Initial Equity Award. Upon or as soon as practicable after the Effective Date, the Company will award Executive restricted stock units and stock options to purchase shares of the Company’s common stock, with an aggregate grant date fair market value as determined by the Board for accounting purposes of $1,200,000. Such restricted stock units or stock options, as applicable, to vest ratably over 4 years (25% each year). Allocation between restricted stock units and stock options to be determined by the Board.
Initial Equity Award. On the pricing date of the IPO (the “Pricing Date”), the Parent shall grant to the Executive, contingent upon the occurrence of the IPO, an initial equity grant (the “Initial Equity Award”) as follows: (a) a stock option to acquire shares of the Parent’s common stock, at an exercise price per share equal to the per share IPO price of the Parent’s common stock, with the number of shares subject to such stock option being that necessary to cause the Black-Xxxxxxx-Xxxxxx value of such stock option on the Pricing Date to be equal to 100% of the Base Salary (determined using inputs consistent with those the Parent uses for its financial reporting purposes), which will vest 25% on each of the first four anniversaries of the IPO Date (subject to the Executive’s continued employment on the applicable vesting date); and (b) a number of restricted shares of the Parent equal to 100% of the Base Salary divided by the per share IPO price of the Parent’s common stock, which will vest 50% on each of the third and fourth anniversaries of the IPO Date (subject to the Executive’s continued employment on the applicable vesting date). The Initial Equity Award shall be subject to the terms of the Red Rock Resorts, Inc. 2016 Equity Incentive Plan and the terms of the applicable award agreements.
Initial Equity Award. No later than sixty (60) days following the Effective Date, the Board or a committee thereof will grant you an initial equity award covering a target number of shares equal to $3,900,000, divided by the average per-share closing price of Company common stock for the twenty (20) trading days prior to the date of grant (the “Initial Equity Award”) under the Company’s 2015 Omnibus Incentive Plan, as amended (the “Equity Plan”). Forty percent (40%) of the Initial Equity Award will be granted in the form of time-based restricted stock units (the “Initial RSUs”) and sixty percent (60%) of the Initial Equity Award will be granted in the form of performance-based share awards (the “Initial PSAs”). The performance conditions applicable to the Initial PSAs will be determined by the Board in its discretion, and the Initial PSAs and Initial RSUs will otherwise be subject to the standard terms and conditions applicable to equity incentive awards granted to senior executives of the Company; provided, that in the event of your death, disability (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)) or your termination of employment by the Company without “cause” (as such term is defined in the Company’s Executive Severance Plan, as may be amended from time to time (the “Executive Severance Plan”)), in each case, other than within two years following the date of a Change in Control Transaction (as defined in Section 20 below), the (a) Initial RSUs shall vest as to a number of shares of Company common stock equal to the product of (i) the number of Initial RSUs multiplied by (ii) a fraction, the numerator of which shall be the number of full calendar months between the date of grant and the date your employment terminated, and the denominator of which shall be the number of full calendar months from the date of grant to the final vesting date (such fraction, the “Proration Multiple”), provided that such resulting number of Initial RSUs shall be reduced by the number of Initial RSUs that vested prior to the date of your termination of employment, and (b) Initial PSAs shall vest as to a number of shares of Company common stock equal to the product of (i) the total target number of Initial PSAs that you would have been entitled to receive had your employment continued through the end of the performance period, multiplied by (ii) the Proration Multiple. Notwithstanding the foregoing, in the event of a “Qualifying Termination” or ...
Initial Equity Award. During the first year of the Original Agreement, the Executive shall be awarded 30,000 shares of restricted membership units in the Parent Company (the “NMLH Restricted Units”), pursuant to the New Mountain Lake Holdings, LLC Restricted Membership Units Plan (the “Membership Units Plan”).
Initial Equity Award. On or as soon as reasonably practicable following the Commencement Date and subject to approval by the Compensation Committee, Executive will receive an award of 150,000 restricted stock units pursuant to the Plan, which will vest in ratable annual installments over a period of five (5) years following the grant date thereof, provided that Executive remains employed by the Company on each vesting date and with other specific terms to be determined by the Compensation Committee in its sole discretion (the “Initial Equity Award”). The Initial Equity Award will be subject to the terms of the Plan and the applicable award agreement thereunder. Notwithstanding anything to the contrary contained herein or in the award agreement governing the Initial Equity Award, pursuant to Section 2(g)(iii) of that certain Registration Rights Agreement, dated as of December 23, 2019, by and between Parent and Xxxxxx, Xxxxxxxx & Company, Incorporated (the “Registration Rights Agreement”), no portion of the Initial Equity Award shall vest (and no forfeiture restrictions applicable to such award shall lapse) until the Shelf Registration Statement is effective and the Common Stock is listed on a National Securities Exchange (each capitalized term is as defined in the Registration Rights Agreement).
Initial Equity Award. On or as soon as reasonably practicable following the Commencement Date and subject to approval by the Compensation Committee, Executive will receive an award of 75,000 restricted stock units pursuant to the Plan, which will vest in ratable annual installments over a period of five (5) years following the grant date thereof, provided that Executive remains employed by the Company on each vesting date and with other specific terms to be determined by the Compensation Committee in its sole discretion (the “Initial Equity Award”). The Initial Equity Award will be subject to the terms of the Plan and the applicable award agreement thereunder; provided that such award agreement shall have terms and conditions for Executive that are equivalent to those set forth in the award agreement for the Company’s Chief Executive Officer. Notwithstanding anything to the contrary contained herein or in the award agreement governing the Initial Equity Award, pursuant to Section 2(g)(iii) of that certain Registration Rights Agreement, dated as of December 23, 2019, by and between Parent and Xxxxxx, Xxxxxxxx & Company, Incorporated (the “Registration Rights Agreement”), no portion of the Initial Equity Award shall vest (and no forfeiture restrictions applicable to such award shall lapse) until the Shelf Registration Statement is effective and the Common Stock is listed on a National Securities Exchange (each capitalized term is as defined in the Registration Rights Agreement).
Initial Equity Award. Shortly following the Effective Date, the Executive will be granted 150,000 restricted shares of Class A common stock (“Stock”) of the Company (the “Initial Equity Award”) which shall be earned and vest in accordance with the terms hereof and the terms, the terms of the applicable award agreement and the terms of the Plan.
Initial Equity Award. Upon execution of this Agreement, Executive shall be entitled to receive an initial equity award in the form of restricted stock units in the amount of $250,000, as determined by the closing price of the Common Stock on the Nasdaq Capital Market on the grant date and vesting in whole and not in part on the fourth anniversary of the grant date, subject to the terms of the initial restricted stock unit agreement (time-vesting) pursuant to which such award shall be made. Such initial equity award shall be issued on the Effective Date of Executive’s employment under this Agreement.
Initial Equity Award. Subject to applicable securities laws and the approval of the Compensation Committee of the Company’s Board of Directors, you will be granted an initial equity award pursuant to the terms of the Company’s 2005 Equity Incentive Plan that will be valued for financial accounting purposes at $300,000. The grant date of this award is currently expected to be on the Effective Date. If the Effective Date falls within one of the Company’s xxxxxxx xxxxxxx “blackout” periods, then the award grant date will be the first trading day after such “blackout” period is lifted. You will have the choice, to be made prior to the Effective Date, of accepting this award in the form of either all non-qualified options (NQ options) to purchase the Company’s common stock, or in the form of an allocation of 50% of the value of the award to NQ options and the remaining 50% to restricted stock units (RSUs). The number of NQ option shares under the award will be determined using the “fair value” of a NQ option calculated using the Black-Scholes option pricing model on the grant date of the award. For example, if the “fair value” of a NQ option for the Company’s common stock is $15.00 on the grant date, and you choose all NQ options for your award, then you would be awarded options to purchase 20,000 shares of the Company’s common stock ($300,000 / $15.00). The actual “fair value” calculation on the grant date of your award may be higher or lower than this example. The number of RSU shares, if any, will be determined using the closing price of the Company’s common stock on the Nasdaq Global Market on the grant date of the award. Vesting for this award, regardless of whether it is NQ options or RSUs, will be 20% annually, beginning with the first anniversary of their grant date, over a total of five (5) years. You will also be eligible for additional grants of equity awards from time to time at the discretion of the Compensation Committee of the Board.
Initial Equity Award. As soon as reasonably practicable after the Effective Date, Executive will be granted an equity award in respect of the number of shares of common stock equal to 1.75% of the common stock of AirSculpt outstanding upon effectiveness of AirSculpt’s registration statement on Form S-1 related to the IPO (the “Initial Equity Award”), excluding the underwriter’s overallotment. The Initial Equity Award shall consist of 50% restricted stock units and 50% performance-based restricted stock units; which awards shall be substantially consistent with the forms of award agreement attached as Exhibit B and Exhibit C hereto. All equity grants are subject to the approval of the Board.
