Management Incentive Program. The Company has adopted or will adopt a Management Incentive Program (“MIP”) to motivate and reward certain employees and other eligible participants for their contributions toward meeting the Company’s financial objectives and strategic goals. The Company has authorized 10,000 shares of Class B common stock (the “Class B shares”) to be awarded under the MIP and subject to terms and restrictions set out in the MIP and a related restricted stock award agreement. Any such awards shall be governed by the MIP and may be modified, suspended, revoked, or terminated in accordance with the terms of the MIP without violating this Agreement. The Company anticipates granting a majority of the Class B shares to eligible participants as of the Closing Date (as defined in the Purchase Agreement). The Company also contemplates that initial grants of 75% of the Class B shares will be made to its senior Employees (consisting of 25% to ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, 20% to ▇▇▇▇ ▇. ▇▇▇▇▇, 15% to C. ▇▇▇▇▇▇▇ ▇▇▇▇▇, and 15% ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇), and the remaining 25% will be reserved in a dedicated pool for grants to other employees of the Company and its Affiliates and eligible participants in accordance with the MIP. If there is any inconsistency between the terms of the MIP and the terms of this Agreement, the terms of the MIP shall govern.
Appears in 3 contracts
Sources: Employment Agreement (Bonanza Creek Energy, Inc.), Employment Agreement (Bonanza Creek Energy, Inc.), Employment Agreement (Bonanza Creek Energy, Inc.)