Common use of Initial LTIP Award Clause in Contracts

Initial LTIP Award. The Company has granted 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 September 30, 2008, 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 September 30, 2011.

Initial LTIP Award. The Company has granted the Executive a cash-based LTIP award with a target value of $133,000 100,000 (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 September 30January 26, 20082009, 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 September 30January 26, 20112012.