Number of Shares/Vesting. The Company hereby grants to the Award Recipient, on the Grant Date, an Award of shares of Stock (“Common Shares”) under the Plan subject to the vesting schedule and terms and conditions set forth below (the “Restricted Stock”). Subject to earlier termination in accordance with the Plan or this Agreement and the terms and conditions herein, Restricted Stock granted under this Agreement shall vest with respect to 25% of the shares covered hereby on each of the first, second, third and fourth anniversaries of the Grant Date (each, a “Vesting Date”); provided, however, for the avoidance of doubt, that there shall be no proportionate or partial vesting in the periods prior to or between each Vesting Date.
Number of Shares/Vesting. The Company hereby grants to the Award Recipient, on the Grant Date, ____ shares of Common Stock under the Plan subject to the vesting schedule and terms and conditions set forth below (the "Restricted Stock"). NUMBER OF SHARES VESTING DATE ------------------- ------------ ____ An additional ____ An additional ____ Restricted Stock granted under this Agreement shall vest in accordance with the above schedule on the applicable dates listed in the table above (each a "Vesting Date"), if on such Vesting Date the Award Recipient is still employed by the Company or one of its subsidiaries. For avoidance of doubt, there shall be no proportionate or partial vesting in the periods prior to each Vesting Date and vesting shall occur only on the applicable Vesting Date pursuant to this Section 1(a). Upon the Award Recipient's termination of employment with the Company and its subsidiaries, the unvested portion of the Restricted Stock shall be forfeited by the Award Recipient and cancelled by the Company. Notwithstanding the foregoing, upon the Award Recipient's termination of employment with the Company and its subsidiaries, the Board of Directors or the Committee may, in its sole and complete discretion, provide for an acceleration of vesting of the Restricted Stock granted under this Agreement.
Number of Shares/Vesting. The Company hereby grants to the Award Recipient, on the Grant Date, an Award of _________ Common Shares under the Plan subject to the vesting schedule and terms and conditions set forth below (the “Restricted Stock”). Subject to earlier termination in accordance with the Plan or this Agreement and the terms and conditions herein, Restricted Stock granted under this Agreement shall vest with respect to one-hundred percent (100%) of the Common Shares granted hereby on the third anniversary of the Grant Date.
Number of Shares/Vesting. The Company hereby grants to the Award Recipient, on the Grant Date, an Award of _____ Common Shares under the Plan subject to the vesting schedule and terms and conditions set forth below (the “Restricted Stock”). Subject to earlier termination in accordance with the Plan or this Agreement and the terms and conditions herein, Restricted Stock granted under this Agreement shall vest with respect to 33 1/3% of the shares covered hereby on each of the first, second and third anniversaries of the Grant Date (each, a “Vesting Date”); provided, however, that there shall be no proportionate or partial vesting in the periods prior to each Vesting Date.
Number of Shares/Vesting. (1) If a Vesting Date falls on a non-business day, the Restricted Stock Award will vest on the next business day.
Number of Shares/Vesting. As set forth in Section I above, the Company has granted the Participant a Restricted Stock Award under the Plan subject to the terms and conditions set forth below. The number of shares of Restricted Stock subject to the Restricted Stock Award may be adjusted from time to time for capitalization adjustments, as provided in Section 22 of the Plan. Subject to the limitations contained herein, the Restricted Stock Award will vest as provided in Section I above, provided that vesting will cease upon the termination of the Participant’s service as a member of the Board of Directors of the Company, except as otherwise provided in Section I above or the Plan. The unvested portion of the Participant’s Restricted Stock Award, after giving effect to the vesting schedule provided in Section I above, will be forfeited by the Participant and cancelled by the Company immediately upon the termination of the Participant’s service as a member of the Board of Directors of the Company.
Number of Shares/Vesting. The Company hereby grants to the Award Recipient, on the Grant Date, an Award of shares of Stock (“Common Shares”) under the Plan subject to the vesting schedule and terms and conditions set forth below (the “Restricted Stock”). Subject to earlier termination in accordance with the Plan or this Agreement and the terms and conditions herein, Restricted Stock granted under this Agreement shall vest with respect to % of the shares covered hereby on each of the anniversaries of the [Grant Date / Vesting Start Date] (each, a “Vesting Date”); provided, however, for the avoidance of doubt, that there shall be no proportionate or partial vesting in the periods prior to or between each Vesting Date. [For purposes of this Agreement, “Vesting Start Date” shall mean .]
Number of Shares/Vesting. The Company hereby grants to the Award Recipient, on the Grant Date, Restricted Stock Units relating to 14,743 shares of Stock, subject to the vesting schedule and terms and conditions set forth below (the “Award”). Subject to earlier termination in accordance with this Agreement and the terms and conditions herein, Restricted Stock Units granted under this Agreement shall vest with respect to 25% of the shares of Stock covered hereby on each of the first, second, third, and fourth anniversaries of the Grant Date (each, a “Vesting Date”); provided, that the Award Recipient continues in Service and has not had a Separation from Service on each such Vesting Date; provided, further, for the avoidance of doubt, that there shall be no proportionate or partial vesting in the periods prior to or between each Vesting Date unless otherwise provided under this Agreement, and fractional shares shall be rounded to the nearest whole share but, if applicable, shall be rounded up or down on the last applicable Vesting Date so that the Award Recipient is eligible to vest in the total number of Restricted Stock Units granted under this Agreement (but in no event more than the total number of Restricted Stock Units granted under this Agreement); provided, further, for the avoidance of doubt, that no additional Restricted Stock Units shall vest following the Award Recipient’s Separation from Service.
Number of Shares/Vesting. Provided that the Profitability Requirement and the Certification Requirement have both been satisfied, the number of Common Shares (if any) that vest hereunder will be determined as follows:
1. If the Company’s compounded annual rate of growth in direct premiums written for the Evaluation Period (“Company Growth Rate,” determined as provided below) exceeds the compounded annual rate of growth of the market as a whole for the Evaluation Period (“Market Growth Rate,” determined as provided below), by < Full Vesting Goal> percentage points or more, then the entire Award will vest;
2. If the Company Growth Rate exceeds <Partial Vesting Goal>, a portion of the Award (rounded up, if necessary, to the nearest whole number of Common Shares) will vest, according to the following calculation: <Partial Vesting Formula> The portion of the Award that will not vest under the foregoing calculation shall be immediately forfeited; and
3. If the Company Growth Rate is equal to or less than the <Minimum Vesting Requirement>, or if either the Profitability Requirement or the Certification Requirement has not been satisfied with respect to the Award on or before the applicable date provided for herein, none of the Award shall vest, and the Award shall be immediately forfeited;
4. For purposes of these determinations:
A. Subject to any adjustment(s) that may be required by subparagraphs (B), (C) or (D) below:
i. The Company Growth Rate will be the compounded annual rate of growth in direct premiums written during the Evaluation Period, determined by comparing (a) the annual aggregate direct premiums written by the Company in its Private Passenger Auto and Commercial Auto businesses for <Last Year of Evaluation Period>, as reported by A.M. Best in its annual report currently know as the “A2 Report,” with (b) such direct premiums written by the Company for <Comparison Year> as reported in A.M. Best’s A2 Report; and
ii. The Market Growth Rate will be the compounded annual rate of growth in direct premiums written during the Evaluation Period, determined by comparing (a) the aggregate direct premiums written for the Private Passenger Auto market and the Commercial Auto market for <Last Year of Evaluation Period>, as reported in A.M. Best’s A2 Report, with (b) such direct premiums written for <Comparison Year> as reported in A.M. Best’s A2 Report;
B. If <Last Year of Evaluation Period> is a 53-week year under the Company’s fiscal calendar, then in determining the Company Growth Rat...
Number of Shares/Vesting. The Company hereby grants to the Award Recipient, on the Grant Date, Restricted Stock Units relating to 25,478 shares of Stock, subject to the vesting schedule and terms and conditions set forth below (the “Award”). Subject to earlier termination in accordance with the Plan or this Agreement and the terms and conditions herein, Restricted Stock Units granted under this Agreement shall vest with respect to 33- 1/3% of the shares of Stock covered hereby on each of the first, second and third anniversaries of the Grant Date (each, a “Vesting Date”) provided that Award Recipient continues in Service and has not had a Separation from Service on each such date; provided further, however, for the avoidance of doubt, that there shall be no proportionate or partial vesting in the periods prior to or between each Vesting Date unless otherwise provided under this Agreement or the Plan; provided further, that for the avoidance of doubt, following Award Recipient’s Separation from Service, no additional Restricted Stock Units shall vest.
