LTIP Grants Sample Clauses
The LTIP Grants clause defines the terms and conditions under which Long-Term Incentive Plan (LTIP) awards are granted to eligible participants, typically employees or executives. It outlines the types of awards available, such as stock options or performance shares, the criteria for eligibility, and the vesting schedules that determine when recipients gain full ownership of the awards. By clearly specifying how and when LTIP grants are made, this clause ensures transparency in incentive compensation and aligns employee interests with the long-term goals of the organization.
LTIP Grants. Executive shall be eligible to receive an annual grant of restricted units (the “Restricted Units”) and/or phantom units (the “Phantom Units”) pursuant to the Vanguard Natural Resources, LLC Long-Term Incentive Plan, as the same may be amended from time to time (the “LTIP”), with each such annual grant having an aggregate Fair Market Value (as defined in the LTIP) equal to two point seven five (2.75) times Executive’s Base Salary (at the rate in effect hereunder at the time of grant), based on the Fair Market Value of VNR’s common units on the applicable date of grant. The Restricted Units and Phantom Units granted hereunder will be subject to the terms and conditions as set forth on Appendix B hereto for the Restricted Units and/or Appendix C hereto for the Phantom Units, as applicable. All LTIP Grants shall be made in January following the contract year and shall be effective as of January 1st of such year.
LTIP Grants. In addition to any outstanding awards previously granted, Executive will be eligible to participate in the Company’s long-term incentive plan, with the grant and terms of future awards, if any, under such plan to be determined and approved by the Board of Directors, in its discretion, upon the recommendation of the Compensation Committee. Subject to such discretion, Executive’s annual LTIP award target value will be equal to 500% of Executive’s Base Salary. In connection with the promotion contemplated hereunder and in order to more closely align Executive’s total compensation as CEO with the total compensation of CEOs at peer midstream companies, the Board has approved, and Executive acknowledges receipt of, a special LTIP award for 500,000 phantom units, including associated distribution equivalent rights (“DERs”). The phantom units and associated DERs granted to Executive thereunder will vest pursuant to the terms set forth in the letter evidencing such award.
LTIP Grants. For the avoidance of doubt, subject to your continued service as Executive Chairman through the date of grant, you will be eligible to receive the annual LTIP awards currently planned for February 2021 and February 2022, which awards will be subject to the terms and conditions of the Company’s 2016 Omnibus Incentive Plan (the “2016 Plan”) and the applicable award agreements evidencing such awards. You will be eligible for pro-rated retirement vesting under and pursuant to the terms of the applicable LTIP awards should you retire prior to fully vesting in such awards. § Outstanding LTIP Awards. You will continue to vest in your outstanding LTIP awards while serving as Executive Chairman, subject to the terms and conditions of the 2016 Plan and the applicable award agreements. If you should depart from the Company prior to February 27, 2023 for any reason other than for Cause (as defined in your Letter Agreement), your outstanding 2020 LTIP award will vest in full subject to the achievement of the performance measures set forth in the 2020 LTIP award.
LTIP Grants. On or Following the Effective Date. As soon as practicable, but no later than the Company grants annual equity awards to other executive officers of the Company during the 2023 calendar year (the “Date of Grant”), the Board or Compensation Committee shall grant to Employee under the Company’s 2021 Long Term Incentive Plan (such plan, or any successor plan, the “LTIP”) (i) an award of restricted stock units (the “2023 RSUs”) and (ii) an award of performance stock units (the “2023 PSUs”) with a combined grant date target value not less than $4,500,000 (the number of awards to be determined by using the grant date target value for each award, divided by the volume-weighted average price (VWAP) of the Company’s common stock on the ten (10) trading days immediately preceding the date of grant). Provided that Employee is employed by the Company on the applicable date of grant, Employee shall be eligible to receive annual long-term incentive awards under the LTIP commencing in calendar year 2024 with a grant date target value not less than 600% of Employee’s Base Salary as in effect on the applicable date of grant of such award on such terms and conditions as the Board and the Compensation Committee shall determine from time to time. While it is currently anticipated that such annual long-term incentive awards will be in the form of a combination of restricted stock units (40% of the annual award, and vesting in one-third increments on each of the first three anniversaries of the date of grant) and performance stock units (60% of the award, and cliff vesting at the end of a three (3)-year performance period), nothing herein shall be construed to give Employee any rights to any particular type of grant or award except as provided in such award to Employee in writing and authorized by the Board or the Compensation Committee. All awards granted to Employee under the LTIP shall be subject to and governed by the terms and provisions of the LTIP as in effect from time to time and the award agreements evidencing such awards.