Common use of Lifting of Restrictions Clause in Contracts

Lifting of Restrictions. The restrictions applicable to the Stock Unit Awards held by the Grantee at the end of the TSR and XXX Measuring Periods (after the completion of the adjustments in the number of Stock Unit Awards by reason of the computations called for by the (A) the TSR Performance Schedule, and (B) the XXX metrics) (January 1, 2019 through December 31, 2021 is the “Performance Period”) shall be lifted in whole by the Committee on the date the Committee determines performance and certifies the number of Stock Unit Awards (if any) which lifting shall occur after fiscal year 2021 and is expected to be no later than March 31, 2022, and, subject to the terms of this Agreement and the Plan, if the Grantee ceases to be employed by a Participating Company before the restrictions are lifted by the Committee on any Stock Unit Awards held by him or her, the Stock Unit Awards still subject to restrictions shall be immediately forfeited. Notwithstanding the foregoing, in the event of the Grantee’s Disability or Retirement on or prior to December 31, 2021 the restrictions shall be lifted in whole on December 31, 2021 and payment hereunder (in cash or in stock) will occur in calendar year 2022 and no later than thirty days after the Committee’s certification; provided, however, if such person is a specified employee at his or her separation from service, payment shall not commence earlier than six months after the date of such separation from service or, if earlier, death. In the event of the Grantee’s death on or prior to December 31, 2021 the restrictions shall be lifted in whole on the date of death and payment shall be made to the Grantee no later than 2 and ½ months after the end of the calendar year in which death occurred.

Appears in 2 contracts

Samples: Award Agreement (Vectren Utility Holdings Inc), Award Agreement (Vectren Utility Holdings Inc)

AutoNDA by SimpleDocs

Lifting of Restrictions. The restrictions applicable to the Stock Unit Awards held by the Grantee at the end of the TSR and XXX Measuring Periods (after the completion of the adjustments in the number of Stock Unit Awards by reason of the computations called for by the (A) the TSR Performance Schedule, and (B) the XXX metrics) (January 1, 2019 2017 through December 31, 2021 2019 is the “Performance Period”) shall be lifted in whole by the Committee on the date the Committee determines performance and certifies the number of Stock Unit Awards (if any) which lifting shall occur after fiscal year 2021 2019 and is expected to be no later than March 31, 20222020, and, subject to the terms of this Agreement and the Plan, if the Grantee ceases to be employed by a Participating Company before the restrictions are lifted by the Committee on any Stock Unit Awards held by him or her, the Stock Unit Awards still subject to restrictions shall be immediately forfeited. Notwithstanding the foregoing, in the event of the Grantee’s Disability or Retirement on or prior to December 31, 2021 2019 the restrictions shall be lifted in whole on December 31, 2021 2019 and payment hereunder (in cash or in stock) will occur in calendar year 2022 2020 and no later than thirty days after the Committee’s certification; provided, however, if such person is a specified employee at his or her separation from service, payment shall not commence earlier than six months after the date of such separation from service or, if earlier, death. In the event of the Grantee’s death on or prior to December 31, 2021 2019 the restrictions shall be lifted in whole on the EXHIBIT 10.24 date of death and payment shall be made to the Grantee grantee no later than 2 and ½ months after the end of the calendar year in which death occurred.

Appears in 1 contract

Samples: Risk Compensation Plan (Vectren Corp)

Lifting of Restrictions. The restrictions applicable to the Stock Unit Awards held by the Grantee at the end of the TSR and XXX Measuring Periods (after the completion of the adjustments in the number of Stock Unit Awards by reason of the computations called for by the (A) the TSR Performance Schedule, and (B) the XXX metrics) (January 1, 2019 2015 through December 31, 2021 2017 is the “Performance Period”) shall be lifted in whole by the Committee on the date the Committee determines performance and certifies the number of Stock Unit Awards (if any) which lifting shall occur after fiscal year 2021 2017 and is expected to be no later than March 31, 20222018, and, subject to the terms of this Agreement and the Plan, if the Grantee ceases to be employed by a Participating Company before the restrictions are lifted by the Committee on any Stock Unit Awards held by him or her, the Stock Unit Awards still subject to restrictions shall be immediately forfeited. Notwithstanding the foregoing, in the event of the Grantee’s Disability or Retirement on or prior to December 31, 2021 2017 the restrictions shall be lifted in whole on December 31, 2021 2017 and payment hereunder (in cash or in stock) will occur in calendar year 2022 2018 and no later than thirty days after the Committee’s certification; provided, however, if such person is a specified employee at his or her separation from service, payment shall not commence earlier than six months after the date of such separation from service or, if earlier, death. In the event of the Grantee’s death on or prior to December 31, 2021 2017 the restrictions shall be lifted in whole on the date of death and payment shall be made to the Grantee grantee no later than 2 and ½ months after the end of the calendar year in which death occurred.

Appears in 1 contract

Samples: Risk Compensation Plan (Vectren Utility Holdings Inc)

AutoNDA by SimpleDocs

Lifting of Restrictions. The restrictions applicable to the Stock Unit Awards held by the Grantee at the end of the TSR and XXX Measuring Periods (after the completion of the adjustments in the number of Stock Unit Awards by reason of the computations called for by the (A) the TSR Performance Schedule, and (B) the XXX metrics) (January 1, 2019 2017 through December 31, 2021 2019 is the “Performance Period”) shall be lifted in whole by the Committee on the date the Committee determines performance and certifies the number of Stock Unit Awards (if any) which lifting shall occur after fiscal year 2021 2019 and is expected to be no later than March 31, 20222020, and, subject to the terms of this Agreement and the Plan, if the Grantee ceases to be employed by a Participating Company before the restrictions are lifted by the Committee on any Stock Unit Awards held by him or her, the Stock Unit Awards still subject to restrictions shall be immediately forfeited. Notwithstanding the foregoing, in the event of the Grantee’s Disability or Retirement on or prior to December 31, 2021 2019 the restrictions shall be lifted in whole on December 31, 2021 2019 and payment hereunder (in cash or in stock) will occur in calendar year 2022 2020 and no later than thirty days after the Committee’s certification; provided, however, if such person is a specified employee at his or her separation from service, payment shall not commence earlier than six months after the date of such separation from service or, if earlier, death. In the event of the Grantee’s death on or prior to December 31, 2021 2019 the restrictions shall be lifted in whole on the EXHIBIT 10.22 date of death and payment shall be made to the Grantee grantee no later than 2 and ½ months after the end of the calendar year in which death occurred.

Appears in 1 contract

Samples: Risk Compensation Plan (Vectren Utility Holdings Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.