stock ownership policies. All other terms and conditions shall be established by the Company’s Board or the Compensation Committee prior to the Effective Date.

Initial Equity Grant. On the thirtieth day (30th) day following the Effective Date (and if the stock of the Company is not traded on such date, the next trading day), Executive shall be granted Equity Awards with respect to Company common stock with a grant date fair value of fifteen million dollars ($7,500,000 15,000,000) (determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718, or any successor promulgation) (the “Initial Grant”). The Initial Grant shall be granted (i) one-half in stock options to acquire Company common stock that vest ratably on each of the first three (3) anniversaries of the Effective Date and (ii) one-half in restricted stock units, (A) three-quarters of which vest ratably on each of the first three (3) anniversaries of the Effective Date and (B) one-quarter of which vest based on the achievement of reasonable performance goals to be determined by the Company’s Board or the Compensation Committee, in consultation with management of the Company, prior to the Effective Date. Prior to the grant date of the Initial Grant, Executive shall have the opportunity to make an election to defer settlement of the restricted stock units granted as part of the Initial Grant pursuant to the terms set forth in the SERP (as defined below); provided, that any election to defer settlement must be compliant with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and with the Company’s stock ownership policies. All other terms and conditions shall be established by the Company’s Board or the Compensation Committee prior to the Effective Date.

Initial Equity Grant. On the thirtieth (30th) day following the Effective Date (and if the stock of the Company is not traded on such date, the next trading day), Executive shall be granted Equity Awards with respect to Company common stock with a grant date fair value of $7,500,000 (determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718, or any successor promulgation) (the “Initial Grant”). The Initial Grant shall be granted (i) one-half in stock options to acquire Company common stock that vest ratably on each of the first three (3) anniversaries of the Effective Date and (ii) one-half in restricted stock units, (A) three-quarters of which vest ratably on each of the first three (3) anniversaries of the Effective Date and (B) one-quarter of which vest based on the achievement of reasonable performance goals to be determined by the Company’s Board or the Compensation Committee, in consultation with management of the Company, prior to the Effective Date. Prior to the grant date of the Initial Grant, Executive shall have the opportunity to make an election to defer settlement of the restricted stock units granted as part of the Initial Grant pursuant to the terms set forth in the SERP (as defined below); provided, that any election to defer settlement must be compliant with Section 409A of the Code and with the Company’s stock ownership policies. All other terms and conditions shall be established by the Company’s Board or the Compensation Committee prior to the Effective Dategrant date of the Initial Grant.

Initial Equity Grant. On the thirtieth day (30th) day following the Effective Date (and if the stock of the Company is not traded on such date, the next trading day), Executive shall be granted Equity Awards with respect to Company common stock with a grant date fair value of fifteen million dollars ($7,500,000 15,000,000) (determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718, or any successor promulgation) (the “Initial Grant”). The Initial Grant shall be granted (i) one-half in stock options to acquire Company common stock that vest ratably on each of the first three (3) anniversaries of the Effective Date and (ii) one-half in restricted stock units, (A) three-quarters of which vest ratably on each of the first three (3) anniversaries of the Effective Date and (B) one-quarter of which vest based on the achievement of reasonable performance goals to be determined by the Company’s Board or the Compensation Committee, in consultation with management of the Company, prior to the Effective Date. Prior to the grant date of the Initial Grant, Executive shall have the opportunity to make an election to defer settlement of the restricted stock units granted as part of the Initial Grant pursuant to the terms set forth in the SERP (as defined below); provided, that any election to defer settlement must be compliant with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and with the Company’s stock ownership policies. All other terms and conditions shall be established by the Company’s Board or the Compensation Committee prior to the Effective Dategrant date of the Initial Grant.