Common use of Initial Grants Clause in Contracts

Initial Grants. As soon as practicable (but in no event later than five business days) after the Effective Date, the Committee will award 506,650 Option Rights and 506,650 Restricted Shares (together, the “Initial Grant”), which Initial Grant will be subject to the provisions set forth in the Executive’s Non-Qualified Stock Option Agreement and Restricted Share Agreement to be entered into in the form of Exhibit A and Exhibit B, respectively; provided, that, in the event that the Company’s stockholders shall fail to approve the amendment to the MOP as set forth in Exhibit A (“Amendment”) or fail to adopt a plan authorizing the issuance of restricted shares as set forth in Exhibit B (“Restricted Share Plan”) prior to the earlier of a Change of Control or the Amendment Approval Date, which the Blackstone Investor Group (as defined in the Stockholders Agreement) (“Blackstone”) represents it has sufficient votes to approve as of the Effective Date and which Blackstone shall vote for, the Initial Grant relating to the amendment or plan which was not approved or adopted shall be void ab initio and of no further force and effect. Failure to obtain such stockholder approval for either the Amendment or adoption the Restricted Share Plan by the earlier of a Change of Control or the Amendment Approval Date shall be a breach of this Section 4(c) and Exhibits A and B, entitling the Executive to terminate his employment for Good Reason.

Initial Grants. As soon as practicable (but in no event later than five business days) after the Effective Date, the Committee will award 506,650 303,990 Option Rights and 506,650 303,990 Restricted Shares (together, the “Initial Grant”), which Initial Grant will be subject to the provisions set forth in the Executive’s Non-Qualified Stock Option Agreement and Restricted Share Agreement to be entered into in the form of Exhibit A B and Exhibit BC, respectively; provided, that, in the event that the Company’s stockholders shall fail to approve the amendment to the MOP as set forth in Exhibit A B (“Amendment”) or fail to adopt a plan authorizing the issuance of restricted shares as set forth in Exhibit B C (“Restricted Share Plan”) prior to the earlier of a Change of Control or the Amendment Approval Date, which the Blackstone Investor Group (as defined in the Stockholders Agreement) (“Blackstone”) represents it has sufficient votes to approve as of the Effective Date and which Blackstone shall vote for, the Initial Grant relating to the amendment or plan which was not approved or adopted shall be void ab initio and of no further force and effect. Failure to obtain such stockholder approval for either the Amendment or adoption the Restricted Share Plan by the earlier of a Change of Control or the Amendment Approval Date shall be a breach of this Section 4(c) and Exhibits A B and BC, entitling the Executive to terminate his employment for Good Reason.