New Grants Sample Clauses
The "New Grants" clause establishes the terms under which new rights, licenses, or permissions are granted between the parties during the course of an agreement. Typically, this clause outlines the scope, duration, and limitations of any new intellectual property rights or access that may arise after the contract is signed, such as rights to use new software features or content developed post-agreement. Its core function is to ensure that both parties have a clear understanding of how any future rights or permissions will be handled, thereby preventing disputes and ensuring that the allocation of new rights is managed transparently.
New Grants. (A) Promptly following the Effective Date, the Company shall grant Executive restricted stock units covering 50,000 shares of the Company’s common stock (the “Tranche 1 Equity Award”) pursuant to the terms of the Equity and Incentive Plan. The Tranche 1 Equity Award shall vest immediately upon the grant date. The Tranche 1 Equity Award will be subject to the terms and conditions of the Equity and Incentive Plan and an award agreement, in a form reasonably acceptable to the Company.
(B) Promptly following the first anniversary of the Effective Date, the Company shall grant Executive additional restricted stock units covering 150,000 shares of the Company’s common stock (the “Tranche 2 Equity Award”) pursuant to the terms of the Equity and Incentive Plan (or any successor thereto). The Tranche 2 Equity Award shall vest in three equal installments on May 15, 2013, May 15, 2014 and April 29, 2015, subject to Executive being in employment status on the applicable vesting dates, unless otherwise accelerated. The Tranche 2 Equity Award will be subject to the terms and conditions of the Equity and Incentive Plan (or any successor thereto) and an award agreement, in a form reasonably acceptable to the Company.
New Grants. As soon as practicable following the Closing, and subject to compliance with applicable law, the Purchaser shall authorize and approve the grant of Restricted Stock Units or options of the Purchaser to such Company employees listed in Schedule 2.14, which Schedule also sets forth the vesting schedule and all other terms and conditions of such grants. It is agreed that Purchaser shall make its best commercial efforts that these grants will be issued under and qualify with the capital gains route of Section 102.
New Grants. On the trading day following the Effective Date, Company will grant Employee 75,000 restricted shares of Company common stock with respect to which restrictions will lapse pro rata over a three-year period beginning on the first anniversary of the Effective Date and under such other terms and conditions as provided in the agreement evidencing such award and an option covering 250,000 shares of Company common stock having an exercise price equal to the closing price of Company common stock on the trading day following the Effective Date, vesting pro rata over five years beginning on the first anniversary of the Effective Date with a ten-year term, and under such other terms and conditions as provided in the agreement evidencing such option.
New Grants. The Executive will receive on a date designated by the Committee during the first open trading window subsequent to the date of this Amendment (such designated date, the “Grant Date”) the following:
New Grants. Subject to his continuing employment with the Company Parties, Executive shall, effective January 1, 2010, become eligible for annual grants of Options in each of calendar years 2010, 2011 and 2012 respectively as determined by Verisk’s Compensation Committee in its sole discretion under the terms of the 2009 Plan generally, but with certain special terms as described in Subsection 3(c)(iii) below (the “New Grant Options”). The Compensation Committee shall notify Executive of its determination with respect to each such potential grant not later than March 15 of the calendar year immediately following (or as soon thereafter as practicable, but in all events no later than the last day of such following calendar year). The number of shares subject to each such annual grant shall be determined so as to represent a fair market value (based upon the Black Scholes valuation method) as of the grant date in a range between 150% and 450% of Executive’s Base Compensation as of the grant date, in accordance with the following:
(A) The number of shares subject to Executive’s Option shall be determined by taking Executive’s then current Base Compensation, (1) multiplied by the applicable percentage (between 150% and 450% as determined by the Compensation Committee), (2) divided by the appropriate Black Scholes value per share of a stock option for Verisk Common Stock as of the close of business on the grant date, as determined by the Verisk Compensation Committee.
(B) The exercise price for Executive’s New Grant Options shall be no less than the fair market value of Verisk’s Common Stock as of the applicable grant date. For this purpose, “fair market value” shall be determined by such methods and procedures as are established by the Verisk Compensation Committee, provided that if Verisk’s Common Stock is traded on a U.S. securities exchange on the applicable grant date, “fair market value” shall mean the closing price of the stock on such exchange on the grant date.
(C) Any New Grant Option to be awarded to Executive shall become vested and exercisable under the same vesting schedule applicable to other senior executives of the Company, subject to Subsection 3(c)(iii) below.
(D) Any New Grant Option to be awarded to Executive shall have a maximum term of ten (10) years.
New Grants. Subject to Executive’s continued compliance with the terms of this Agreement, on March 29, 2023, the Executive shall be granted equity awards (the “2023 Equity Awards”) with an initial value (as determined pursuant to Company standard procedures) of $4,050,000, with such award allocated 50% to performance share awards, 30% to performance restricted stock units, and 20% to nonqualified stock options, and subject to the Company’s standard grant agreements and the same terms and conditions as applicable to grants on March 3, 2023 to the Company’s other senior executives (as modified to reflect this Section 3). The 2023 Equity Awards shall receive “retirement” treatment, subject to Executive’s continued compliance with the terms of this Agreement and Executive’s re-execution of the Release of Claims pursuant to the final sentence of Section 5 becoming irrevocable.
New Grants. As an employee in a part time special assignment position, you will not be eligible to receive additional stock option grants after the Effective Date.