Restricted Stock Grant Clause Samples
A Restricted Stock Grant clause outlines the terms under which an individual receives company shares that are subject to certain restrictions, such as vesting schedules or forfeiture conditions. Typically, the shares cannot be sold or transferred until specific requirements—like continued employment or performance milestones—are met. This clause is used to incentivize long-term commitment and align the interests of the recipient with those of the company, while protecting the company from immediate share dilution or loss of key personnel.
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Restricted Stock Grant. As a member of Employer’s senior management team, Employee will be eligible for annual Restricted Stock Grants pursuant to Anaren’s 2004 Comprehensive Long Term Incentive Plan, as amended (“2004 Plan”) equal in value to 16% of his Base Salary for the respective year. Restrictive Stock Grants will be made annually at the same time other Restricted Stock Grants are made by Anaren to its senior management team, provided Employee is employed with Employer on that date. All Restricted Stock grants issued pursuant to this provision will be subject to the terms of the 2004 Plan, including, but not limited to, a thirty-six (36) month forfeiture provision. Notwithstanding anything to the contrary, in the event Employee employment concludes on or after the expiration of the Period of Employment, Employee shall be entitled if the forfeiture period has not otherwise lapsed only to a pro rata portion of each unvested Restricted Stock Grant based on the number of months employed by Employer from the date of grant to the expiration of the Period of Employment date. In the way of example, if Employee has been employed for 18 months of the 36 month forfeiture period at the end of his Period of Employment, he will receive 50% of the Restricted Shares granted. If Employee remains employed by Employer on a full time basis (30 hours or more per week) after the Period of Employment as an at-will Employee, all previously issued restricted stock shall continue to vest in accordance with the terms of the 2004 Plan.
Restricted Stock Grant. Pursuant to the provisions of the Plan, on , 200 (the “Date of Grant”), the Company granted to Participant, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, a Stock Award of shares of Common Stock (the “Restricted Stock”).
Restricted Stock Grant. Pursuant to the Plan and subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants to the Grantee, and the Grantee accepts, 1,500 shares of Common Stock of the Company (“Restricted Stock”).
Restricted Stock Grant. Subject to the terms and conditions set forth in this Agreement and the Plan, the Company hereby grants the Grantee shares of common stock of the Company, subject to the restrictions set forth below and in the Plan (the “Restricted Stock”). Shares of Restricted Stock may not be transferred by the Grantee or subjected to any security interest until the shares have become vested pursuant to this Agreement and the Plan.
Restricted Stock Grant. (i) Executive shall receive as of the date hereof an award of that number of Restricted Shares of Employer, consisting of its Common Stock, par value $.01 per share, which when multiplied by the simple average of the closing prices of such common stock on the New York Stock Exchange on the twenty (20) business days next preceding the date of execution hereof, yields the aggregate sum of One Million Dollars ($1,000,000), and, subject to subparagraph (ii) below, the foregoing grant (the “Incentive Bonus”) shall be subject to the terms of Employer’s Restricted Share Plan. Executive shall become vested in the shares granted pursuant to the foregoing sentence, and all restrictions shall lapse, on August 15, 2007 with respect to twenty percent (20%) of the Restricted Shares and on each anniversary thereafter with respect to an additional twenty percent (20%) of the Restricted Shares such that on August 15, 2011 all restrictions on the Restricted Shares constituting the Incentive Bonus shall lapse.
(ii) A copy of the award document relating to the Incentive Bonus (“Award Document”) is attached hereto as Exhibit A. The Award Document provides that (a) upon Executive’s Termination of Employment as a result of death, disability, reaching retirement age, Change in Control (as defined in Article II, Section 7 below), termination by Executive as a result of a Constructive Termination (as defined in Article II, Section 4 below), or termination by Employer for reasons other than For Cause (as defined in Article II, Section 3 below) the restricted period applicable to any Restricted Shares granted to Executive thereunder shall terminate and Executive shall become fully vested in such Award; and (b) if the stock of Employer at any time during the restricted period ceases to be publicly traded, then Executive shall have the option to receive a cash payment, payable by Employer within ten (10) days following written notice from Executive no later than thirty (30) days following the delisting of Employer stock from the exchange, equal to the number of shares of Restricted Stock of Employer granted under the Award Document and held by Executive as of the delisting of the stock times the greater of (i) the share price of Employer stock as of the close of business forty-five (45) trading days prior to its delisting and (ii) the average share price of Employer stock (based on end of business day values) over the forty-five (45) trading day period prior to delisting. The foregoing...
Restricted Stock Grant. (a) As compensation for entering into this Agreement, the Company hereby grants and issues to the Executive 3,600,000 shares of the common stock of the Company that is currently traded on the Over The Counter Bulletin Board under the symbol SXLP. The stock is restricted as defined by the Rules and Regulations promulgated under the Securities Act of 1933, as amended. The shares are fully paid and non-assessable.
Restricted Stock Grant. (a) Employer holds 50,000 shares of Class B Common Stock of Holdings previously granted to him under the Incentive Plan as additional compensation for services rendered and to be rendered under this Agreement (the "Restricted Stock Grant"). The following provisions of this Section 3.3 constitute the agreement required with respect to the Restricted Stock Grant under Paragraph 6(f) of the Incentive Plan.
(b) The shares of stock included in the Restricted Stock Grant (the "Restricted Shares") shall be subject to automatic forfeiture in the event Employee's employment is terminated by Employee pursuant to Section 4.1 other than for Good Reason or by Holdings pursuant to Section 4.2 for Misconduct or Default; provided, however, that such forfeiture restriction (the "Forfeiture Restriction") shall automatically lapse (i) as to one-third of the Restricted Shares on June 17, 1997 if Employee's employment is not so terminated by such date, (ii) as to an additional one-third of the Restricted Shares on June 17, 1998 if Employee's employment is not so terminated by such date and (iii) as to an additional one-third of the Restricted Shares on June 17, 1999 if Employee's employment is not so terminated by such date and, provided further, that the Forfeiture Restriction shall automatically lapse as all Restricted Shares which have not been previously forfeited as aforesaid (x) upon the occurrence of a Change in Control during the Employment Period, (y) in the event of Employee's death or (z) in the event Employee's employment is terminated by Employee for Good Reason or on account of Disability or by Holdings for any reason other than Default or Misconduct on account of the conviction of Employee for a felony. If any of the Restricted Shares are forfeited pursuant to this paragraph (b), Employee shall be obligated, for no consideration, to promptly surrender such Restricted Shares to Holdings. Holdings may require Employee to execute and deliver stock powers in the event of forfeiture.
(c) Employee will not sell, transfer or otherwise dispose of any of the Restricted Shares which remain subject to the Forfeiture Restriction except for transfers expressly permitted by the Incentive Plan and except for transfers by will or by laws of descent and distribution. The foregoing transfer restriction is hereinafter referred to as the "Transfer Restriction".
(d) Except as expressly set forth above in this Section 3.3, (i) the Restricted Stock Grant shall be irrevocable and uncon...
Restricted Stock Grant. Subject to the terms and conditions of this Agreement, the Company hereby grants to Grantee the number of shares of Restricted Stock as specified above.
Restricted Stock Grant. Subject to the restrictions, terms and conditions of the Plan and this Agreement, the Company hereby awards you the number of shares of Common Stock specified in paragraph 7 below. The shares are subject to certain restrictions as set forth in the Plan and this Agreement. Until vested, the shares are referred to herein as “Restricted Stock.”
Restricted Stock Grant. The Company shall provide Executive with a restricted stock grant (the “Restricted Stock Grant”) of 10,000 shares of the Company’s Common Stock pursuant to a customary restricted stock agreement so long as he remains employed by the Company on April 1, 2005. The Restricted Stock Grant will vest over five years from the date of grant with 20% vesting on the third anniversary of the date of grant, an additional 30% vesting on the fourth anniversary of the date of grant and the balance (50%) vesting on the fifth anniversary of the date of grant.