Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the LTIP Units shall become freely transferable (provided that that such transfer is otherwise in accordance with federal and state securities laws) and non-forfeitable as set forth in this Section 2(b) and on Exhibit B.
(i) The Company’s total shareholder return (as defined in more detail on Exhibit B, “TSR”) over the period beginning on January 1, and ending on December 31, (the “Performance Period”), as calculated by comparison to the indices stipulated on Exhibit B to this Agreement (and using the methodology set forth on such Exhibit B), shall be compared to the threshold, target and maximum TSR hurdles set forth on Exhibit B to determine the “Vesting Portion” (as defined on Exhibit B) of the LTIP Award as a percentage of the Target Award. Such calculations shall be determined by the Committee no later than March 15, (the date of such determination, the “Determination Date”). Restrictions with respect to 50% of the related Vesting Portion of the LTIP Award set forth on Exhibit B shall lapse as of the later of the Determination Date and the third anniversary of the Date of Grant (the “Vesting Date”), with the restrictions on the remaining 50% of such Vesting Portion lapsing on the fourth anniversary of the Date of Grant (the “Anniversary Date”).
(ii) Except as set forth in Section 3, each such lapse of restrictions shall occur only if the Recipient has remained employed by the Company through the Vesting Date or the Anniversary Date, as the case may be (the “Restricted Period”). The portion of the LTIP Units which does not vest as of the Vesting Date (or the Anniversary Date, as the case may be) based on TSR performance shall be forfeited to the Company without payment of any consideration by the Company, and neither the Recipient nor any of his or her successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests in such shares of LTIP Units.
(iii) All determinations with respect to the calculations pursuant to this Agreement shall be made in the sole discretion of the Committee.
Lapse of Restrictions; Restricted Period. Except as provided in Sections 3 and 5 below, the restrictions set forth in Section 1 above shall lapse and all of the Restricted Shares shall become unrestricted and freely tradable on May 20, 2011, if Recipient is a member of the board of trustees of the Company or any of its affiliates.
Lapse of Restrictions; Restricted Period. Except as otherwise provided in the Recipient’s Employment Agreement with the Company, the restrictions set forth in Section 1 above shall lapse and a portion of the Restricted Shares shall become unrestricted and freely tradable as follows: (i) 37,500 of the Restricted Shares on January 13, 2018; (ii) 37,500 of the Restricted Shares on January 13, 2019; (iii) 37,500 of the Restricted Shares on January 13, 2020; and (iv) 37,500 of the Restricted Shares on January 13, 2021.
Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the Restricted Stock shall become freely transferable (provided that such transfer is otherwise in accordance with federal and state securities laws) and non-forfeitable as follows: as to percent (_%) of the Restricted Stock on ; as to percent (_%) of the Restricted Stock on ; as to percent (_%) of the Restricted Stock on ; and as to percent (_%) of the Restricted Stock on (the “Restricted Period”). In order to enforce the foregoing restrictions, the Board may (i) require that the certificates representing the shares of Restricted Stock remain in the physical custody of the Company or in book entry until any or all of such restrictions expire or have been removed, and (ii) may cause a legend or legends to be placed on the certificates which make appropriate reference to the restrictions imposed under the Plan.
Lapse of Restrictions; Restricted Period. Except as provided in Sections 3 and 5 below, the restrictions set forth in Section 1 above shall lapse and all of the Restricted Shares shall become unrestricted and freely tradable on the earlier of (i) , 20 , or (ii) the date of the next annual shareholders meeting of the Company, if Recipient is a member of the board of trustees of the Company or any of its affiliates on such date.
Lapse of Restrictions; Restricted Period. Except as otherwise provided in the Recipient’s Employment Agreement with the Company, the restrictions set forth in Section 1 above shall lapse and a portion of the Restricted Shares shall become unrestricted and freely tradable only as follows: (i) 25% of the Restricted Shares on the day (the “First Measurement Date”) on which the Total Return to the Company’s shareholders for the period beginning , 200 through the First Measurement Date shall equal at least % for ten (10) consecutive Business Days; provided, however, the First Measurement Date shall not occur later than , 20 ;
Lapse of Restrictions; Restricted Period. Except as otherwise provided in the Recipient’s Employment Agreement with the Company, if any, the restrictions set forth in Section 1 above shall lapse and a portion of the Restricted Shares shall become unrestricted and freely tradable as follows:
Lapse of Restrictions; Restricted Period. The restrictions set forth in Section 1 above shall lapse and a portion of the Restricted Shares shall become unrestricted and freely tradable only as follows: (i) one-third of the Restricted Shares shall become nonforfeitable and transferable on the date hereof, (ii) one-third of the Restricted Shares shall become unrestricted and freely tradable on July __, 2010 and (iii) one-third of the Restricted Shares shall become unrestricted and freely tradable on July __, 2011 (collectively, the “Restricted Period”).
Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the Restricted LTIP Units shall become freely transferable (provided, that such transfer is otherwise in accordance with federal and state securities laws) and non-forfeitable as follows: as to ( %) of the Restricted LTIP Units on ; as to ( %) of the Restricted LTIP Units on ; as to ( %) of the Restricted LTIP Units on ; and as to ( %) of the Restricted LTIP Units on (each such date, a “Vesting Date” and the period during which Restricted LTIP Units are subject to the restrictions set forth in Section 2(a) hereof, the “Restricted Period”).
Lapse of Restrictions; Restricted Period. Except as otherwise provided in the Recipient’s Employment Agreement with the Company, the restrictions set forth in Section 1 above shall lapse and a portion of the Restricted Shares shall become unrestricted and freely tradable as follows: (i) 25% of the Restricted Shares on _______, 20___; (ii) 25% of the Restricted Shares on _______, 20___; (iii) 25% of the Restricted Shares on _______, 20___; and (iv) 25% of the Restricted Shares on _______, 20___.
