Award of Award Shares. Subject to the terms, restrictions, limitations, and conditions stated herein and in the Plan, the Company hereby awards to Recipient the number of Award Shares noted above, which shall be shares of the common stock of the Company, subject to all terms and provisions of this Agreement. By the execution of this Agreement, the Recipient hereby accepts the Award Shares subject to all terms and provisions of this Agreement.
Award of Award Shares. Subject to the terms and conditions of the Plan and this Agreement, the Company grants to the Participant the Award Shares under the Plan to be issued on the date first set forth above.
Award of Award Shares. (a) The Company hereby confirms the grant of the Award to Grantee effective on the Award Date. The Award is subject to all of the terms and conditions of this Agreement and the Plan. Any capitalized term used but not defined in this Agreement will be defined as provided in the Plan.
(b) Promptly after the execution of this Agreement, the Company will cause the transfer agent for the Common Stock or other third-party Plan record keeper designated by the Company (the “Transfer Agent”) to (i) either establish a separate account in its records in the name of Grantee (the “Restricted Stock Account”) and credit the Target Shares granted on the Award Date to the Restricted Stock Account as of the Award Date or credit the Target Shares granted on the Award Date to a previously existing Restricted Stock Account of Grantee as of the Award Date and (ii) confirm such actions to Grantee electronically or in writing.
(c) Each Overperformance Share represents the right to receive a share of Common Stock on the date it vests. Prior to their settlement or forfeiture in accordance with the terms of this Agreement, the Overperformance Shares granted to Grantee will be credited to an account in Xxxxxxx’s name maintained by the Company. This account shall be unfunded and maintained for book-keeping purposes only, with the Overperformance Shares simply representing an unfunded and unsecured contingent obligation of the Company.
