LTMIP Clause Samples
The LTMIP clause, which stands for Long-Term Material Interruption Protection, is designed to provide coverage or protection in the event that a project or operation experiences a significant interruption due to material shortages or supply chain disruptions over an extended period. In practice, this clause typically outlines the conditions under which such interruptions are recognized, the duration that qualifies as 'long-term,' and the remedies or compensations available to the affected party. Its core function is to allocate risk and ensure that parties are protected against unforeseen, prolonged disruptions in material supply, thereby promoting project continuity and financial stability.
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LTMIP. Paragraph 3(c) shall be amended to change the target value of your participation in the Long-Term Management Incentive Program to Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000).
LTMIP. In connection with and in addition to the fiscal year 2020 LTMIP grant (to be granted in 2019), you will receive a supplemental grant of equity awards with a grant date value equal to Three Hundred Seventy-Five Thousand Dollars ($375,000) (on the same terms as the annual 2020 LTMIP grant) to reflect your execution of an Employment Agreement to serve as Executive Vice President, Chief Communications and Corporate Marketing Officer of the combined company following the Closing Date and the potential adjustment to the timing of LTMIP grants following the Closing Date. This supplemental grant will granted at the same time as the 2020 LTMIP grant, but shall be forfeited in its entirety in the event the Closing (as defined in the Merger Agreement) does not occur.
LTMIP. Paragraph 3(c) shall be amended to delete the phrase “comprised 50% of Performance Share Units (“PSUs”) and 50% of stock options” and replace it with “comprised of one or more types of equity awards determined by the Board or a committee of the Board”. In connection with and in addition to the fiscal year 2020 LTMIP grant (to be granted in 2019), you will receive a supplemental grant of equity awards with a grant date value equal to $10 million (on the same terms as the annual 2020 LTMIP grant) to reflect your execution of an Employment Agreement to serve as President and Chief Executive Officer of the combined company following the Closing Date and the potential adjustment to the timing of LTMIP grants following the Closing Date. This supplemental grant will granted at the same time as the 2020 LTMIP grant, but shall be forfeited in its entirety in the event the Closing (as defined in the Merger Agreement) does not occur.