Lapse of RESTRICTED PERIOD. Upon the lapse of the RESTRICTED PERIOD applicable to any RESTRICTED STOCK UNITS, as promptly as is reasonably practicable, and in no case later than March 15th of the year after the year the RESTRICTED PERIOD lapses, SHARES of the COMPANY shall be issued to PARTICIPANT and the COMPANY shall deliver a stock certificate or other appropriate documentation evidencing the number of SHARES of the COMPANY issued in settlement of such vested RESTRICTED STOCK UNITS to PARTICIPANT.
Lapse of RESTRICTED PERIOD. Upon the lapse of the RESTRICTED PERIOD applicable to any EARNED UNITS, as promptly as is reasonably practicable, and in no case later than the 15th day of the third month immediately following the completion of the three-year performance period, SHARES of the COMPANY shall be issued to PARTICIPANT and the COMPANY shall deliver a stock certificate or other appropriate documentation evidencing the number of SHARES of the COMPANY issued in settlement of such vested EARNED UNITS to PARTICIPANT (with each EARNED UNIT representing the right to receive one SHARE of the COMPANY).
Lapse of RESTRICTED PERIOD. Upon the lapse of the RESTRICTED PERIOD applicable to any RESTRICTED STOCK UNITS, the COMPANY shall deliver as promptly as is reasonably practicable a stock certificate for or other appropriate documentation evidencing the number of COMMON SHARES of the COMPANY issued in settlement of such vested RESTRICTED STOCK UNITS to the PARTICIPANT.
Lapse of RESTRICTED PERIOD. (a) Subject to compliance with Sections 6 and 7, restrictions on shares subject to the Award shall be deemed to lapse at the close of business on the later of the vesting date and the date on which the restricted shares are no longer subject to the TARP limitations set forth in Section 4. Notwithstanding the foregoing, in the event of Grantee’s (i) death, (ii) Disability, (iii) retirement or (iv) termination of employment that would entitle Grantee to severance payments pursuant to the provisions of the Company’s Severance Pay Plan, as in effect from time to time (the “Severance Pay Plan”), the outstanding Time-Based restricted shares, and the Performance-Based restricted shares that have satisfied the Company’s performance targets but are not vested, shall vest based on the number of months that have lapsed in the vesting period. For purposes of this Agreement, notwithstanding the definition in the Plan document, “retirement” shall mean Grantee’s cessation of employment for reasons other than Cause following the later of Grantee’s 55th birthday and completion of five years of employment with the Company or an Affiliate. All outstanding restricted shares shall 100% vest in the event of a Change in Control. Upon the later of the vesting date and the date(s) on which such restricted shares are no longer subject to the TARP limitations in Section 4, the associated number of shares shall be freely transferable. If Grantee’s employment with the Company or its Affiliates terminates prior to full vesting other than under the circumstances described in this Section 5, any portion of the Award that has not vested at the time of such termination shall be forfeited.
(b) Until the lapse of all applicable restrictions described in Sections 2 through 5 on shares subject to this Award, any certificate evidencing the shares subject to the Award shall carry the following restrictive legend: The sale or other transfer of the shares of stock represented by this certificate, whether voluntary, involuntary or by operation of law, is subject to certain restrictions on transfer set forth in the Citizens Republic Bancorp Stock Compensation Plan (the “Plan”), rules and administrative guidelines adopted pursuant to such Plan and an Agreement dated May 4, 2010. A copy of the Plan, such rules and such Agreement may be obtained from the Secretary of Citizens Republic Bancorp, Inc.
(c) The Company reserves the right to place stop transfer instructions on shares which are subject to the...
Lapse of RESTRICTED PERIOD. Unless the Restricted Period on Restricted Stock Units has lapsed earlier under Section 3(c) or 5(a), the Restricted Period will lapse according to the following schedule, subject to Employee’s continued employment with the Company or a subsidiary through the relevant vesting date: The lapse of the Restricted Period for the Restricted Stock Units is cumulative, but shall not exceed 100%.
Lapse of RESTRICTED PERIOD. Upon the lapse of the RESTRICTED PERIOD applicable to any EARNED UNITS, as promptly as is reasonably practicable, and in no case later than March 15th of the year after the year the RESTRICTED PERIOD lapses, COMMON SHARES shall be issued to the PARTICIPANT and the COMPANY shall deliver a stock certificate or other appropriate documentation evidencing the number of COMMON SHARES of the COMPANY issued in settlement of such vested EARNED UNITS to the PARTICIPANT (with each EARNED UNIT representing the right to receive one COMMON SHARE).
Lapse of RESTRICTED PERIOD. In the event of a Change in Control, the Restricted Period shall lapse as to the remaining Restricted Stock subject to the Restricted Period immediately prior to the time of the Change in Control.
Lapse of RESTRICTED PERIOD. Subject to Article X of the Plan regarding a Change of Control, the Restricted Period shall commence on the date of this Award and shall lapse in its entirety on the third anniversary of the date of this Award. Notwithstanding anything to the contrary herein, upon the lapse of the Restricted Period, the Compensation Committee may, in its sole discretion, elect to pay cash or part cash and part Common Stock in lieu of delivering only Common Stock. If a cash payment is made in lieu of delivering Common Stock, the amount of such cash payment for each share of Common Stock to which Grantee is entitled shall be equal to the Fair Market Value of the Common Stock on the date on which the Restricted Period lapsed.
Lapse of RESTRICTED PERIOD. The period during which the Stock is subject to forfeiture and restrictions on transferability, each as described herein (the "Restricted Period"), shall commence on the Grant Date and shall lapse with respect to the Stock on the earlier of: (a) the 15th anniversary of the Grant Date, (b) the death of the Participant or (c) the permanent and total disability of the Participant. The Restricted Period shall not lapse under any other circumstances, including upon a change in control of the Company or the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company or the merger, consolidation, reorganization, liquidation or dissolution of the Company.
Lapse of RESTRICTED PERIOD. Upon the lapse of the RESTRICTED PERIOD, as promptly as is reasonably practicable following the VESTING DATE, and in no case later than the 15th day of the third month following the end of the PERFORMANCE PERIOD, SHARES of the COMPANY shall be issued to PARTICIPANT equal in number to the vested EARNED UNITS (with each EARNED UNIT representing the right to receive one SHARE of the COMPANY) and the COMPANY shall deliver a stock certificate or other appropriate documentation evidencing the number of SHARES of the COMPANY issued in settlement of the vested EARNED UNITS to PARTICIPANT. Notwithstanding the foregoing, any SHARES of the COMPANY issued under this AGREEMENT shall remain subject to a risk of forfeiture if PARTICIPANT violates any of the covenants set forth in Section 5 of this AGREEMENT.
