Lapse of the Period of Restriction. The Period of Restriction shall lapse, and the forfeiture provisions of Section 3 hereof shall no longer be applicable as to Restricted Shares held by or on behalf of Employee according to the following schedule, if Employee shall have been continuously employed by the Corporation from the Date of Award through the date of such lapse: as to forty percent (40%) of the Restricted Shares, on or after the date which is eight months after the Date of Award; as to twenty percent (20%) of the Restricted Shares, on or after the date which is fourteen months after the Date of Award; as to twenty percent (20%) of the Restricted Shares, on or after the date which is twenty-six months after the Date of Award; as to the remaining twenty percent (20%) of the Restricted Shares, on or after the date which is thirty-five months after the Date of Award. If any installment includes a fraction of a share, the Period of Restriction with respect to such fraction shall not then lapse, and the fraction shall be carried forward and added to subsequent installments. If earlier, the Period of Restriction will lapse with respect to Restricted Shares then held by Employee upon the termination by the Corporation of Employee's services to the Corporation without cause (as such term is defined in the Employment Agreement) or upon the termination by the Employee of his services to the Corporation for good reason (as such term is defined in the Employment Agreement).
Appears in 1 contract
Lapse of the Period of Restriction. The Period of Restriction shall lapse, and the forfeiture provisions of Section 3 hereof shall no longer be applicable as to Restricted Shares held by or on behalf of Employee according to the following schedule, if Employee shall have been continuously employed by the Corporation from the Date of Award through the date of such lapse: as to forty percent (40%) of the Restricted Shares, on or after the date which is eight twelve months after the Date of Award; as to twenty thirty percent (20%) of the Restricted Shares, on or after the date which is fourteen months after the Date of Award; as to twenty percent (2030%) of the Restricted Shares, on or after the date which is twenty-six four months after the Date of Award; as to the remaining twenty thirty percent (2030%) of the Restricted Shares, on or after the date which is thirty-five six months after the Date of Award. If any installment includes a fraction of a share, the Period of Restriction with respect to such fraction shall not then lapse, and the fraction shall be carried forward and added to subsequent installments. If earlier, the Period of Restriction will lapse with respect to Restricted Shares then held by Employee upon the termination by the Corporation of Employee's services to the Corporation without cause (as such term is defined in the Employment Agreement), or (ii) or upon the termination by the Employee of his or her services to with the Corporation for “good reason reason” (as such term is defined in the Employment Agreement).
Appears in 1 contract
Lapse of the Period of Restriction. The Period of Restriction shall lapse, and the forfeiture provisions of Section 3 hereof shall no longer be applicable as to Restricted Shares held by or on behalf of Employee Executive according to the following schedule, if Employee Executive shall have been continuously employed by the Corporation from the Date of Award through the date of such lapse: as to forty percent (40%) one-third of the Restricted Shares, on or after the date which is eight months after first anniversary of the Date of Award; and as to twenty percent (20%) the remaining two-thirds of the Restricted Shares, in eight equal quarterly installments on or after the date which is fourteen months after the Date first day of Award; as to twenty percent (20%) of the Restricted Shareseach August, on or after the date which is twenty-six months after the Date of Award; as to the remaining twenty percent (20%) of the Restricted SharesNovember, on or after the date which is thirty-five months after the Date of AwardFebruary and May thereafter. If any installment includes a fraction of a share, the Period of Restriction with respect to such fraction shall not then lapse, and the fraction shall be carried forward and added to subsequent installments. If earlierIn the event that the Corporation shall terminate the Employment Agreement without "cause", as such term is defined in the Employment Agreement, or Executive shall resign for "good reason" under clauses (i), (ii) or (iii) of Section 14.4 of the Employment Agreement, within the first year after the Commencement Date of the Employment Agreement, the Period of Restriction will shall immediately lapse with respect to 12,500 of the Restricted Shares. The Period of Restriction shall also lapse with respect to Restricted Shares then held by Employee Executive upon the termination by the Corporation occurrence of Employee's services to the Corporation without cause (a Change of Control as such term is defined in the Employment Agreement) or upon the termination by the Employee of his services to the Corporation for good reason (as such term is defined in the Employment Agreement).
Appears in 1 contract
Lapse of the Period of Restriction. The Period of Restriction shall lapse, and the forfeiture provisions of Section 3 2 hereof shall no longer be applicable as to Restricted Shares held by or on behalf of Employee according to the following schedule, if Employee shall have been continuously employed by the Corporation from the Date of Award Merger through the date of such lapse: (i) as to forty percent (40%) 23,810 shares of the Restricted Shares, on or after the date which is eight twelve months after the Date of AwardMerger; (ii) as to twenty percent (20%) of the Restricted Shares, on or after the date which is fourteen months after the Date of Award; as to twenty percent (20%) 23,810 shares of the Restricted Shares, on or after the date which is twenty-six four months after the Date of AwardMerger; and (iii) as to the remaining twenty percent (20%) 23,809 shares of the Restricted Shares, on or after the date which is thirty-five six months after the Date of AwardMerger. If any installment includes a fraction of a share, the Period of Restriction with respect to such fraction shall not then lapse, and the fraction shall be carried forward and added to subsequent installments. If earlier, the Period of Restriction The forfeiture provisions under Section 2 above will lapse with respect to Restricted Shares then held by Employee (a) upon the termination by the Corporation of Employee's ’s services to the Corporation without cause (as such term is defined in the Employment Agreement) or upon the termination by the Employee of his services to the Corporation for good reason “cause” (as such term is defined in the Employment Agreement), (b) upon the termination by the Employee of her services with the Corporation for “good reason” (as such term is defined in the Employment Agreement), or (c) upon the death or disability of Employee (upon the death of the Employee, the Employee’s estate shall receive the remaining Restricted Shares without restriction under this Agreement).
Appears in 1 contract
Lapse of the Period of Restriction. The Period of Restriction shall lapse, and the forfeiture provisions of Section 3 hereof shall no longer be applicable as to Restricted Shares held by or on behalf of Employee according to the following schedule, if Employee shall have been continuously employed by the Corporation from the Date of Award through the date of such lapse: as to forty percent (40%) of the Restricted Shares, on or after the date which is eight five months after the Date of Award; as to twenty percent (20%) of the Restricted Shares, on or after the date which is fourteen eleven months after the Date of Award; as to twenty percent (20%) of the Restricted Shares, on or after the date which is twenty-six three months after the Date of Award; as to the remaining twenty percent (20%) of the Restricted Shares, on or after the date which is thirty-five months after the Date of Award. If any installment includes a fraction of a share, the Period of Restriction with respect to such fraction shall not then lapse, and the fraction shall be carried forward and added to subsequent installments. If earlier, the Period of Restriction will lapse with respect to Restricted Shares then held by Employee upon the termination by the Corporation of Employee's ’s services to the Corporation without cause (as such term is defined in the Employment Agreement) or upon the a termination by the Employee of his services to the Corporation for good reason (as such term is defined in the Employment Agreement), or upon a Change of Control.
Appears in 1 contract
