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Common use of Lapse of Forfeiture Restrictions Clause in Contracts

Lapse of Forfeiture Restrictions. Provided that the Employee has been continuously employed by the Company from the Date of Grant through the lapse date set forth in the following schedule, the Forfeiture Restrictions shall lapse with respect to a percentage of the Restricted Shares determined in accordance with the following schedule: First Anniversary of the Date of Grant 25 % Second Anniversary of the Date of Grant 25 % Third anniversary of the Date of Grant 25 % Fourth anniversary of the Date of Grant 25 % If a Change in Control occurs after the Date of Grant and on or before the date of the termination of the Employee’s employment with the Company, then the Forfeiture Restrictions shall lapse with respect to 50% of the Restricted Shares effective as of the date upon which the Change in Control occurs. Further, if following such Change of Control the Employee is subsequently terminated and such termination is neither an Involuntary Termination nor a Good Reason Termination, all remaining Restricted Shares shall lapse effective as of the date of such termination. Any shares with respect to which the Forfeiture Restrictions do not lapse in accordance with the preceding provisions of this Section 3(b) shall be forfeited to the Company for no consideration as of the date of the termination of the Employee’s employment with the Company.

Appears in 3 contracts

Samples: Restricted Stock Agreement (Cardtronics Inc), Restricted Stock Agreement (Cardtronics Inc), Restricted Stock Agreement (Cardtronics Inc)

Lapse of Forfeiture Restrictions. Provided that the Employee has been continuously employed by the Company from the Date of Grant through the lapse date set forth in the following schedule, the Forfeiture Restrictions shall lapse with respect to a percentage of the Restricted Shares determined in accordance with the following schedule: First Anniversary of the Date of Grant 25 % Second Anniversary of the Date of Grant 25 % Third anniversary of the Date of Grant 25 % Fourth anniversary of the Date of Grant 25 % If a Change in Control occurs after Notwithstanding the Date of Grant and on or before the date of the termination of foregoing, if the Employee’s employment with the CompanyCompany is terminated by reason of death, then Disability or Involuntary Termination prior to the fourth anniversary of the Date of Grant, then, upon the date of such termination of employment, the Forfeiture Restrictions shall lapse with respect to 50an additional 25% of the total number of Restricted Shares effective as of the date upon which the Change in Control occurs. Further, if following such Change of Control the Employee is subsequently terminated and such termination is neither an Involuntary Termination nor a Good Reason Termination, all remaining Restricted Shares shall lapse effective as of the date of such terminationShares. Any shares with respect to which the Forfeiture Restrictions do not lapse in accordance with the preceding provisions of this Section 3(b) shall be forfeited to the Company for no consideration as of the date of the termination of the Employee’s employment with the Company.

Appears in 2 contracts

Samples: Restricted Stock Agreement (Cardtronics Inc), Restricted Stock Agreement (Cardtronics Inc)

Lapse of Forfeiture Restrictions. Provided that the Employee has been continuously employed by the Company from the Date of Grant through the lapse date set forth in the following schedule, the Forfeiture Restrictions shall lapse with respect to a percentage of the Restricted Shares determined in accordance with the following schedule: First Anniversary of January 02, 2019 100% Notwithstanding the Date of Grant 25 % Second Anniversary of the Date of Grant 25 % Third anniversary of the Date of Grant 25 % Fourth anniversary of the Date of Grant 25 % If a Change in Control occurs after the Date of Grant and on or before the date of the termination of foregoing, (i) if the Employee’s employment with the CompanyCompany is terminated by reason of death or Disability, then the Forfeiture Restrictions shall lapse with respect to 50100% of the Restricted Shares effective as of the date of such termination, and (ii) subject to the provisions of Section 5.5 (relating to parachute payments) and Section 5.6 (relating to a release agreement) of the Employment Agreement, if the Employee’s employment with the Company shall be subject to an Involuntary Termination within the two-year period beginning on the date upon which the Change in Control occurs. Further, if following such a Change of Control occurs, then the Employee is subsequently terminated and such termination is neither an Involuntary Termination nor a Good Reason Termination, all remaining Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Shares shall lapse effective as of the date of such terminationInvoluntary Termination. Any shares with respect to which the Forfeiture Restrictions do not lapse in accordance with the preceding provisions of this Section 3(b) shall be forfeited to the Company for no consideration as of the date of the termination of the Employee’s employment with the Company.

Appears in 1 contract

Samples: Restricted Stock Agreement (Concho Resources Inc)

Lapse of Forfeiture Restrictions. Provided that the Employee has been continuously employed by the Company from the Date of Grant through the lapse date set forth in the following schedule, the Forfeiture Restrictions shall lapse with respect to a percentage of the Restricted Shares determined in accordance with the following schedule: First Anniversary of the Date of Grant 25 % Second Anniversary of the Date of Grant 25 % Third anniversary of the Date of Grant 25 % Fourth anniversary of the Date of Grant 25 % If a Change in Control occurs after Notwithstanding the Date of Grant and on or before the date of the termination of foregoing, (i) if the Employee’s employment with the CompanyCompany is terminated by reason of death or Disability, then the Forfeiture Restrictions shall lapse with respect to 50100% of the Restricted Shares effective as of the date of such termination, and (ii) subject to the provisions of Section 5.5 (relating to parachute payments) and Section 5.6 (relating to a release agreement) of the Employment Agreement, if the Employee’s employment with the Company shall be subject to an Involuntary Termination within the two-year period beginning on the date upon which the Change in Control occurs. Further, if following such a Change of Control occurs, then the Employee is subsequently terminated and such termination is neither an Involuntary Termination nor a Good Reason Termination, all remaining Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Shares shall lapse effective as of the date of such terminationInvoluntary Termination. Any shares with respect to which the Forfeiture Restrictions do not lapse in accordance with the preceding provisions of this Section 3(b) shall be forfeited to the Company for no consideration as of the date of the termination of the Employee’s employment with the Company.

Appears in 1 contract

Samples: Restricted Stock Agreement (Concho Resources Inc)

Lapse of Forfeiture Restrictions. Provided that the Employee has been continuously employed by the Company from the Date of Grant through the lapse date set forth in the following schedule, the Forfeiture Restrictions shall lapse with respect to a percentage of the Restricted Shares determined in accordance with the following schedule: First 1st Anniversary of the Date of Grant 25 0 % Second 2nd Anniversary of the Date of Grant 25 0 % Third anniversary 3rd Anniversary of the Date of Grant 25 100 % Fourth anniversary of Notwithstanding the Date of Grant 25 % If a Change in Control occurs after the Date of Grant and on or before the date of the termination of schedule set forth above, (i) if the Employee’s employment with the CompanyCompany is terminated by reason of death or Disability, then the Forfeiture Restrictions shall lapse with respect to 50100% of the Restricted Shares effective as of the date of such termination, and (ii) if a Change in Control occurs and the Employee has remained continuously employed by the Company from the Date of Grant to the date upon which the such Change in Control occurs. Further, if following then the Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Shares on the date upon which such Change of in Control the Employee is subsequently terminated and such termination is neither an Involuntary Termination nor a Good Reason Termination, all remaining Restricted Shares shall lapse effective as of the date of such terminationoccurs. Any shares with respect to which the Forfeiture Restrictions do not lapse in accordance with the preceding provisions of this Section 3(b) (and any associated Unvested Dividends) shall be forfeited to the Company for no consideration as of the date of the termination of the Employee’s employment with the Company.

Appears in 1 contract

Samples: Restricted Stock Agreement (Targa Resources Corp.)

Lapse of Forfeiture Restrictions. Provided that the Employee has been continuously employed by the Company from the Date of Grant through the lapse date set forth in the following schedule, the Forfeiture Restrictions shall lapse with respect to a percentage of the Restricted Shares determined in accordance with the following schedule: First Anniversary of the Date of Grant 25 25% Second Anniversary of the Date of Grant 25 25% Third anniversary Anniversary of the Date of Grant 25 25% Fourth anniversary Anniversary of the Date of Grant 25 25% If Notwithstanding the schedule set forth above, if a Change in Control occurs after and the Employee has remained continuously employed by the Company from the Date of Grant and on or before to the date of the termination of the Employee’s employment with the Companyupon which such Change in Control occurs, then the Forfeiture Restrictions shall lapse with respect to 50100% of the Restricted Shares effective as of on the date upon which the such Change in Control occurs. Further, if following such Change of Control the Employee is subsequently terminated and such termination is neither an Involuntary Termination nor a Good Reason Termination, all remaining Restricted Shares shall lapse effective as of the date of such termination. Any shares with respect to which the Forfeiture Restrictions do not lapse in accordance with the preceding provisions of this Section 3(b) shall be forfeited to the Company for no consideration as of the date of the termination of the Employee’s employment with the Company.

Appears in 1 contract

Samples: Restricted Stock Agreement (Forum Energy Technologies, Inc.)

Lapse of Forfeiture Restrictions. Provided that the Employee has been continuously employed by the Company from the Date of Grant through the lapse date set forth in the following schedule, the Forfeiture Restrictions shall lapse with respect to a percentage of the Restricted Shares determined in accordance with the following schedule: First 1st Anniversary of the Date of Grant 25 0 % Second 2nd Anniversary of the Date of Grant 25 60 % Third anniversary 3rd Anniversary of the Date of Grant 25 40 % Fourth anniversary of Notwithstanding the Date of Grant 25 % If a Change in Control occurs after the Date of Grant and on or before the date of the termination of schedule set forth above, (i) if the Employee’s employment with the CompanyCompany is terminated by reason of death or Disability, then the Forfeiture Restrictions shall lapse with respect to 50100% of the Restricted Shares effective as of the date of such termination, and (ii) if a Change in Control occurs and the Employee has remained continuously employed by the Company from the Date of Grant to the date upon which the such Change in Control occurs. Further, if following then the Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Shares on the date upon which such Change of in Control the Employee is subsequently terminated and such termination is neither an Involuntary Termination nor a Good Reason Termination, all remaining Restricted Shares shall lapse effective as of the date of such terminationoccurs. Any shares with respect to which the Forfeiture Restrictions do not lapse in accordance with the preceding provisions of this Section 3(b) (and any associated Unvested Dividends) shall be forfeited to the Company for no consideration as of the date of the termination of the Employee’s employment with the Company.

Appears in 1 contract

Samples: Restricted Stock Agreement (Targa Resources Corp.)