Initial Restricted Stock Unit Award Clause Samples
The Initial Restricted Stock Unit Award clause defines the grant of a specific number of restricted stock units (RSUs) to an individual, typically as part of their compensation package upon joining a company. This clause outlines the terms under which the RSUs are awarded, such as the vesting schedule, any performance or service requirements, and the timing of the grant. Its core practical function is to formalize the equity incentive offered to the recipient, aligning their interests with the company's performance and providing a mechanism for employee retention.
Initial Restricted Stock Unit Award. Should the Executive forfeit all or a portion of the 99,298 unvested shares of Credit Suisse Group common stock subject to the outstanding stock-based awards made to him by his former employer, Credit Suisse Group, in the form of units under the Credit Suisse Group Performance Incentive Plan and Incentive Share Unit Plan (collectively, the “CS Equity Award”), then the Executive will be granted restricted stock units under the Incentive Plan covering that number of shares of the Company’s Class A common stock (rounded to next whole share) determined pursuant to the following procedure: first, the dollar value of the unvested shares of Credit Suisse Group common stock forfeited under the CS Equity Award will be determined by multiplying the number of those forfeited shares by the closing selling price per share of Credit Suisse Group common stock on the Commencement Date; and then, the dollar amount so determined will be divided by the closing selling price per share of the Company’s Class A common stock on the Commencement Date to determine the number of shares of Class A common stock subject to this particular award. In addition, to the extent the Executive avoids the forfeiture of one or more of the 99,298 unvested shares of Credit Suisse Group common stock subject to the CS Equity Award, the Executive will be granted a restricted stock unit award under the Incentive Plan covering the number of shares of the Company’s Class A common stock (rounded to next whole share) determined pursuant to the following procedure: first, the dollar value of the unvested shares of Credit Suisse Group common stock not forfeited under the CS Equity Award will be determined by multiplying the number of those non-forfeited shares by the closing selling price per share of Credit Suisse Group common stock on the Commencement Date; then, the dollar amount so determined will be divided by the closing selling price per share of the Company’s Class A common stock on the Commencement Date; and finally, the number of shares of Class A common stock so calculated will be multiplied by 0.25 to determine the number of shares of Class A common stock subject to this particular award. The restricted stock unit award or awards determined in accordance with the foregoing provisions of this Section 4(b) shall be collectively referred to as the “Initial RSU Award” and shall be granted on the third business day following the public release of the Company’s financial results for the fiscal year e...
Initial Restricted Stock Unit Award. You will receive an initial grant of 175,000 RSU’s, subject to approval by the Board of Directors. This RSU award will be made at the next quarterly grant date. This grant will have a five- year vesting period.
Initial Restricted Stock Unit Award. On the Start Date, the Company will grant the Executive Initial Restricted Stock Units (“Initial RSUs”) in the amount of $1,000,000. For purposes of the foregoing, the value of Initial RSUs will be based on the average closing price (the “Start Date Price”) of the Company’s common stock on the 5 trading days prior to the Start Date. The Initial RSUs will vest as follows: 1/3 of the Initial RSUs shall vest on the 3rd anniversary of the Start Date, 1/3 on the 4th anniversary of the Start Date, and 1/3 on 5th anniversary of the Start Date (each a “Vesting Date”). If (i) the Executive notifies the Company of his intent to terminate his employment (or engagement as a consultant or otherwise) in the business of the Company and/or its affiliates other than (x) for Good Reason (as defined in the 2014 Omnibus Incentive Plan) or (y) notification after the second anniversary of his Start Date, to take a full-time elected or appointed position in federal government, state government, or national political party or (ii) the Company notifies the Executive that it intends to terminate his employment (or engagement) for Cause (as defined in the 2014 Omnibus Incentive Plan), the Executive shall forfeit any unvested Initial RSUs. If the Company terminates the Executive without Cause or the Executive notifies the Company of his intent to terminate his employment (or engagement) for Good Reason or for notification after the second anniversary of his Start Date, to take a full-time elected or appointed position in federal government, state government, or national political party, the Executive shall be entitled to continue to vest the Initial RSUs on the above vesting schedule subject to not engaging in any Detrimental Activities (as defined in the Initial RSU Notice and Statement of Terms and Conditions); provided in the case of notification by the Executive after the second anniversary of his Start Date to take a full-time elected or appointed position in federal government, state government, or national political party, if applicable ethics rules for such position prohibit ownership of the unvested Initial RSUs, such Initial RSUs shall vest as of the Executive’s commencement of such position. The Initial RSUs shall be subject to the terms and conditions of the 2014 Omnibus Incentive Plan and the Notice and Statement of Terms and Conditions.
Initial Restricted Stock Unit Award. In accordance with, and subject to the ▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇, Inc. 2012 Stock Plan, you will receive a one-time grant of Benefitfocus restricted stock units (RSUs) valued at $2,000,000, measured at the time of the grant utilizing a 20-day running average (or such other method as the Board of Directors determines appropriate), and subject to approval by the board of directors. You will be receiving the formal Annual Award Grant Notice and accompanying documentation upon your start date. This grant will have a five-year vesting period, and will be subject to the terms of an RSU award agreement between you and Benefitfocus. CONFIDENTIAL & PROPRIETARY Exhibit A & B to Employment Agreement 2 ▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇, INC. (06/2017)
Initial Restricted Stock Unit Award. Contingent on shareholder approval of an increase in the share reserve to the Employer’s stock incentive plan sufficient to satisfy such award, Officer will be granted an award, immediately subsequent to the 2007 Annual Meeting of Shareholders of Employer (“2007 Annual Meeting”), of 83,000 Restricted Stock Units that shall vest ratably on each of the four fiscal year ends of the Initial Employment Term (the “Initial Restricted Stock Unit Award”).
Initial Restricted Stock Unit Award. The company has agreed to provide the Executive with a grant of Restricted Stock Units (RSUs) under the Selective Insurance Group, Inc. 2005 Omnibus Stock Plan as amended and restated in 2010, having a monetized value based on the fair market value of the underlying stock of the Company’s Parent, as determined pursuant to such plan, on the date of the grant of One Hundred Fifty Thousand Dollars ($150,000) to be formally granted five (5) business days after the Commencement Date. Provided the Executive remains employed with the Company through to such date, these RSUs will vest three (3) years from the date of the grant. Because of the Commencement Date, the Executive is ineligible for long-term incentives based upon 2011 individual performance awarded in the First Quarter of 2012. Long-term incentives are recommended on an annual basis and typically include restricted stock units and 3-year performance awards in the form of cash units.
Initial Restricted Stock Unit Award. On the later of: (i) the Commencement Date; and (ii) the third business day following the Company’s release of its earnings results for the fiscal quarter ending May 31, 2007, the Compensation Committee shall grant the Executive restricted stock units covering 60,000 shares of the Company’s Class A common stock (the “Initial RSU Award’). Each restricted stock unit will represent the right to receive one share of such Class A common stock upon the vesting of that unit, subject to the Company’s collection of all applicable withholding taxes.
Initial Restricted Stock Unit Award. In accordance with the ▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇, Inc. 2012 Stock Plan, you will receive a Benefitfocus stock grant award in the amount of 15,000 restricted stock units, subject to approval by the board of directors. You will be receiving the formal Annual Award Grant Notice and accompanying documentation at the next quarterly grant date. This grant will have a four-year vesting period, and will be subject to the terms of an RSU award agreement between you and Benefitfocus.
Initial Restricted Stock Unit Award. As soon as practicable on or after the Commencement Date, the Compensation Committee shall grant the Executive restricted stock units covering 17,000 shares of the Company’s Class A common stock (the “Initial RSU Award’). Each restricted stock unit will represent the right to receive one share of such Class A common stock upon the vesting of that unit, subject to the Company’s collection of all applicable withholding taxes.
Initial Restricted Stock Unit Award. The company has agreed to provide the Executive with a grant of Restricted Stock Units (RSUs) under the Selective Insurance Group, Inc. 2005 Omnibus Stock Plan as amended and restated in 2010, having a monetized value on the date of the grant of $325,000 to be formally granted five (5) business days after the Executive’s employment commencement date. Provided the Executive remains employed with the Company, these RSUs will vest three (3) years from the date of the grant. In addition, in the first quarter of 2012, the Executive will be eligible for long-term incentives based upon individual performance. Long-term incentives are recommended on an annual basis and typically include restricted stock units and 3-year performance awards in the form of cash units.