Subsequent Grants. Within 30 days of each of the first anniversary and the second anniversary of the Effective Date, or if the Effective Time occurs during the two-month period prior to March 3, 2003, within 30 days after each such anniversary, subject to the approval of the Trustees, provided the Executive is still employed by the Company on each applicable anniversary, the Executive will receive a grant of restricted shares (the “Restricted Shares”) pursuant to the Plan, with a value equal to at least $5,500,000, based on the Fair Market Value on the date of the applicable grant. The number of Restricted Shares granted shall be determined by dividing $5,500,000 by the Fair Market Value on the date of the applicable grant. Such Restricted Shares shall vest in equal installments on each of the first three (3) anniversaries of the date of grant, provided the Executive is still employed by the Company on each applicable anniversary. All other terms and conditions of the Restricted Shares will be governed by the Plan. Upon a termination of employment of the Executive by the Company without Cause or by the Executive for Good Reason or by reason of his death or Disability, the Restricted Shares shall immediately vest. To the extent any such grant of Restricted Shares is not approved by the Trustees or would violate rules and regulations under the Plan or applicable law, the Executive will receive a cash bonus equal to such excess amount. The Cash Bonus, if any, will be paid in equal installments on each of the first three (3) anniversaries of the date of grant, provided the Executive is still employed by the Company on each applicable anniversary. Upon a termination of employment of the Executive by the Company without Cause or by the Executive for Good Reason, the Cash Bonus shall immediately vest and be payable.
Appears in 1 contract
Subsequent Grants. Within 30 days of each of the first anniversary and the second anniversary of the Effective Date, or if the Effective Time occurs during the two-month period prior to March 3, 2003, within 30 days after each such anniversary, subject to the approval of the Trustees, provided the Executive is still employed by the Company on each applicable anniversary, the Executive will receive a grant of restricted shares (the “"Restricted Shares”") pursuant to the Plan, with a value equal to at least $5,500,000, based on the Fair Market Value on the date of the applicable grant. The number of Restricted Shares granted shall be determined by dividing $5,500,000 by the Fair Market Value on the date of the applicable grant. Such Restricted Shares shall vest in equal installments on each of the first three (3) anniversaries of the date of grant, provided the Executive is still employed by the Company on each applicable anniversary. All other terms and conditions of the Restricted Shares will be governed by the Plan. Upon a termination of employment of the Executive by the Company without Cause or by the Executive for Good Reason or by reason of his death or Disability, the Restricted Shares shall immediately vest. To the extent any such grant of Restricted Shares is not approved by the Trustees or would violate rules and regulations under the Plan or applicable law, the Executive will receive a cash bonus equal to such excess amount. The Cash Bonus, if any, will be paid in equal installments on each of the first three (3) anniversaries of the date of grant, provided the Executive is still employed by the Company on each applicable anniversary. Upon a termination of employment of the Executive by the Company without Cause or by the Executive for Good Reason, the Cash Bonus shall immediately vest and be payable.
Appears in 1 contract