Common use of Issuance of Restricted Stock Clause in Contracts

Issuance of Restricted Stock. As soon as practicable after the Grantee has executed and delivered this Agreement, the Corporation shall cause to be transferred on the books of the Corporation , Shares registered in the name of the Grantee, evidencing the Restricted Stock covered by this Agreement, but subject to Vesting. Until the lapse or release of all restrictions applicable to the Restricted Stock, the share certificates representing such Restricted Stock shall be held in custody by the Chairman of the Compensation Committee (the “Committee”)(or, if the Compensation Committee consists of a single person, by such person) or, there be no Compensation Committee by a designee of the Corporation who shall not be the Grantee.