MIP Pool definition

MIP Pool means a pool of stock-based awards, in the form of options, appreciation rights, restricted stock units, restricted stock, or similar awards, as applicable, representing 7.70% of the aggregate amount of New Common Stock, determined on a fully diluted and fully distributed basis and assuming the exercise of all of the Warrants (the “MIP Equity”), which shall be reserved for distribution to certain participating employees of the Reorganized Debtors or their Affiliates pursuant to the Management Incentive Plan and shall be in accordance with the Restructuring Support Agreement. No less than 50% of the MIP Equity (the “Effective Date MIP Equity Allocation”) will be granted on the Effective Date to such employees in the form of restricted stock units (or the economic equivalent), on other customary terms and conditions for similar type awards, and which shall vest ratably over three years with the breakdown between time and performance based awards being determined by the Reorganized Whiting Parent Board; provided, however, that the Effective Date MIP Equity Allocation granted on the Effective Date shall be reduced by subtracting a percentage equal to the quotient of $13.5 million divided by 7.70% of the stipulated equity value as set forth in the Plan Supplement, which stipulated equity value is subject to the Consenting Creditor Consent Right.

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MIP Pool means a pool of stock-based awards, in the form of options, appreciation rights, restricted stock units, restricted stock, or similar awards, as applicable, representing at least 5% but no more than 10% of the aggregate amount of New Stock, determined on a fully diluted and fully distributed basis (with the ratio of New Common Stock to New Preferred Stock to be the same as the ratio of all New Common Stock to all New Preferred Stock held by the average Backstop Commitment Party), which shall be reserved for distribution to certain participating employees of the Reorganized Debtors or Affiliates pursuant to the Management Incentive Plan and shall be in accordance with the Restructuring Term Sheet.

MIP Pool means the 10% of New FTS Equity reserved for issuance as part of the Management Incentive Plan.

Examples of MIP Pool in a sentence

Holdco will reserve a pool of shares of Common Stock of Holdco (“Common Stock”) representing between 5% and 10% of Holdco’s Common Stock, determined on a fully diluted and fully distributed basis (i.e., assuming conversion of all outstanding convertible securities and full distribution of the MIP Pool).
If any shares of Common Stock reserved for issuance under the Plan and included in the RSU MIP Pool (as defined and calculated in accordance with Appendix A hereto) remain unallocated as of the Wind Up Date (as defined below), the Company shall take all necessary and appropriate actions to allocate, in connection with the Wind Up Date, such unallocated shares of Common Stock to the Key Persons (as defined below) who have not incurred a Termination prior to the Wind Up Date.
Management Incentive Plan Reorganized FTS will reserve for issuance to management equity interests representing 10% of New FTS Equity (“MIP Pool”), determined on a fully diluted and fully distributed basis (i.e., assuming conversion as of the Plan Effective Date of all outstanding convertible securities and full distribution of the MIP Pool).
For this purpose, the “Remaining MIP Pool” means the portion of the MIP Pool that has not previously been granted and all shares of Holdco Common Stock subject to the Emergence Grants or subsequent Awards that have been forfeited before vesting.
The Remaining MIP Pool will be available for, without limitation, Awards to new hires and Awards made in connection with promotions.
The Remaining MIP Pool (as defined below) may be granted following the Emergence Date, in the form of RSUs or PSUs (or their full value equivalent), at the discretion of and on terms and conditions determined by the Equity Issuer Board or the compensation committee thereof.
The Washington Closing Consideration Spreadsheet shall be delivered in excel format and include all formulas and calculations related to the payment of the Washington Closing Cash Consideration and the Washington Stock Consideration (including the portion of the Washington Closing Cash Consideration and the Washington Stock Consideration constituting the Washington MIP Pool) in addition to the information required by the definition of “Washington Consideration Spreadsheet” in this Agreement.
The Washington Sample Consideration Spreadsheet shall be delivered in excel format and include all formulas and calculations related to the payment of the Washington Closing Cash Consideration and the Washington Stock Consideration (including the portion of the Washington Closing Cash Consideration and the Washington Stock Consideration constituting the Washington MIP Pool) in addition to the information required by the definition of “Washington Consideration Spreadsheet” in this Agreement.
The awards to be granted from the MIP Pool as described further below will be allocated among the Company’s current Chief Executive Officer, Chief Financial Officer and EVP – Operations and Production (the “Selected Participants”) as follows: 60%, 20% and 20%.
The remaining balance of the MIP Pool not allocated as part of the Emergence Grants (the “Other Award Pool”) may be granted to the Company’s employees after the Plan Effective Date as determined by the New Board in its sole discretion, in such form and on such terms and conditions as determined by the New Board.

More Definitions of MIP Pool

MIP Pool means seven percent (7%) of the New Interests that are issued and outstanding on the Effective Date, which the New Board will be authorized to award under the Management Incentive Plan, which shall not be subject to dilution on account of the New Interests issued pursuant to the Rights Offering and the Backstop Purchase Agreement.

MIP Pool means a pool of stock-based awards, in the form of options, appreciation rights, restricted stock units, restricted stock, or similar awards, as applicable, representing 8% of the aggregate amount of New Common Stock, determined on a fully diluted and fully distributed basis and assuming the exercise of all of the Warrants (the “MIP Equity”), which shall be reserved for distribution to certain participating employees of the Reorganized Debtors or their Affiliates pursuant to the Management Incentive Plan and shall be in accordance with the Restructuring Support Agreement. No less than 50% of the MIP Equity (the “Effective Date MIP Equity Allocation”) will be granted on the Effective Date to such employees in the form of restricted stock units (or the economic equivalent), on other customary terms and conditions for similar type awards, and which shall vest ratably over three years with the breakdown between time and performance based awards being determined by the Reorganized ▇▇▇▇▇▇▇ Parent Board; provided, however, that the Effective Date MIP Equity Allocation granted on the Effective Date shall be reduced by subtracting a percentage equal to the quotient of $12 million divided by 8% of the stipulated equity value as set forth in the Plan Supplement, which is stipulated equity value subject to the Consenting Creditor Consent Right.

MIP Pool means a pool of up to 8-10% of the value of the New Reorganized OpCo Debtor Equity on a fully diluted basis, as of the OpCo Plan Effective Date, reserved for issuance pursuant to the MIP, including Emergence Awards, if any.

MIP Pool means seven percent (7%) of the New Interests that are issued and outstanding on the Effective Date, which the New Board (or any successor thereto) will be authorized to award under the Management Incentive Plan, which shall not be subject to dilution on account of the New Interests issued pursuant to the Rights Offering and the Backstop Purchase Agreement.

MIP Pool means a pool of cash- and/or equity-based awards, which shall be reserved for distribution to certain participating employees of the Reorganized Debtors or their Affiliates pursuant to the Management Incentive Plan.

MIP Pool has the meaning set forth in Section 6.4(c).