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Depends
You'd need to be more specific about the plan and the alternative to know. LTIP = long term incentive plan and can be anything from company stock/stock options (real or phantom) to deferred cash or other things.
Whether it's worth it would depend on the vehicle and payout conditions (time based, performance based, etc.) and the likelihood of meeting those conditions compared to whatever alternative you have. If the choice is "take the LTIP or don't take it", that's much more straightforward than "take LTIP vs short term incentives" bc of the conditions usually attached to LTIP.
Well compared to no LTIP probably worth it but you'd have to decide how much value you see in it as a retention tool