Common use of Company Retention of Unvested Restricted Stock Clause in Contracts

Company Retention of Unvested Restricted Stock. When issuing the Restricted Stock, the Company shall register the Restricted Stock in the name of the Executive, but shall hold the stock certificate, together with a stock power endorsed by the Executive in blank, pending vesting by the Executive in all or a portion of the Restricted Stock. If at the end or during the four years from and after the date hereof (such period being the “Restricted Period”), the Executive vests in all or a portion of the Restricted Stock, the Company will promptly reissue a certificate representing the vested portion of the Restricted Stock and deliver such certificate to the Executive. Any such reissued certificate shall contain a legend prohibiting sale or other transfer of the shares of Common Stock without registration under the Securities Act of 1933, as amended (the “Securities Act”) or an exemption therefrom.

Company Retention of Unvested Restricted Stock. When issuing the Restricted Stock, the Company shall register the Restricted Stock in the name of the Executive, but shall hold the stock certificate, together with a stock power endorsed by the Executive in blank, pending vesting by the Executive in all or a portion of the Restricted Stock. If at the end or during the four years from and after the date hereof (such period being the “Restricted Period”), the Executive vests in all or a portion of the Restricted Stock, the Company will promptly reissue a certificate representing the vested portion of the Restricted Stock and deliver such certificate to the Executive. Any such reissued certificate shall contain a legend prohibiting sale or other transfer of the shares of Common Stock without registration under the Securities Act of 1933, as amended (the “Securities Act”) ), or an exemption therefrom.