Common use of Long-Term Incentive Award Clause in Contracts

Long-Term Incentive Award. During the Term, in addition to the Annual Salary and cash bonus, the Executive shall be eligible to participate in the Company’s 2006 Long-Term Incentive Plan (the “LTIP”) or other equity-based plan as in effect from time to time, under which the Executive shall be entitled to receive an award with an aggregate annual target value of $225,000, which shall otherwise be subject to such plan and definitive documentation governing the award. Grants during the Term under the LTIP will be made in January 2007, January 2008 and January 2009. The Company acknowledges its present intent to adopt such a plan substantially in the form that has been presented to the Executive prior to the date of this Agreement, subject to shareholder approval. Without the Executive’s consent, in no event shall option awards (or their equivalent) granted in 2007 be subject to a vesting period that exceeds four years. Restricted stock awards (or their equivalent) granted in 2007 and thereafter shall vest in equal annual installments of from four to five years. The vesting period for any grant made in 2007, 2008 and 2009 will begin on January 1 of such year; provided, however, that, for the grant made in 2007, credit will be given for the length of Executive’s service in 2006 following the Closing Date towards the vesting period. Any grants which are financially equivalent to restricted stock (e.g., restricted stock units or phantom units) shall be accompanied by the grant of dividend equivalent rights. The Company agrees that neither the terms of the LTIP nor the terms of any award agreements pursuant to which any award under the LTIP is made will contain any provision that would be in violation of this Agreement. If at or about the time of a particular grant to the Executive under this Section 3.3 a program of grants under the LTIP for senior executives generally is being implemented on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) more favorable than those which would be required under this Agreement, then such particular grant shall be on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) which are no less favorable than those applicable in respect of such program.

Long-Term Incentive Award. During the Term, in addition to the Annual Salary and cash bonus, the Executive shall be eligible to participate in the Company’s 2006 Long-Term Incentive Plan (the “LTIP”) or other equity-based plan as in effect from time to time, under which the Executive shall be entitled to receive an award with an aggregate annual target value of $225,00025,000, which shall otherwise be subject to such plan and definitive documentation governing the award. Grants during the Term under the LTIP will be made in January 2007, January 2008 2007 and January 20092008. The Company acknowledges its present intent to adopt such a plan substantially in the form that has been presented to the Executive prior to the date of this Agreement, subject to shareholder approval. Without the Executive’s consent, in no event shall option awards (or their equivalent) granted in 2007 be subject to a vesting period that exceeds four years. Restricted stock awards (or their equivalent) granted in 2007 and thereafter shall vest in equal annual installments of from four to five years. The vesting period for any grant made in 2007, 2007 and 2008 and 2009 will begin on January 1 of such year; provided, however, that, for the grant made in 2007, credit will be given for the length of Executive’s service in 2006 following the Closing Date towards the vesting period. Any grants which are financially equivalent to restricted stock (e.g., restricted stock units or phantom units) shall be accompanied by the grant of dividend equivalent rights. The Company agrees that neither the terms of the LTIP nor the terms of any award agreements pursuant to which any award under the LTIP is made will contain any provision that would be in violation of this Agreement. If at or about the time of a particular grant to the Executive under this Section 3.3 a program of grants under the LTIP for senior executives generally is being implemented on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) more favorable than those which would be required under this Agreement, then such particular grant shall be on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) which are no less favorable than those applicable in respect of such program.

Long-Term Incentive Award. During the Term, in addition to the Annual Salary and cash bonus, the Executive shall be eligible to participate in the Company’s 2006 Long-Term Incentive Plan (the “LTIP”) or other equity-based plan as in effect from time to time, under which the Executive shall be entitled to receive an award with an aggregate annual target value of $225,000275,000, which shall otherwise be subject to such plan and definitive documentation governing the award. Grants during the Term under the LTIP will be made in January 2007, January 2008 and January 2009. The Company acknowledges its present intent to adopt such a plan substantially in the form that has been presented to the Executive prior to the date of this Agreement, subject to shareholder approval. Without the Executive’s consent, in no event shall option awards (or their equivalent) granted in 2007 be subject to a vesting period that exceeds four years. Restricted stock awards (or their equivalent) granted in 2007 and thereafter shall vest in equal annual installments of from four to five years. The vesting period for any grant made in 2007, 2008 and 2009 will begin on January 1 of such year; provided, however, that, for the grant made in 2007, credit will be given for the length of Executive’s service in 2006 following the Closing Date towards the vesting period. Any grants which are financially equivalent to restricted stock (e.g., restricted stock units or phantom units) shall be accompanied by the grant of dividend equivalent rights. The Company agrees that neither the terms of the LTIP nor the terms of any award agreements pursuant to which any award under the LTIP is made will contain any provision that would be in violation of this Agreement. If at or about the time of a particular grant to the Executive under this Section 3.3 a program of grants under the LTIP for senior executives generally is being implemented on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) more favorable than those which would be required under this Agreement, then such particular grant shall be on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) which are no less favorable than those applicable in respect of such program.

Long-Term Incentive Award. During the Term, in addition to the Annual Salary and cash bonus, the Executive shall be eligible to participate in the Company’s 2006 Long-Term Incentive Plan (the “LTIP”) or other equity-based plan as in effect from time to time, under which the Executive shall be entitled to receive an award with an aggregate annual target value of $225,000500,000, which shall otherwise be subject to such plan and definitive documentation governing the award. Grants during the Term under the LTIP will be made in January 2007, January 2008 and January 2009. The Company acknowledges its present intent to adopt such a plan substantially in the form that has been presented to the Executive prior to the date of this Agreement, subject to shareholder approval. Without the Executive’s consent, in no event shall option awards (or their equivalent) granted in 2007 be subject to a vesting period that exceeds four years. Restricted stock awards (or their equivalent) granted in 2007 and thereafter shall vest in equal annual installments of from four to five years. The vesting period for any grant made in 2007, 2008 and 2009 will begin on January 1 of such year; provided, however, that, for the grant made in 2007, credit will be given for the length of Executive’s service in 2006 following the Closing Date towards the vesting period. Any grants which are financially equivalent to restricted stock (e.g., restricted stock units or phantom units) shall be accompanied by the grant of dividend equivalent rights. The Company agrees that neither the terms of the LTIP nor the terms of any award agreements pursuant to which any award under the LTIP is made will contain any provision that would be in violation of this Agreement. If at or about the time of a particular grant to the Executive under this Section 3.3 a program of grants under the LTIP for senior executives generally is being implemented on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) more favorable than those which would be required under this Agreement, then such particular grant shall be on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) which are no less favorable than those applicable in respect of such program.

Long-Term Incentive Award. During the Term, in addition to the Annual Salary and cash bonus, the Executive shall be eligible to participate in the Company’s 2006 Long-Term Incentive Plan (the “LTIP”) or other equity-based plan as in effect from time to time, under which the Executive shall be entitled to receive an award with an aggregate annual target value of $225,0001,150,000, which shall vest subject to the achievement of pre-established performance-related goals, and otherwise be subject to such plan and definitive documentation governing the award. Grants during the Term under the LTIP will be made in January 2007, January 2008 and January 2009. The Company acknowledges its present intent to adopt such a plan substantially in the form that has been presented to the Executive prior to the date of this Agreement, subject to shareholder approval. Without the Executive’s consent, in no event shall option awards (or their equivalent) granted in 2007 be subject to a vesting period that exceeds four years. Restricted stock awards (or their equivalent) granted in 2007 and thereafter shall vest in equal annual installments of from four to five years. The vesting period for any grant made in 2007, 2008 and 2009 will begin on January 1 of such year; provided, however, that, for the grant made in 2007, credit will be given for the length of Executive’s service in 2006 following the Closing Date towards the vesting period. Any grants which are financially equivalent to restricted stock (e.g., e.g. restricted stock units or phantom units) shall be accompanied by the grant of dividend equivalent rights. The Company agrees that neither the terms of the LTIP nor the terms of any award agreements pursuant to which any award under the LTIP is made will contain any provision that would be in violation of this Agreement. If at or about the time of a particular grant to the Executive under this Section 3.3 a program of grants under the LTIP for senior executives generally is being implemented on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) more favorable than those which would be required under this Agreement, then such particular grant shall be on terms and conditions (but, for the avoidance of doubt, not in respect of the amount of the grant) which are no less favorable than those applicable in respect of such program.