Common use of Escrow of Restricted Shares Clause in Contracts

Escrow of Restricted Shares. Restricted Shares shall be issued in uncertificated, book-entry form and registered in the Grantee’s name and shall be held in escrow by the Company or its designee until all restrictions lapse or such shares are forfeited as provided herein; provided, however, that the terms of such escrow shall make allowance for the transactions contemplated by Section 7

Escrow of Restricted Shares. Restricted Shares shall be issued in uncertificated, book-entry form and registered in the Grantee’s name and shall be held in escrow by the Company or its designee until all restrictions lapse or such shares are forfeited as provided herein; provided, however, that the terms of such escrow shall make allowance for the transactions contemplated by Section 77 above. Upon the written request of the Grantee, a certificate or certificates representing the Restricted Shares as to which restrictions have lapsed shall be delivered to the Grantee upon or after such lapse.