RESTRICTED STOCK INCENTIVE PLAN Clause Samples
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RESTRICTED STOCK INCENTIVE PLAN. Pursuant to and subject to the ------------------------------- provisions of the Newco Incentive Bonus Plan and the award agreements issued thereunder, upon the adoption of a Restricted Stock Incentive Plan by the Company (the "Restricted Stock Plan"), which may be included in and adopted as part of the Newco Incentive Bonus Plan, twenty-five percent (25%) of Executive's annual incentive compensation payable thereafter, including pursuant to Section 3.2, at the option of [Rider 3.4] the Company, will be paid in the form of restricted Company common stock. The restricted stock will be awarded at eighty percent (80%) of the average closing price of the common stock for the last ten consecutive trading days in the calendar year to which the bonus relates and shall vest 50% on each of the first and second anniversary of the award. The Executive may elect to exchange up to one-third of the restricted stock awarded under the Restricted Stock Plan for a non-qualified stock option to purchase three shares for each share of restricted stock awarded, at an exercise price per share equal to the average closing price of the common stock for the last ten consecutive trading days in the calendar year to which the bonus relates. Any such non-qualified stock option shall vest and be exercisable as to one- third of the total number of shares on each of the first three anniversaries of the grant date thereof, which shall be the same date on which the restricted exchange was made and will have a ten year life, with provisions for accelerated vesting upon change in control, death, disability, or retirement.
RESTRICTED STOCK INCENTIVE PLAN. Upon the adoption of a Restricted ------------------------------- Stock Incentive Plan by the Company (the "Restricted Stock Plan"), which may be adopted as part of an Incentive Bonus Plan of the Company, twenty-five percent (25%) of Executive's annual incentive compensation payable thereafter, at the option of Executive, will be paid in the form of restricted shares of Company common stock. The shares of restricted stock will be awarded at eighty percent (80%) of the average closing price of the common stock for the last ten consecutive trading days in the calendar year to which the bonus relates and shall vest (in the sense that restrictions and the risks of forfeiture with respect thereto shall lapse) 50% on each of the first and second anniversary of the award. Executive may elect to exchange up to one-third of the restricted stock awarded under the Restricted Stock Plan for a non-qualified stock option to purchase three shares for each share of restricted stock awarded, at an exercise price per share equal to the average closing price of the common stock for the last ten consecutive trading days in the calendar year to which the bonus relates. Any such non-qualified stock option shall vest and be exercisable as to one-third of the total number of shares on each of the first three anniversaries of the grant date thereof, which shall be the same date on which the exchange of the shares of restricted stock was made, and will have a ten-year term, with provisions for accelerated vesting upon a change of control (as defined in Section 7.5), death, disability, or retirement. Attached on Exhibit B is a schedule detailing Executive's and Company's agreements regarding the assignment to Executive over time of portions of the life insurance policies insuring Executive's life referenced thereon and owned by the Company or its subsidiary.
RESTRICTED STOCK INCENTIVE PLAN. If the Company attains the applicable performance goals, the Employee will be permitted to receive restricted shares on a pro rata basis as described in Attachments 1 and 2. Subject to the Company attaining performance goals, he will be entitled to receive 30/36 of the award whose performance period ends in 2007 and 18/36 of the award whose performance period ends in 2008. If the Company does not attain performance goals, then notwithstanding the provisions of Attachments 1 and 2, he will be entitled to receive 30/84 of the award whose performance period ends in 2007 during 2007 and 18/84 of the award whose performance period ends in 2008 during 2008.
RESTRICTED STOCK INCENTIVE PLAN. Notwithstanding the provisions of Attachments 1, 2, 3 and 4, employee will be entitled to receive 52/84 of the award whose performance period ended in 2007; 40/84 of the award whose performance period ended in 2008; 28/84 of the award whose performance period ends in 2009; and 6/60 of the award whose vesting period ends in 2013 during 2009. Employee waives any claim to additional shares if the performance goals for the award whose performance period ends in 2009 are met.