Initial LTIP Award. On the Effective Date, OpCo and PubliCo, as applicable, shall grant Executive an initial award (collectively, the “Initial LTIP Award”) of (a) profits interests in OpCo (“LTIP Units”) and (b) voting shares of PubliCo’s stock that have no economic rights granted in tandem with the LTIP Units (“Tandem Shares”), which in each case, following vesting and equitization of such LTIP Units and Tandem Shares, are exchangeable, as a whole, for shares of PubliCo stock that have both voting and economic rights pursuant to PubliCo’s 2020 Equity Incentive Plan, as may be amended from time to time. The Initial LTIP Award shall consist of: (i) 525,455 time-based Series A LTIP Units and an equal number of time-based shares of Class B Common Stock, (ii) 415,454 performance-based Series A LTIP Units and an equal number of performance-based shares of Class B Common Stock and (iii) 75,000 Series B LTIP Units and an equal number of Series B Founder Preferred Shares. The Initial LTIP Award shall be subject to an award agreement, in the form attached hereto as Exhibit A, that shall be entered into with effect as of the Effective Date and shall not differ from Exhibit A, other than as a result of inclusion of the Grant Date and the LTIP Notional Amount (each, as defined in Exhibit A). For purposes of this Agreement, the terms “Series A LTIP Units”, “Class B Common Stock”, “Series B LTIP Units” and “Series B Founder Preferred Shares” shall each have the definitions as set forth in OpCo’s First Amended and Restated Limited Liability Agreement, as may be amended from time to time (the “OpCo Operating Agreement”).
Initial LTIP Award. The Company has granted the Executive a cash-based LTIP award with a target value of $100,000 (the “Initial LTIP Award”). Except as may otherwise be provided in Section 10 of this Agreement, the Initial LTIP Award shall vest at the earlier of (x) a Change of Control or (y) in three equal annual installments, on each of the first three anniversaries of January 26, 2009, in both cases subject to the Executive’s continued employment with the Company through the applicable vesting date and, with respect to (y), subject to the Executive’s achievement of certain performance goals already established by the Board (or an authorized committee thereof). Any vested portion of such Initial LTIP Award shall be delivered to the Executive, 100% in cash, on the earlier of immediately prior to a Change of Control or upon January 26, 2012.
Initial LTIP Award. As soon as practicable after the Effective Date, but in all events within 30 days following such date, the Company shall grant the Executive an LTIP award in the form of a restricted stock grant consisting of a number of shares of A-1 common stock (together with any other equity received as proceeds thereon, “Shares”) of the Company with a grant date value of $150,000 (with the number of Shares determined based on the Fair Market Value (as defined in the Stockholders Agreement) of a Share on the date of grant) (the “Initial LTIP Award”). Except as may otherwise be provided in Section 10 of this Agreement, the Initial LTIP Award shall vest at the earlier of (x) a Change of Control or (y) in three equal annual installments, on each of the first three anniversaries of the Effective Date, in both cases subject to the Executive’s continued employment with the Company through the applicable vesting date. It is the intent of the parties that the vesting of the Shares described in this paragraph shall constitute a transfer of property within the meaning of Section 83 of the Code.
Initial LTIP Award. To the extent then unvested and unpaid, the Executive’s Initial LTIP Award shall vest on the date of termination (and, in the event of a termination where the PIT Conditions have been satisfied as of the date of termination, shall (i) remain outstanding and eligible to vest during the Comparable Non-U.S. Employment Offer Period, (ii) if a Permissible Immigration Termination occurs, vest on the Permissible Immigration Termination Date, if any and (iii) if a Permissible Immigration Termination does not occur and the Executive has not accepted an offer to commence employment with Blackstone or one of its portfolio companies, shall be forfeited) but shall be paid at such time as such Initial LTIP Award would otherwise have been paid had the Executive remained employed with the Company.
Initial LTIP Award. As soon as practicable after the Effective Date, but in all events within 30 days following such date, the Company shall grant the Executive an LTIP award in the form of a restricted stock grant consisting of 34,483 shares of A-1 common stock (together with any other equity received as proceeds thereon, “Shares”) of the Company (the “Initial LTIP Award”) and the Executive shall be entitled to dividends on the Initial LTIP Award from the Effective Date, which dividends shall vest and be paid at such time as the Shares underlying the Initial LTIP Award vest and the certificates are delivered as provided below. Except as may otherwise be provided in Section 10 of this Agreement, the Initial LTIP Award shall vest at the earlier of (x) a Change of Control or (y) in three equal annual installments, on each of the first three anniversaries of the Effective Date, in both cases subject to the Executive’s continued employment with the Company through each applicable vesting date; provided that certificates for any vested portion of the Initial LTIP Award shall be delivered to the Executive on the earlier of immediately prior to the Change of Control or upon the third anniversary of the Effective Date. It is the intent of the parties that the vesting of the Shares described in this paragraph shall constitute a transfer of property within the meaning of Section 83 of the Code.
Initial LTIP Award. As soon as practicable after the Effective Date, but in all events within 30 days following such date, the Company shall grant the Executive a cash-based LTIP award with a target value of $133,000 (the “Initial LTIP Award”). Except as may otherwise be provided in Section 10 of this Agreement, the Initial LTIP Award shall vest at the earlier of (x) a Change of Control or (y) in three equal annual installments, on each of the first three anniversaries of the Effective Date, in both cases subject to the Executive’s continued employment with the Company through the applicable vesting date and, with respect to (y), subject to the Executive’s achievement of certain performance goals to be established by the Board (or any authorized committee thereof). Any vested portion of such Initial LTIP Award shall be delivered to the Executive, 100% in cash, on the earlier of immediately prior to a Change of Control or upon the third anniversary of the Effective Date.
Initial LTIP Award. The Company has granted the Executive an LTIP award in the form of a restricted stock grant consisting of 6,418 shares of A-1 common stock (together with any other equity received as proceeds thereon, “Shares”) of the Company (the “Initial LTIP Award”). Except as may otherwise be provided in Section 10 of this Agreement, the Initial LTIP Award shall vest at the earlier of (x) a Change of Control or (y) in three equal annual installments, on each of the first three anniversaries of October 13, 2008, in both cases subject to the Executive’s continued employment with the Company through the applicable vesting date. It is the intent of the parties that the vesting of the Shares described in this paragraph shall constitute a transfer of property within the meaning of Section 83 of the Code.
Initial LTIP Award. The Company has granted the Executive an LTIP award in the form of a restricted stock grant consisting of 34,483 shares of A-1 common stock (together with any other equity received as proceeds thereon, “Shares”) of the Company (the “Initial LTIP Award”) and the Executive shall be entitled to dividends on the Initial LTIP Award from June 4, 2008, which dividends shall vest and be paid at such time as the Shares underlying the Initial [***] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. LTIP Award vest and the certificates are delivered as provided below. Except as may otherwise be provided in Section 10 of this Agreement, the Initial LTIP Award shall vest at the earlier of (x) a Change of Control or (y) in three equal annual installments, on each of the first three anniversaries of June 4, 2008, in both cases subject to the Executive’s continued employment with the Company through each applicable vesting date; provided that certificates for any vested portion of the Initial LTIP Award shall be delivered to the Executive on the earlier of immediately prior to the Change of Control or upon the third anniversary of the Effective Date. It is the intent of the parties that the vesting of the Shares described in this paragraph shall constitute a transfer of property within the meaning of Section 83 of the Code.
Initial LTIP Award. The Initial LTIP Award (as defined in the Prior Agreement) shall vest on the earlier of (i) the date of the termination of the Executive’s employment or (ii) December 31, 2011. The vested Initial LTIP Award shall be delivered to the Executive, 100% in cash, on the earlier of immediately prior to a Change of Control or on January 26, 2012.
Initial LTIP Award. On the Effective Date, the Company awarded the Executive an initial Annual LTIP Award under the Company’s Amended and Restated Incentive Plan (the “Incentive Plan”) with an aggregate targeted grant value of TWO MILLION AND FOUR HUNDRED THOUSAND DOLLARS ($2,400,000), consisting of restricted stock of the Company. The foregoing award is subject to the terms and conditions of the Incentive Plan and the applicable award agreements issued thereunder (including, without limitation, the vesting terms contained therein). This award shall provide for pro rata time vesting over three years in accordance with the terms of the applicable award agreement.
