Common use of Lapse of Restrictions; Restricted Period Clause in Contracts

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.

Appears in 1 contract

Samples: Ltip Unit Agreement (Apartment Income REIT Corp.)

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Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the Restricted LTIP Units shall become freely transferable (provided that provided, 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 Restricted 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 Restricted LTIP Units. (iii) All determinations with respect to the calculations pursuant to this Agreement shall be made in the sole discretion of the Committee.

Appears in 1 contract

Samples: Ltip Unit Agreement (Aimco Properties L.P.)

Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the LTIP Units Restricted Stock shall become freely transferable (provided that provided, 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.A. (i) The Company’s total shareholder return (as defined in more detail on Exhibit BA, “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 A to this Agreement (and using the methodology set forth on such Exhibit B), Exhibit 10.28 A) shall be compared to the threshold, target and maximum TSR hurdles set forth on Exhibit B A to determine the “Vesting Portion” (as defined on Exhibit BA) of the LTIP Stock 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 50100% of the related Vesting Portion of the LTIP Stock Award set forth on Exhibit B A 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 Restricted Stock which does not vest as of the Vesting Date (or the Anniversary Date, as the case may be) based on TSR performance shall performance, and any related accrued but unpaid dividends that are at that time subject to restrictions as set forth herein, shall, as of the Vesting Date, 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 UnitsRestricted Stock or certificates. (iii) In order to enforce the foregoing restrictions, the Committee may (A) 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 (B) cause a legend or legends to be placed on the certificates or book entry which make appropriate reference to the restrictions imposed under the Plan. (iv) All determinations with respect to the calculations pursuant to this Agreement shall be made in the sole discretion of the Committee.

Appears in 1 contract

Samples: Performance Restricted Stock Agreement (Aimco OP L.P.)

Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the LTIP Units shall become freely transferable (provided that provided, 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.

Appears in 1 contract

Samples: Ltip Unit Agreement (Aimco Properties L.P.)

Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the LTIP Units Restricted Stock shall become freely transferable (provided that provided, 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.A. (i) The Company’s total shareholder return (as defined in more detail on Exhibit BA, “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 A to this Agreement (and using the methodology set forth on such Exhibit BA), shall be compared to the threshold, target and maximum TSR hurdles set forth on Exhibit B A to determine the “Vesting Portion” (as defined on Exhibit BA) of the LTIP Stock 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 50100% of the related Vesting Portion of the LTIP Stock Award set forth on Exhibit B A 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 Restricted Stock which does not vest as of the Vesting Date (or the Anniversary Date, as the case may be) based on TSR performance shall performance, and any related accrued but unpaid dividends that are at that time subject to restrictions as set forth herein, shall, as of the Vesting Date, 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.or

Appears in 1 contract

Samples: Performance Restricted Stock Agreement (Aimco OP L.P.)

Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the LTIP Units Restricted Stock shall become freely transferable (provided that provided, 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.A. (i) The Company’s total shareholder return (as defined in more detail on Exhibit BA, “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 A to this Agreement (and using the methodology set forth on such Exhibit BA), shall be compared to the threshold, target and maximum TSR hurdles set forth on Exhibit B A to determine the “Vesting Portion” (as defined on Exhibit BA) of the LTIP Stock 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 Stock Award set forth on Exhibit B A 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 Restricted Stock which does not vest as of the Vesting Date (or the Anniversary Date, as the case may be) based on TSR performance shall performance, and any related accrued but unpaid dividends that are at that time subject to restrictions as set forth herein, shall, as of the Vesting Date (or the Anniversary Date, as the case may be), 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 UnitsRestricted Stock or certificates. (iii) In order to enforce the foregoing restrictions, the Committee may (A) 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 (B) cause a legend or legends to be placed on the certificates or book entry which make appropriate reference to the restrictions imposed under the Plan. (iv) All determinations with respect to the calculations pursuant to this Agreement shall be made in the sole discretion of the Committee.

Appears in 1 contract

Samples: Performance Restricted Stock Agreement (Aimco Properties L.P.)

Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the LTIP Units Restricted Stock shall become freely transferable (provided that provided, 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.A. (i) The Company’s total shareholder return (as defined in more detail on Exhibit BA, “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 A to this Agreement (and using the methodology set forth on such Exhibit BA), shall be compared to the threshold, target and maximum TSR hurdles set forth on Exhibit B A to determine the “Vesting Portion” (as defined on Exhibit BA) of the LTIP Stock 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 Stock Award set forth on Exhibit B A shall lapse as of the later of the Determination Date and the third anniversary of the Date of Grant [______________] (the “First 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 Second Vesting 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 First Vesting Date or the Anniversary Second Vesting Date, as the case may be (the “Restricted Period”). The portion of the LTIP Units Restricted Stock which does not vest as of the First Vesting Date (or the Anniversary Second Vesting Date, as the case may be) based on TSR performance shall performance, and any related accrued but unpaid dividends that are at that time subject to restrictions as set forth herein, shall, as of the First Vesting Date (or the Second Vesting Date, as the case may be), 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 UnitsRestricted Stock or certificates. (iii) In order to enforce the foregoing restrictions, the Committee may (A) 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 (B) cause a legend or legends to be placed on the certificates or book entry which make appropriate reference to the restrictions imposed under the Plan. (iv) All determinations with respect to the calculations pursuant to this Agreement shall be made in the sole discretion of the Committee.

Appears in 1 contract

Samples: Performance Restricted Stock Agreement (Aimco OP L.P.)

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Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the Restricted LTIP Units shall become freely transferable (provided that provided, 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 Restricted 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 Restricted LTIP Units. (iii) All determinations with respect to the calculations pursuant to this Agreement shall be made in the sole discretion of the Committee.

Appears in 1 contract

Samples: Ltip Unit Agreement (Apartment Income REIT Corp.)

Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the LTIP Units shall become freely transferable (provided that provided, 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 Exhibit 10.23 determination, the “Determination Date”). Restrictions with respect to 50100% 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.

Appears in 1 contract

Samples: Ltip Unit Agreement (Aimco OP L.P.)

Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the LTIP Units shall become freely transferable (provided that provided, 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 [______________] Exhibit 10.20 (the “First 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 Second Vesting 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 First Vesting Date or the Anniversary Second Vesting Date, as the case may be (the “Restricted Period”). The portion of the LTIP Units which does not vest as of the First Vesting Date (or the Anniversary Second Vesting 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.

Appears in 1 contract

Samples: Ltip Unit Agreement (Aimco OP L.P.)

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