Common use of Lapse of the Period of Restriction Clause in Contracts

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 twelve months after the Date of Award; as to thirty percent (30%) of the Restricted Shares, on or after the date which is twenty-four months after the Date of Award; as to the remaining thirty percent (30%) of the Restricted Shares, on or after the date which is thirty-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) the termination by the Employee of his or her services with the Corporation for “good reason” (as such term is defined in the Employment Agreement).

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 twelve five months after the Date of Award; as to thirty twenty percent (3020%) of the Restricted Shares, on or after the date which is eleven months after the Date of Award; as to twenty percent (20%) of the Restricted Shares, on or after the date which is twenty-four three months after the Date of Award; as to the remaining thirty twenty percent (3020%) of the Restricted Shares, on or after the date which is thirty-six 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 (ii) the a termination by the Employee of his or her services with the Corporation for “good reason” reason (as such term is defined in the Employment Agreement), or upon a Change of Control.

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 twelve eight months after the Date of Award; as to thirty twenty percent (3020%) 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-four six months after the Date of Award; as to the remaining thirty twenty percent (3020%) of the Restricted Shares, on or after the date which is thirty-six 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 (ii) upon the termination by the Employee of his or her services with to the Corporation for “good reason” reason (as such term is defined in the Employment Agreement).

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 twelve months after the Date of AwardMerger; (ii) as to thirty percent (30%) 23,810 shares of the Restricted Shares, on or after the date which is twenty-four months after the Date of AwardMerger; and (iii) as to the remaining thirty percent (30%) 23,809 shares of the Restricted Shares, on or after the date which is thirty-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 “cause” (as such term is defined in the Employment Agreement), or (iib) upon the termination by the Employee of his or 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).

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 twelve months after first anniversary of the Date of Award; and as to thirty percent (30%) the remaining two-thirds of the Restricted Shares, in eight equal quarterly installments on or after the date which is twenty-four months after the Date first day of Award; as to the remaining thirty percent (30%) of the Restricted Shareseach August, on or after the date which is thirty-six months after the Date of AwardNovember, February 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 (ii) the termination by the Employee of his or her services with the Corporation for “good reason” (as such term is defined in the Employment Agreement).