Common use of Sign-On Award Clause in Contracts

Sign-On Award. On the Agreement Date, Executive shall be granted, under the Company’s 2004 Equity Incentive Plan as amended and restated on January 28, 2009, and pursuant to the recommendation of the Compensation Committee of the Board (the “Committee”) and the approval of the Board, (i) Options to purchase the Company’s common stock in an amount equal to $130,000 valued at the Black-Scholes method (the “Sign-on Options”) and (ii) restricted stock units in an amount equal to $130,000 valued at the closing stock price of the Company’s common stock as of the Agreement Date (the “Sign-on Units” and together with the Sign-On Options, the “Sign-on Awards”). The Sign-On Options shall expire ten (10) years from the grant date. Except as otherwise set forth in and subject to paragraph III (E) hereof, one-quarter (1/4) of the Sign-On Options and one quarter (1/4) of the Sign-On Units, concurrently, shall vest on each 12-month anniversary date of the Agreement Date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the Agreement Date. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(D) hereof) while the Executive is employed by the Company. Any future Options, restricted shares or other equity grants (“Equity”), if any, will be granted at the sole discretion of the Board.

Appears in 1 contract

Samples: Employment Agreement (Bally Technologies, Inc.)

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Sign-On Award. On the Agreement Date, Executive shall be granted, under the Company’s 2004 Equity Incentive Plan as amended and restated on January 28, 2009, and pursuant to the recommendation of the Compensation Committee of the Board (the “Committee”) and the approval of the Board, (i) Options to purchase the Company’s common stock in an amount equal to $130,000 valued at the Black-Scholes method (the “Sign-on Options”) and (ii) restricted stock units in an amount equal to $130,000 valued at the closing stock price of the Company’s common stock as of the Agreement Date (the "Sign-on Units” and together with the Sign-On Options, the “Sign-on Awards”). The Sign-On Options shall expire ten (10) years from the grant date. Except as otherwise set forth in and subject to paragraph III (E) hereof, one-quarter (1/4) of the Sign-On Options and one quarter (1/4) of the Sign-On Units, concurrently, shall vest on each 12-month anniversary date of the Agreement Date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the Agreement Date. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(D) hereof) while the Executive is employed by the Company. Any future Options, restricted shares or other equity grants (“Equity”), if any, will be granted at the sole discretion of the Board.

Appears in 1 contract

Samples: Employment Agreement (Shuffle Master Inc)

Sign-On Award. On In connection with Executive’s execution of this Agreement, the Agreement Date, Company will grant to Executive shall be granted, under an inducement award on the Company’s 2004 Equity Incentive Plan as amended and restated on January 28, 2009, and pursuant to the recommendation of the Compensation Committee of the Board Effective Date (the “CommitteeGrant Date”) and the approval comprised of the Board, (i) Options to purchase the Company’s common stock in an amount equal to $130,000 valued at the Black-Scholes method (the “Sign-on Options”) and (ii) 85,935 restricted stock units in and 161,181 stock options (with an amount exercise price equal to $130,000 valued at the closing stock price average of the high and low sales prices of the Company’s common stock as of on the Agreement Date trading day immediately prior to the grant date) (the “Sign-on Units” and together with the Sign-On Optionstogether, the “Sign-on AwardsOn Award”), pursuant to an equity award agreement to be provided by the Company and entered into by and between the Company and Executive (the “Equity Award Agreement”). The Equity Award Agreement shall provide that the Sign-On Options Award shall expire ten vest with respect to twenty-five percent (1025%) years from of the grant date. Except as otherwise set forth in and shares of Company common stock subject to paragraph III such Sign-On Award on each of the first four anniversaries of the Effective Date, subject to any applicable provisions relating to the accelerated vesting and forfeiture provisions as described in this Agreement or the Equity Award Agreement; provided, however, that, if Executive’s employment is terminated at the end of the third anniversary of the Effective Date as a result of delivery of a notice of non-renewal by the Company, subject to Section 5.6, the final twenty-five percent (E25%) hereof, one-quarter (1/4) of the unvested stock options and any unvested restricted stock units comprising the remaining portion of the Sign-On Options Award shall become immediately and fully vested (and, in the case of any such stock options, exercisable), provided that any such stock options (together with any other vested stock options) held by Executive will cease being exercisable upon the earlier of ninety (90) days after such termination and the scheduled expiration date of such stock options. In all other respects, all stock options and restricted stock units held by Executive shall be governed by the plans and programs and the agreements and other documents pursuant to which the awards were granted; provided, further, however, if necessary to comply with Section 409A, settlement of any such equity-based awards shall be made on the date that is six (6) months plus one quarter (1/41) day following expiration of the Sign-On Units, concurrently, shall vest on each 12-month anniversary date of the Agreement Date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the Agreement Date. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(D) hereof) while the Executive is employed by the Company. Any future Options, restricted shares or other equity grants (“Equity”), if any, will be granted at the sole discretion of the BoardTerm.

Appears in 1 contract

Samples: Employment Agreement (Scientific Games Corp)

Sign-On Award. On At the Agreement Date, Executive shall be granted, under the Company’s 's 2004 Equity Incentive Plan as amended and restated on January 28, 2009, 2009 and pursuant to the recommendation of the Compensation Committee of the Board (the "Committee") and the approval of the Board, (i) Options options to purchase the Company’s common stock in an amount equal to $130,000 500,000 valued at the Black-Black Scholes method (the “Sign-on On Options”) and (ii) restricted stock units in an amount equal to $130,000 500,000 valued at the closing stock price of the Company’s common stock as of the Agreement Date date of grant (the "Sign-on Units" and together with the Sign-Sign On Options, the "Sign-on On Awards"). The Sign-On Options shall expire ten (10) years from the grant date. Except as otherwise set forth in and subject to paragraph III (EIII(E) hereof, one-quarter (1/4) of the Sign-On Options and one quarter (1/4) of the Sign-Sign On Units, concurrently, shall vest on each 12-month anniversary date of the Agreement Commencement Date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the Agreement Datedate of the grant. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(DV(C) hereof) while the Executive is employed by the Company. Any future Optionsstock options, restricted shares or other equity grants (“Equity”), if any, will be granted at the sole discretion of the Board.

Appears in 1 contract

Samples: Employment Agreement (Shuffle Master Inc)

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Sign-On Award. On At the first regularly scheduled meeting of the Board after the Agreement Date, Executive shall be granted, under the Company’s 2004 Equity Incentive Plan as amended and restated on January 28, 2009Plan, and pursuant to the recommendation of the Compensation Committee of the Board (the “Committee”) and the approval of the Board, (i) Options options to purchase the Company’s common stock in an amount equal to $130,000 150,000 valued at the Black-Scholes method (the “Sign-on Options”) and (ii) restricted stock units in an amount equal to $130,000 150,000 valued at the closing stock price of the Company’s common stock as of the Agreement Date grant date (the "Sign-on Units” and together with the Sign-On Options, the “Sign-on Awards”). The Sign-On Options shall expire ten (10) years from the grant date. Except as otherwise set forth in and subject to paragraph Article III (E) hereof, one-quarter (1/4) of the Sign-On Options and one quarter (1/4) of the Sign-On Units, concurrently, shall vest on each 12-month anniversary date of the Agreement Dategrant date, commencing on the first 12-month anniversary date thereof and continuing for three years thereafter, such that full vesting will occur at the end of four years. The exercise price for each share of stock subject to the Sign-On Options shall be the Company’s closing stock price for a share of its common stock on the Agreement Dategrant date. All vesting of the Sign-On Awards shall be subject to Executive being employed with the Company on each scheduled vesting date. Notwithstanding the above vesting schedule, all outstanding Sign-On Awards shall become 100% vested in the event of the Executive’s death or total disability (as defined in Article V(D) hereof) while the Executive is employed by the Company. Any future Optionsoptions, restricted shares stock or other equity grants (“Equity”), if any, will be granted at the sole discretion of the Board.

Appears in 1 contract

Samples: Employment Agreement (Shuffle Master Inc)

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