than, less than or none of the target PSU value. JLL reserves the right to alter the GEB LTIP from time to time in its sole discretion, which may include target award changes and equity vehicles.
In addition, for calendar year 2020, you will continue to be eligible for the LaSalle Long-Term Incentive Compensation Program (LaSalle LTIP), and you will be awarded 50% of your annual 10 point target for a target of five (5) points in the LaSalle LTIP, subject to all other terms and conditions of eligibility.
One-time Stock Grant
You will be given a one-time grant of Restricted Stock Units (RSUs) in the amount of $350,000 on July 15, 2020. The number of shares will be determined based on the trailing 20-day average closing price of JLL stock, starting on the sixth (6th) trading day prior to the grant date and working backward 20 consecutive trading days. The shares will cliff vest on the third (3rd) anniversary of the grant date in 2023.
Share Ownership Requirement
Global Executive Board members are required to maintain JLL share ownership of four (4) times base salary. You need to retain 100% of post-tax shares until compliance with these guidelines is achieved. Unvested RSUs count toward the requirement, while unvested PSUs do not. After meeting the ownership requirement, you will need to retain 50% of released shares (post tax) for an additional two (2) years. Requirements are subject to change based on the normal review process with the Compensation Committee.
Directors and Officers Insurance and By-Law Indemnification
You will be entitled to coverage under the commercial insurance policies that the Company maintains from time to time with respect to liability for the actions of our Directors and Officers acting in such capacities. In addition, you will be entitled to the indemnification provided under the Companys By-Laws in effect on the date of this letter, a copy of which has been provided to you. During your employment and following any termination of employment, such coverage and indemnification will be at least as favorable to you as that provided to any other new or continuing Company executives.
The personal ambitions of our employees are as important to us as achieving our business goals. We demonstrate our commitment to our people through flexible work arrangements and a comprehensive benefits program. You may elect to participate in our benefits program, which includes medical, dental, life, disability insurance, and a 401(k) savings and retirement plan. Details of these benefits are included in the firms policies and benefits summaries and plan descriptions.
In addition, we provide options for wealth creation and life management, including 10 paid holidays and flexible time off as needed and approved, subject to our standard policy for Global Executive Board members.
Relocation & Tax Support
The Company will cover the cost of business class flights for you and your family, as well as moving your goods back to Chicago through a third-party vendor of your choice. You will also be reimbursed for up to $500 for any excess baggage fees incurred on the return flight.