Common use of Stock Incentive Program Clause in Contracts

Stock Incentive Program. For each calendar year during the Term beginning with 2024, to the extent ANLBC (or its parent company) offers any stock option, stock appreciation, restricted stock or other similar equity incentive plan, generally consistent with prior ANLBC (or its parent company) long term incentive plans that were tied to, tracked or covered shares with respect to or reference to, the value of ANLBC (the “ANLBC Stock Incentive Plan”), and subject to approval of the administrator of the ANLBC Stock Incentive Plan, Executive shall be eligible to receive from such Stock Incentive Plan an equity award with a grant date fair value of $1,100,000 (the “Annual Equity Value”), as calculated using the standard grant practices of ANLBC (or its parent company), per calendar year. The amount and terms of vesting of each equity award grant will be determined by the administrator of the ANLBC Stock Incentive Plan in its sole discretion, will be subject to the terms of the ANLBC Stock Incentive Plan as it may be modified or amended from time to time, and will be granted pursuant to an equity award agreement in the form approved by the administrator of the ANLBC Stock Incentive Plan from time to time. Notwithstanding anything herein to the contrary, neither ANLBC nor its parent company shall be obligated to institute or maintain any particular program or plan or aspect thereof. Commencing in 2024, in the event Executive has not received awards with aggregate grant date fair values of at least $1,100,000 per year of the Term, as calculated using the standard grant practice of ANLBC (or its parent company), from any such ANLBC Stock Incentive Plan(s) in place during the Term (any such shortfall, the “Annual Equity Shortfall Amount”), ANLBC agrees to pay to Executive any such Annual Equity Shortfall Amount in cash, additional equity grants or additional cash-based awards before December 31 of such year. By way of example and not limitation, if Executive was granted an award under the ANLB Stock Incentive Plan with a grant date value of $1,000,000 in 2024, as calculated using the standard grant practices of ANLBC (or its parent company), ANLBC agrees to pay to Executive $100,000 in cash or cash-based awards, as calculated using the standard grant practices of ANLBC (or its parent company), on or before December 31 of 2024. For the avoidance of doubt, ANLBC reserves the right to satisfy the Annual Equity Value solely in cash or cash-based awards, in each case, subject to the same terms and conditions as would have applied to the equity grant.

Stock Incentive Program. For each calendar year during the Term beginning with 2024, to the extent ANLBC (or its parent company) offers any stock option, stock appreciation, restricted stock or other similar equity incentive plan, generally consistent with prior ANLBC (or its parent company) long term incentive plans that were tied to, tracked or covered shares with respect to or reference to, the value of ANLBC (the “ANLBC Stock Incentive Plan”), and subject to approval of the administrator of the ANLBC Stock Incentive Plan, Executive shall be eligible to receive from such Stock Incentive Plan an equity award with a grant date fair value of $1,100,000 1,500,000 (the “Annual Equity Value”), as calculated using the standard grant practices of ANLBC (or its parent company), per calendar year. The amount and terms of vesting of each equity award grant will be determined by the administrator of the ANLBC Stock Incentive Plan in its sole discretion, will be subject to the terms of the ANLBC Stock Incentive Plan as it may be modified or amended from time to time, and will be granted pursuant to an equity award agreement in the form approved by the administrator of the ANLBC Stock Incentive Plan from time to time. Notwithstanding anything herein to the contrary, neither ANLBC nor its parent company shall be obligated to institute or maintain any particular program or plan or aspect thereof. Commencing in 2024, in the event Executive has not received awards with aggregate grant date fair values of at least $1,100,000 1,500,000 per year of the Term, as calculated using the standard grant practice of ANLBC (or its parent company), from any such ANLBC Stock Incentive Plan(s) in place during the Term (any such shortfall, the “Annual Equity Shortfall Amount”), ANLBC agrees to pay to Executive any such Annual Equity Shortfall Amount in cash, additional equity grants or additional cash-based awards before December 31 of such year. By way of example and not limitation, if Executive was granted an award under the ANLB Stock Incentive Plan with a grant date value of $1,000,000 1,300,000 in 2024, as calculated using the standard grant practices of ANLBC (or its parent company), ANLBC agrees to pay to Executive $100,000 200,000 in cash or cash-based awards, as calculated using the standard grant practices of ANLBC (or its parent company), on or before December 31 of 2024. For the avoidance of doubt, ANLBC reserves the right to satisfy the Annual Equity Value solely in cash or cash-based awards, in each case, subject to the same terms and conditions as would have applied to the equity grant.

Stock Incentive Program. For each calendar year during the Term beginning with 2024, to the extent ANLBC (or its parent company) offers any stock option, stock appreciation, restricted stock or other similar equity incentive plan, generally consistent with prior ANLBC (or its parent company) long term incentive plans that were tied to, tracked or covered shares with respect to or reference to, the value of ANLBC (the “ANLBC Stock Incentive Plan”), and subject to approval of the administrator of the ANLBC Stock Incentive Plan, Executive shall be eligible to receive from such Stock Incentive Plan an equity award with a grant date fair value of $1,100,000 1,600,000 (the “Annual Equity Value”), as calculated using the standard grant practices of ANLBC (or its parent company), per calendar year. The amount and terms of vesting of each equity award grant will be determined by the administrator of the ANLBC Stock Incentive Plan in its sole discretion, will be subject to the terms of the ANLBC Stock Incentive Plan as it may be modified or amended from time to time, and will be granted pursuant to an equity award agreement in the form approved by the administrator of the ANLBC Stock Incentive Plan from time to time. Notwithstanding anything herein to the contrary, neither ANLBC nor its parent company shall be obligated to institute or maintain any particular program or plan or aspect thereof. Commencing in 2024, in the event Executive has not received awards with aggregate grant date fair values of at least $1,100,000 1,600,000 per year of the Term, as calculated using the standard grant practice of ANLBC (or its parent company), from any such ANLBC Stock Incentive Plan(s) in place during the Term (any such shortfall, the “Annual Equity Shortfall Amount”), ANLBC agrees to pay to Executive any such Annual Equity Shortfall Amount in cash, additional equity grants or additional cash-based awards before December 31 of such year. By way of example and not limitation, if Executive was granted an award under the ANLB ANLBC Stock Incentive Plan with a grant date value of $1,000,000 1,200,000 in 2024, as calculated using the standard grant practices of ANLBC (or its parent company), ANLBC agrees to pay to Executive $100,000 400,000 in cash or cash-based awards, as calculated using the standard grant practices of ANLBC (or its parent company), on or before December 31 of 2024. For the avoidance of doubt, ANLBC reserves the right to satisfy the Annual Equity Value solely in cash or cash-based awards, in each case, subject to the same terms and conditions as would have applied to the equity grant.