Escrow of Unvested Shares. (a) If this option is exercised as to any Unvested Shares, such Unvested Shares shall be issued in the name of the Employee, but shall be held in escrow by the Company, acting in the capacity of escrow agent, together with a stock assignment executed by the Employee with respect to such Unvested Shares. (b) With respect to any Unvested Shares held in escrow that become Vested Shares, the Company shall promptly issue a new certificate for the number of shares that have become Vested Shares and shall deliver such certificate to the Employee and shall retain in escrow a new certificate for any remaining Unvested Shares in exchange for the all or the relevant portion of the applicable certificate then being held by the Company as escrow agent. (c) Subject to the terms hereof, the Employee shall have all the rights of a shareholder with respect to the Unvested Shares while they are held in escrow, including, without limitation, the right to vote the Unvested Shares and receive any cash dividends declared thereon. (d) The Company may terminate this escrow at any time. The Company may also appoint another entity to serve as escrow agent hereunder, in which event the Employee agrees to execute all documents requested by the Company in connection therewith.
Appears in 4 contracts
Samples: Employee Non Qualified Stock Option Agreement, Stock Option Agreement (SALARY.COM, Inc), Incentive Stock Option Agreement (SALARY.COM, Inc)
Escrow of Unvested Shares. (a) If this option is exercised as to any Unvested Shares, such Unvested Shares shall be issued in the name of the EmployeeOptionee, but shall be held in escrow by the Company, acting in the capacity of escrow agent, together with a stock assignment executed by the Employee Optionee with respect to such Unvested Shares.
(b) With respect to any Unvested Shares held in escrow that become Vested Shares, the Company shall promptly issue a new certificate for the number of shares that have become Vested Shares and shall deliver such certificate to the Employee Optionee and shall retain in escrow a new certificate for any remaining Unvested Shares in exchange for the all or the relevant portion of the applicable certificate then being held by the Company as escrow agent.
(c) Subject to the terms hereof, the Employee Optionee shall have all the rights of a shareholder with respect to the Unvested Shares while they are held in escrow, including, including without limitation, the right to vote the Unvested Shares and receive any cash dividends declared thereon.
(d) The Company may terminate this escrow at any time. The Company may also appoint another entity to serve as escrow agent hereunder, in which event the Employee Optionee agrees to execute all documents requested by the Company in connection therewith.
Appears in 3 contracts
Samples: Non Qualified Stock Option Agreement (Red Hat Inc), Non Qualified Stock Option Agreement (Red Hat Inc), Non Qualified Stock Option Agreement (Red Hat Inc)
Escrow of Unvested Shares. (a) If this option is exercised as to any Unvested Shares, such Unvested Shares shall be issued in the name of the Employee, but shall be held in escrow by the Company, acting in the capacity of escrow agent, together with a stock assignment executed by the Employee with respect to such Unvested Shares.
(b) With respect to any Unvested Shares held in escrow that become Vested Shares, the Company shall promptly issue a new certificate for the number of shares that have become Vested Shares and shall deliver such certificate to the Employee and shall retain in escrow a new certificate for any remaining Unvested Shares in exchange for the all or the relevant portion of the applicable certificate then being held by the Company as escrow agent.
(c) Subject to the terms hereof, the Employee shall have all the rights of a shareholder with respect to the Unvested Shares while they are held in escrow, including, including without limitation, the right to vote the Unvested Shares and receive any cash dividends declared thereon.
(d) The Company may terminate this escrow at any time. The Company may also appoint another entity to serve as escrow agent hereunder, in which event the Employee agrees to execute all documents requested by the Company in connection therewith.
Appears in 2 contracts
Samples: Incentive Stock Option Agreement (Red Hat Inc), Incentive Stock Option Agreement (Red Hat Inc)
Escrow of Unvested Shares. (a) If this option is exercised as to any Unvested Shares, such The Unvested Shares shall be issued in the name of the EmployeeFounder, but shall be held in escrow by the Company, acting in the capacity of escrow agent, together with a stock assignment executed by the Employee Founder with respect to such Unvested Shares.
(b) . With respect to any Unvested Shares held in escrow that become Vested Shares, the Company shall shall, at the Founder's request, promptly issue a new certificate for the number of shares that have become Vested Shares and shall deliver such certificate to the Employee Founder and shall retain in escrow a new certificate for any remaining Unvested Shares in exchange for the all or the relevant portion of the applicable certificate then being held by the Company as escrow agent.
(c) . Subject to the terms hereof, the Employee Founder shall have all the rights of a shareholder stockholder with respect to the Unvested Shares while they are held in escrow, including, without limitation, the right to vote the Unvested Shares and receive any cash dividends declared thereon.
(d) . The Company may terminate this escrow at any time. The Company may also appoint another entity to serve as escrow agent hereunder, in which event the Employee Founder agrees to execute all documents requested by the Company in connection therewith.
Appears in 2 contracts
Samples: Stock Repurchase Agreement (Enernoc Inc), Stock Repurchase Agreement (Enernoc Inc)
Escrow of Unvested Shares. (a) If this option is exercised as to any Unvested Shares, such Unvested Shares shall be issued in the name of the EmployeeOptionee, but shall be held in escrow by the Company, acting in the capacity of escrow agent, together with a stock assignment executed by the Employee Optionee with respect to such Unvested Shares.
(b) With respect to any Unvested Shares held in escrow that become Vested Shares, the Company shall promptly issue a new certificate for the number of shares that have become Vested Shares and shall deliver such certificate to the Employee Optionee and shall retain in escrow a new certificate for any remaining Unvested Shares in exchange for the all or the relevant portion of the applicable certificate then being held by the Company as escrow agent.
(c) Subject to the terms hereof, the Employee Optionee shall have all the rights of a shareholder with respect to the Unvested Shares while they are held in escrow, including, without limitation, the right to vote the Unvested Shares and receive any cash dividends declared thereon.
(d) The Company may terminate this escrow at any time. The Company may also appoint another entity to serve as escrow agent hereunder, in which event the Employee Optionee agrees to execute all documents requested by the Company in connection therewith.
Appears in 2 contracts
Samples: Non Qualified Stock Option and Stock Repurchase Agreement (Eroom Technology Inc), Non Qualified Stock Option and Stock Repurchase Agreement (Eroom Technology Inc)
Escrow of Unvested Shares. (a) If this option award is exercised as to any Unvested Shares, such Unvested Shares shall be issued in the name of the EmployeeParticipant, but shall be held in escrow by the Company, acting in the capacity of escrow agent, together with a stock assignment executed by the Employee Participant with respect to such Unvested Shares.
(b) With respect to any Unvested Shares held in escrow that become Vested Shares, the Company shall promptly issue a new certificate for the number of shares that have become Vested Shares and shall deliver such certificate to the Employee Participant and shall retain in escrow a new certificate for any remaining Unvested Shares in exchange for the all or the relevant portion of the applicable certificate then being held by the Company as escrow agent.
(c) Subject to the terms hereof, the Employee Participant shall have all the rights of a shareholder with respect to the Unvested Shares while they are held in escrow, including, without limitation, the right to vote the Unvested Shares and receive any cash dividends declared thereon.
(d) The Company may terminate this escrow at any time. The Company may also appoint another entity to serve as escrow agent hereunder, in which event the Employee Participant agrees to execute all documents requested by the Company in connection therewith.
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