Common use of 2004 Stock Incentive Plan Restricted Stock Awards Clause in Contracts

2004 Stock Incentive Plan Restricted Stock Awards. The Stock Incentive Plan provides for the issuance of shares of Parent common stock as restricted common stock (“Restricted Stock Grants”) to the extent that such shares of common stock are available thereunder. Restricted Stock Grants awarded to the Executive shall be subject to forfeiture restrictions that will terminate with respect to 1/4 of the awarded shares on the first, second, third and fourth anniversaries of the date of the issuance; provided, further, that the Executive will be 100% vested and all restrictions on each outstanding Restricted Stock Grant will lapse upon (i) any termination of the Executive’s employment by the Company or the Parent Board other than a termination for “Cause” pursuant to Section 7(c), or any resignation by the Executive with or without “Good Reason” (as defined below), following a Change in Control (as defined in the Stock Incentive Plan), (ii) a termination by the Company without Cause (as defined herein), (iii) a termination by the Executive for Good Reason (as defined herein), (iv) the Executive’s death, or (v) the Disability (as defined below) of the Executive and that the Executive will forfeit all shares with respect to which the forfeiture restrictions have not terminated if he is terminated for Cause or he resigns for other than Good Reason. The common stock issued as Restricted Stock Grants will have voting and dividend rights.

Appears in 2 contracts

Samples: Employment Agreement (KMG America CORP), Employment Agreement (KMG America CORP)

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2004 Stock Incentive Plan Restricted Stock Awards. The Stock Incentive Plan provides for the issuance of shares of Parent common stock as restricted common stock ("Restricted Stock Grants") to the extent that such shares of common stock are available thereunder. Restricted Stock Grants awarded to the Executive shall be subject to forfeiture restrictions that will terminate with respect to 1/4 of the awarded shares on the first, second, third and fourth anniversaries of the date of the issuance; provided, further, that the Executive will be 100% vested and all restrictions on each outstanding Restricted Stock Grant will lapse upon (i) any termination of the Executive’s 's employment by the Company or the Parent Board Board, other than a termination for "Cause" pursuant to Section 7(c), 6(c) or any resignation by the Executive with or without "Good Reason" (as defined belowherein), following a Change in Control (as defined in the Stock Incentive Plan), (ii) a termination by Parent or the Company without Cause (as defined herein), (iii) a termination by the Executive for Good Reason (as defined herein), (iv) the Executive’s 's death, or (v) the Disability (as defined below) of the Executive Executive, and that the Executive will forfeit all shares with respect to which the forfeiture restrictions have not terminated if he is terminated for Cause or he resigns for other than Good Reason. The common stock issued as Restricted Stock Grants will have voting and dividend rights.

Appears in 2 contracts

Samples: Employment Agreement (KMG America CORP), Employment Agreement (KMG America CORP)

2004 Stock Incentive Plan Restricted Stock Awards. The Stock Incentive Plan provides for the issuance of shares of Parent common stock as restricted common stock ("Restricted Stock Grants") to the extent that such shares of common stock are available thereunder. Restricted Stock Grants awarded to the Executive shall be subject to forfeiture restrictions that will terminate with respect to 1/4 of the awarded shares on the first, second, third and fourth anniversaries of the date of the issuance; provided, further, that the Executive will be 100% vested and all restrictions on each outstanding Restricted Stock Grant will lapse upon (i) any a termination of the Executive’s 's employment by the Company or the Parent Board Board, other than a termination for "Cause" pursuant to Section 7(c), 6(c) or any resignation by the Executive with or without "Good Reason" (as defined belowherein), following a Change in Control (as defined in the Stock Incentive Plan), (ii) a termination by Parent or the Company without Cause (as defined herein), (iii) a termination by the Executive for Good Reason (as defined herein), (iv) the Executive’s 's death, or (v) the Disability (as defined below) of the Executive Executive, and that the Executive will forfeit all shares with respect to which the forfeiture restrictions have not terminated if he is terminated for Cause or he resigns for other than Good Reason. The common stock issued as Restricted Stock Grants will have voting and dividend rights.

Appears in 1 contract

Samples: Employment Agreement (KMG America CORP)

2004 Stock Incentive Plan Restricted Stock Awards. The Stock Incentive Plan provides for the issuance of shares of Parent Company common stock as restricted common stock ("Restricted Stock Grants") to the extent that such shares of common stock are available thereunder. Restricted Stock Grants awarded to the Executive shall be subject to forfeiture restrictions that will terminate with respect to 1/4 of the awarded shares on the first, second, third and fourth anniversaries of the date of the issuance; provided, further, that the Executive will be 100% vested and all restrictions on each outstanding Restricted Stock Grant will lapse upon (i) any termination of the Executive’s 's employment by the Company or the Parent Board other than a termination for "Cause" pursuant to Section 7(c), or any resignation by the Executive with or without "Good Reason" (as defined below), following a Change in Control (as defined in the Stock Incentive Plan), (ii) a termination by the Company without Cause (as defined herein), (iii) a termination by the Executive for Good Reason (as defined herein), (iv) the Executive’s 's death, or (v) the Disability (as defined below) of the Executive Executive, and that the Executive will forfeit all shares with respect to which the forfeiture restrictions have not terminated if he is terminated for Cause or he resigns for other than Good Reason. The common stock issued as Restricted Stock Grants will have voting and dividend rights.

Appears in 1 contract

Samples: Employment Agreement (KMG America CORP)

2004 Stock Incentive Plan Restricted Stock Awards. The Stock Incentive Plan provides for the issuance of shares of Parent Company common stock as restricted common stock ("Restricted Stock Grants") to the extent that such shares of common stock are available thereunder. Restricted Stock Grants awarded to the Executive shall be subject to forfeiture restrictions that will terminate with respect to 1/4 1/3 of the awarded shares on the first, second, second and third and fourth anniversaries of the date of the issuance; provided, further, that the Executive will be 100% vested and all restrictions on each outstanding Restricted Stock Grant will lapse upon (i) any termination of the Executive’s 's employment by the Company or the Parent Board other than a termination for "Cause" pursuant to Section 7(c), or any resignation by the Executive with or without "Good Reason" (as defined below), following a Change in Control (as defined in the Stock Incentive Plan), (ii) a termination by the Company without Cause (as defined herein), (iii) a termination by the Executive for Good Reason (as defined herein), (iv) the Executive’s 's death, or (v) the Disability (as defined below) of the Executive Executive, or (vi) the Company's failure to renew this Agreement, and that the Executive will forfeit all shares with respect to which the forfeiture restrictions have not terminated if he is terminated for Cause or he resigns for other than Good Reason. The common stock issued as Restricted Stock Grants will have voting and dividend rights.

Appears in 1 contract

Samples: Employment Agreement (KMG America CORP)

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2004 Stock Incentive Plan Restricted Stock Awards. The Stock Incentive Plan provides for the issuance of shares of Parent Company common stock as restricted common stock (“Restricted Stock Grants”) to the extent that such shares of common stock are available thereunder. Restricted Stock Grants awarded to the Executive shall be subject to forfeiture restrictions that will terminate with respect to 1/4 of the awarded shares on the first, second, third and fourth anniversaries of the date of the issuance; provided, further, that the Executive will be 100% vested and all restrictions on each outstanding Restricted Stock Grant will lapse upon (i) any termination of the Executive’s employment by the Company or the Parent Board Board, other than a termination for “Cause” pursuant to Section 7(c), 6(c) or any resignation by the Executive with or without “Good Reason” (as defined belowherein), following a Change in Control (as defined in the Stock Incentive Plan), (ii) a termination by the Company without Cause (as defined herein), (iii) a termination by the Executive for Good Reason (as defined herein), (iv) the Executive’s death, or (v) the Disability (as defined below) of the Executive Executive, and that the Executive will forfeit all shares with respect to which the forfeiture restrictions have not terminated if he is terminated for Cause or he resigns for other than Good Reason. The common stock issued as Restricted Stock Grants will have voting and dividend rights.

Appears in 1 contract

Samples: Employment Agreement (KMG America CORP)

2004 Stock Incentive Plan Restricted Stock Awards. The Stock Incentive Plan provides for the issuance of shares of Parent common stock as restricted common stock (“Restricted Stock Grants”) to the extent that such shares of common stock are available thereunder. Restricted Stock Grants awarded to the Executive shall be subject to forfeiture restrictions that will terminate with respect to 1/4 of the awarded shares on the first, second, third and fourth anniversaries of the date of the issuance; provided, further, that the Executive will be 100% vested and all restrictions on each outstanding Restricted Stock Grant will lapse upon (i) any termination of the Executive’s employment by the Company or the Parent Board Board, other than a termination for “Cause” pursuant to Section 7(c), 6(c) or any resignation by the Executive with or without “Good Reason” (as defined belowherein), following a Change in Control (as defined in the Stock Incentive Plan), (ii) a termination by Parent or the Company without Cause (as defined herein), (iii) a termination by the Executive for Good Reason (as defined herein), (iv) the Executive’s death, or (v) the Disability (as defined below) of the Executive Executive, and that the Executive will forfeit all shares with respect to which the forfeiture restrictions have not terminated if he is terminated for Cause or he resigns for other than Good Reason. The common stock issued as Restricted Stock Grants will have voting and dividend rights.

Appears in 1 contract

Samples: Employment Agreement (KMG America CORP)

2004 Stock Incentive Plan Restricted Stock Awards. The Stock Incentive Plan provides for the issuance of shares of Parent Company common stock as restricted common stock (“Restricted Stock Grants”) to the extent that such shares of common stock are available thereunder. Restricted Stock Grants awarded to the Executive shall be subject to forfeiture restrictions that will terminate with respect to 1/4 1/3 of the awarded shares on the first, second, second and third and fourth anniversaries of the date of the issuance; provided, further, that the Executive will be 100% vested and all restrictions on each outstanding Restricted Stock Grant will lapse upon (i) any termination of the Executive’s employment by the Company or the Parent Board other than a termination for “Cause” pursuant to Section 7(c), or any resignation by the Executive with or without “Good Reason” (as defined below), following a Change in Control (as defined in the Stock Incentive Planherein), (ii) a termination by the Company without Cause (as defined herein), or (iii) a termination by the Executive for Good Reason (as defined herein), (iv) the Executive’s death, or (v) the Disability (as defined below) of the Executive and that the Executive will forfeit all shares with respect to which the forfeiture restrictions have not terminated if he is terminated for Cause Cause, Disability (as defined below) or death, or if he resigns terminates his employment hereunder for other than Good Reason. The common stock issued as Restricted Stock Grants will have voting and dividend rights.. For purposes of this Agreement:

Appears in 1 contract

Samples: Employment Agreement (Peoples Choice Financial Corp)

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