Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Long-Term Incentive Compensation clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Long-Term Incentive Compensation. With respect to calendar year 2020, Executive shall be eligible to receive long-term incentive compensation grants with a grant date fair value for financial accounting purposes of $9,000,000 at target based on the achievement of such performance criteria as may be established by the independent members of the Board upon recommendation from the Committee. To the extent that eligibility for "retirement" (or analogous concept) favorably affects rights under any such grant or any long-term incentiv...e compensation grant at any time from the Company or Old DuPont held by Executive as of the date hereof, Executive's age and years of service with the Company (and Old DuPont) from time to time shall be deemed to satisfy the requirements for such retirement, the terms of any such grant to the contrary notwithstanding. Grants made after the Effective Date shall have retirement vesting and, for any stock options, exercise terms that are not less favorable to Executive than such terms as are in effect for grants outstanding prior to the Effective Date). In the event of Executive's termination of employment as a result of, or following, the expiration of the Employment Term for reasons other than for Cause, for purposes of such retirement eligibility he shall be deemed to have satisfied any post-grant minimum service period provided under such grants outstanding on such termination date. For the avoidance of doubt, in the event of a termination of Executive's employment, other than either by the Company for Cause or by Executive without Good Reason (as defined below) (and not due to Disability (as defined below)), Executive shall be treated under the most favorable terms of each such grant respecting such termination or retirement.View More
Long-Term Incentive Compensation. For the avoidance of doubt, the Company shall honor the long-term incentive compensation grants previously made by the Company in respect of calendar year 2020. With respect to calendar year years after 2020, Executive shall be eligible to receive granted long-term incentive compensation grants with a grant date fair value per year for financial accounting purposes of $9,000,000 $10,000,000 at target based on the achievement of such performance criteria as may be established by the independent m...embers of the Board upon recommendation from the Committee. During the Employment Term, the target grant date fair value of long-term incentive compensation will be reviewed at least annually and is subject to increase at the discretion of the independent members of the Board upon recommendation from the Committee. To the extent that eligibility for "retirement" (or analogous concept) favorably affects rights under any such grant or any long-term incentive compensation grant at any time from the Company or Old DuPont E. I. du Pont de Nemours and Company ("Old DuPont") held by Executive as of the date hereof, Executive's age and years of service with the Company (and Old DuPont) from time to time shall be deemed to satisfy the requirements for such retirement, the terms of any such grant to the contrary notwithstanding. Grants made after the Effective Date shall have retirement vesting and, for any stock options, exercise terms that are not less favorable to Executive than such terms as are in effect for grants outstanding prior to the Effective Date). Date. In the event of Executive's termination of employment as a result of, or following, the expiration of the Employment Term for reasons other than for Cause, for purposes of such retirement eligibility he shall be deemed to have satisfied any post-grant minimum service period provided under such grants outstanding on such termination date. For the avoidance of doubt, in the event of a termination of Executive's employment, other than either by the Company for Cause or by Executive without Good Reason (as defined below) (and not due to Disability (as defined below)), Executive shall be treated under the most favorable terms of each such grant respecting such termination or retirement. 3 5. Retention Benefit. If Executive remains employed by the Company or an Affiliate through, respectively, December 31, 2022 (the "First Retention Payment Date") and December 31, 2023 (the "Second Retention Payment Date"), the Company shall pay (or cause to be paid) to Executive a cash lump-sum, within fifteen (15) days after the effectiveness of the Release (as defined below), equal to, in the case of the First Retention Payment Date, $10,000,000 and, in the case of the Second Retention Payment Date, $5,000,000; provided that, if the Executive's employment is terminated before the Second Retention Payment Date by the Company without Cause, by Executive for Good Reason or by reason of Executive's death or Disability (Cause, Good Reason and Disability as defined below), the Company shall pay (or cause to be paid) to Executive (or his estate, as the case may be), in full satisfaction of its obligations under this Section 5, a cash lump-sum, within fifteen (15) days after the effectiveness of the Release, equal to $15,000,000 less the amount (if any) previously paid to Executive pursuant to this Section 5 in respect of the First Retention Payment Date; provided further that, in all such respective foregoing cases, Executive (or his estate as applicable in the case of Executive's death) (a) executes a general release of claims in the form attached hereto as Exhibit A ("Release"), and all applicable revocation periods relating to the Release expire not more than 59 days following the First Retention Payment Date, Second Retention Payment Date or employment termination date, as the case may be, (b) complies with the provisions of Section 10 of the Old DuPont Senior Executive Severance Plan (as in effect immediately before June 1, 2019 (the "Old SESP")), other than Section 10.5 thereof (titled "Non-Competition Regarding Activities"), and (c) complies with Section 10(b) of this Agreement, provided that the Restricted Period thereunder shall be for a period of eighteen (18) months following the date of Executive's termination of employment. View More
