Restricted Stock Terms Clause Samples

Restricted Stock Terms. Restricted stock and restricted stock unit awards included in an Annual Stock Award shall be issued in accordance with the terms of this Agreement and the Current Plan, shall: (i) be subject to forfeiture restrictions that lapse twenty-five percent (25%) each year, commencing on the second anniversary of the grant; (ii) be in the form of Restricted Stock Awards or restricted stock units treated as “Share Awards” (each within the meaning of the Current Plan), at the discretion of the Committee; and (iii) if restricted stock, be entitled to Dividend Equivalents (as defined in the Current Plan) or if restricted stock units, be entitled to dividend equivalent units, and shall otherwise be issued on terms and conditions consistent with restricted stock and restricted stock unit awards then being issued by the Committee to other corporate officers who are members of Employer’s Executive Committee and Strategy and Planning Committee. (1) any forfeiture restrictions on shares of restricted stock or restricted stock units included the Initial Awards (as defined in subparagraph 7(f)) will lapse on the terms specified in subparagraph 7(f), and (2) forfeiture restrictions on all other shares of restricted stock and all other restricted stock units shall immediately lapse on the terms specified in ▇▇▇▇▇▇▇▇▇’▇ restricted stock award and restricted stock unit award agreements and the Current Plan, as each may be amended and revised from time to time on terms consistent with other shares of restricted stock and restricted stock units then being issued by the Committee to other corporate officers who are members of Employer’s Executive Committee and Strategy and Planning Committee. As of the date hereof, such terms would permit the immediate lapse of forfeiture restrictions only on the earlier of (i) subject to the discretion of the Committee, the occurrence of a Change of Control Event (as such term is defined in the Current Plan), or (ii) the date ▇▇▇▇▇▇▇▇▇’▇ employment is terminated by reason of subparagraphs 10(c) (disability) or 10(d) (death). Further, grants of restricted stock and restricted stock units made prior to the date hereof for which forfeiture restrictions have not yet lapsed at the time of ▇▇▇▇▇▇▇▇▇’▇ retirement at age sixty-two (62) will immediately lapse upon retirement after ▇▇▇▇▇▇▇▇▇ has attained age sixty-two (62); provided, however, that with respect to any such restricted stock units that constitute a “deferred compensation plan” within the meaning...