Restricted Stock Payment Sample Clauses
The Restricted Stock Payment clause governs the issuance of company shares to individuals, typically employees or contractors, under specific restrictions. These shares are often subject to vesting schedules, meaning recipients gain full ownership rights only after meeting certain conditions, such as continued employment over a set period. The clause ensures that stock incentives align with long-term performance and retention goals, while protecting the company from immediate transfer or sale of shares before obligations are fulfilled.
Restricted Stock Payment. The Executive was granted awards of restricted stock with respect to 10,000 shares of MONY common stock pursuant to a Restricted Stock Award Agreement dated May 23, 2001 (the “2001 Restricted Shares”). Effective as of the date hereof, the 2001 Restricted Shares shall be conclusively deemed forfeited and shall be canceled, and the Executive shall have no further right or interest in the 2001 Restricted Shares, nor any rights whatsoever under or with respect to the 2001 Restricted Shares.
Restricted Stock Payment. (a) ProQuest Company will grant you a restricted stock award in substantially the form attached to this letter as Exhibit B on or about the earlier of March 31, 2007 or an event that entitles you to accelerated vesting of your award as described in this Section. The number of shares subject to this award shall equal $1,400,000 divided by the average trading price of a share of ProQuest Company’s common stock during the ten day period immediately prior to December 29, 2006, but in no event will be greater than 233,333 shares. You shall vest in 100% of the shares subject to this restricted stock award on September 1, 2007, provided you are then employed by ProQuest Company. Vesting shall fully accelerate on the first to occur of the following events:
(1) you remain employed by ProQuest Company on a Change of Control of the Company (other than an Asset Sale);
(2) you remain employed on September 1, 2007 following an Asset Sale;
(3) ProQuest Company terminates your employment without Cause;
(4) you terminate employment with ProQuest Company for Good Reason;
(5) you become entitled to receive enhanced severance benefits under Section 4 of this Agreement; or
(6) you die or suffer a Disability while employed by ProQuest Company or its affiliates.
(b) Upon and after the Loan Repayment Date, ProQuest Company’s obligation to issue Restricted Stock to you under subsection (a) of this Section 2 of the Agreement shall terminate and be of no further force or effect. Thereafter, ProQuest Company shall pay cash in the amount of $1,400,000 to you in lieu of its obligation to issue Restricted Stock under this Section 2 within five business days after such time as you would have become vested in the Restricted Stock under Section 2(a) of this Agreement or, if later, five business days after the Loan Repayment Date. In lieu of any equity grants during 2008, ProQuest Company shall pay you cash in the amount of one million dollars within five business days after the earliest of (i) June 30, 2008, provided you are employed by ProQuest Company on June 30, 2008, (ii) a Change of Control of the Company prior to June 30, 2008 or (iii) the termination of your employment without Cause or your resignation for Good Reason prior to June 30, 2008. The payments under this Section 2(b) shall be excluded for purposes of determining all other compensation and employee benefits.
(c) You shall retain the LTIP Award and your rights to receive a tax gross-up payment for golden parachute excise ta...
Restricted Stock Payment. In the event that the Executive remains continuously employed by the Company through May 3, 2014 (the “Restricted Stock Payment Date”) or is involuntarily terminated without Cause prior to the Restricted Stock Payment Date, the Company shall pay the Executive, no later than ten days after the Restricted Stock Payment Date or such date of termination, as applicable, an amount in cash equal to the product of [1][a] 25,000, minus [b] the number of shares of restricted stock which have vested as of the Restricted Stock Payment Date or such date of termination, as applicable, pursuant to that certain Restricted Stock Award Agreement by and between the Executive and Big Lots, dated as of March 11, 2011 and [2] the “Fair Market Value” (as defined in the Big Lots 2005 Long-Term Incentive Plan) of a share of common stock of the Company on the Restricted Stock Payment Date or such date of termination, as applicable (such amount, if any, the “Restricted Stock Payment”). The Restricted Stock Payment will not be considered “compensation” for purposes of any of the Company's or any of the Group Member's benefit plans.