Awarded Shares. The Company hereby awards to Employee, effective as of the Award Date, the number of Shares set forth on Annex 1. The Shares are subject to certain restrictions and other terms and conditions set forth herein, including without limitation, the forfeiture restrictions set forth in Article IV hereof. The certificates representing the Shares that are subject to forfeiture restrictions under Article IV may, at the Company’s election, be held in escrow by the Corporate Secretary of the Company as provided in, and in accordance with, Article V.
Awarded Shares. On the Award Date, the Company awarded to the Employee the Awarded Shares set forth on Annex 1.
Awarded Shares. SCHEDULE; SERVICE REQUIREMENT. Grantee’s ownership of Awarded Shares shall become vested (i.e. nonforfeitable) if the Grantee has been employed as an Employee continuously from the Date of Grant to the applicable Vesting Date set forth in the following vesting schedule:
Awarded Shares. Performance Shares awarded pursuant to Section 2 of this Agreement shall be registered in the name of the affected Grantee within sixty (60) days after the Award Date. Such shares shall, however, be subject to the restrictions described in Sections 3 and 4 of this Agreement until the Vesting Date for such shares, and the certificates evidencing the shares shall bear a legend noticing those restrictions either specifically or by reference to the provisions of this Agreement. Such shares, when issued in accordance with this Agreement, shall be deemed to be fully paid and nonassessable. Certificates representing such shares shall be held in the custody of the Corporation (or the Agent). Each Grantee shall supply the Corporation or the Agent (as instructed) with an executed stock power with respect to each such stock certificate.
Awarded Shares. The Company hereby awards to the Employee the -------------- Awarded Shares set forth on Annex 1.
Awarded Shares. Provided that the Restricted Shares are then outstanding, Restricted Shares become “Awarded Shares” when both of the following have occurred: (a) the Three-Year Continued Employment Performance Goal has been achieved or is deemed to have been achieved pursuant to the terms of the Agreement; and (b) the Restricted Period has terminated.
Awarded Shares. The Company hereby awards to Director, effective as of the Award Date, the number of Shares set forth on Annex 1. The Shares are subject to certain restrictions and other terms and conditions set forth herein, including without limitation, the forfeiture restrictions set forth in Article IV hereof. The certificates representing the Shares that are subject to forfeiture restrictions under Article IV shall be held in escrow by the Corporate Secretary of the Company as provided in, and in accordance with, Article V.
Awarded Shares. Except as otherwise provided in any written agreement between the Grantee and the Company, or in Sections 2.2 and 2.3 of this Award, or unless the Board of Directors of the Company (the “Board”) or the Compensation Committee of the Board (the “Committee”) determines otherwise, the Awarded Shares shall vest on March 19, 2008 (the “Vesting Date”).
Awarded Shares. Unless you file an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the "Code"), you will recognize income, taxable at ordinary income rates and subject to payroll tax withholding, on each date the Awarded Shares become Vested Shares in an amount equal to the fair market value of such Shares. However, if you timely file a Section 83(b) election, the date for measuring the amount of ordinary compensation income you must recognize is the Effective Date. In that case, the Company will take the position for all returns and reports it must file with the Internal Revenue Service (including your 2007 Form W-2) that the value of the Awarded Shares equals $750,000. To be effective, a Section 83(b) election must be filed with the Internal Revenue Service within 30 days of the Effective Date and attached to your 2007 federal income tax return, and a copy of the election must be filed with the Company. However, if you forfeit the Shares, you will not be entitled to recover the taxes you paid. When you sell the Shares, you will recognize capital gain (or loss) equal to the difference between the amount realized on the sale, and your tax basis in the shares (which is the amount of ordinary compensation income previously recognized). Such gain (or loss) will be taxed as long term capital gain (or loss) if you held the shares for more than one year. Your holding period starts on the vesting dates, unless you make a Section 83(b) election, in which case the holding period will start on the Effective Date. A sample form of Section 83(b) election is attached as Appendix I for your information. However, it is your responsibility to timely file such election. Because the Company is a privately held company, the determination of the fair market value of its shares is complicated. If the tax authorities determine that the fair market value should be calculated differently than the Company's calculation, you may have additional tax consequences. Tax laws change frequently and sometimes on a retroactive basis. You are advised to consult with your own tax or financial advisor, and should not rely on the Company's description of tax consequences above.
Awarded Shares. Except as otherwise provided in any written agreement between the Grantee and the Company, or in Sections 2.2 and 2.3 of this Award, or unless the Board of Directors of the Company (the “Board”) or the Compensation Committee of the Board (the “Committee”) determines otherwise, 5,000 of the Awarded Shares shall vest on April 8, 2003 and the remaining 5,000 Awarded Shares shall vest on April 8, 2004 (each, a “Vesting Date”). Awarded Shares that have vested pursuant to this Award are referred to herein as “Vested Awarded Shares” and Awarded Shares that have not yet vested pursuant to this Award are referred to herein as “Unvested Awarded Shares.”
