Escrow of Share Certificates. For the purposes of securing the re-transfer of the Award Shares into the name of the Company in the event of forfeiture, certificates for the Award Shares will be issued in the Grantee’s name and will be held in escrow by, and subject to a security interest in favor of, the Company until restrictions with respect to the Award Shares lapse or the Award Shares are forfeited as provided in this Agreement; provided, however, that the terms of the escrow will make allowance for the transactions contemplated by Section 3(B). A certificate or certificates representing the Award Shares as to which restrictions have lapsed will be delivered to the Grantee after those restrictions have lapsed.
Appears in 8 contracts
Samples: Directors’ Annual Restricted Stock Award Agreement (Firstmerit Corp /Oh/), Employees’ Restricted Stock Award Agreement (Firstmerit Corp /Oh/), Restricted Stock Award Agreement (Firstmerit Corp /Oh/)
