Common use of Restriction Period and Vesting Clause in Contracts

Restriction Period and Vesting. (a) The restrictions on the Award shall lapse on the earliest of the following: (i) with respect to one-fifth of the aggregate number of shares of Stock subject to the Award on February 19, 1998 and as to an additional one-fifth of such aggregate number of shares on each anniversary thereof during the years 1999 through 2002, inclusive, or (ii) in accordance with Section 6.8 of the Plan (the "Restriction Period"). (b) If the Holder's employment with the Company is terminated by the Company during the Restriction Period or by reason of the Holder's "Permanent and Total Disability" (as such term is defined in the Plan), or by reason of the Holder's voluntary resignation or retirement or his death, then any shares of Stock as to which restrictions have not lapsed shall be forfeited.

Appears in 11 contracts

Samples: Restricted Stock Award Agreement (El Paso Electric Co /Tx/), Restricted Stock Award Agreement (El Paso Electric Co /Tx/), Restricted Stock Award Agreement (El Paso Electric Co /Tx/)

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Restriction Period and Vesting. (a) The restrictions on the Award ------------------------------ shall lapse on the earliest of the following: (i) with respect to one-fifth of the aggregate number of shares of Stock subject to the Award on February 19March 12, 1998 1997 and as to an additional one-fifth of such aggregate number of shares on each anniversary thereof during the years 1999 1998 through 20022001, inclusive, or (ii) in accordance with Section 6.8 of the Plan (the "Restriction Period"). (b) If the Holder's employment with the Company is terminated by the Company during the Restriction Period or by reason of the Holder's "Permanent and Total Disability" (as such term is defined in the Plan), or by reason of the Holder's voluntary resignation or retirement or his death, then any shares of Stock as to which restrictions have not lapsed shall be forfeited.

Appears in 8 contracts

Samples: Restricted Stock Award Agreement (El Paso Electric Co /Tx/), Restricted Stock Award Agreement (El Paso Electric Co /Tx/), Restricted Stock Award Agreement (El Paso Electric Co /Tx/)

Restriction Period and Vesting. (a) The restrictions on the Award ------------------------------ shall lapse on the earliest of the following: (i) with respect to one-fifth of the aggregate number of shares of Stock subject to the Award on February 19, 1998 1999 and as to an additional one-fifth of such aggregate number of shares on each anniversary thereof during the years 1999 2000 through 20022003, inclusive, or (ii) in accordance with Section 6.8 of the Plan (the "Restriction Period"). (b) If the Holder's employment with the Company is terminated by the Company during the Restriction Period or by reason of the Holder's "Permanent and Total Disability" (as such term is defined in the Plan), or by reason of the Holder's voluntary resignation or retirement or his death, then any shares of Stock as to which restrictions have not lapsed shall be forfeited.

Appears in 1 contract

Samples: Restricted Stock Award Agreement (El Paso Electric Co /Tx/)

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Restriction Period and Vesting. (a) The restrictions on the Award shall ------------------------------ lapse on the earliest of the following: (i) with respect to one-fifth of the aggregate number of shares of Stock subject to the Award on February 19March 12, 1998 1997 and as to an additional one-fifth of such aggregate number of shares on each anniversary thereof during the years 1999 1998 through 20022001, inclusive, or (ii) in accordance with Section 6.8 of the Plan (the "Restriction Period"). (b) If the Holder's employment with the Company is terminated by the Company during the Restriction Period or by reason of the Holder's "Permanent and Total Disability" (as such term is defined in the Plan), or by reason of the Holder's voluntary resignation or retirement or his death, then any shares of Stock as to which restrictions have not lapsed shall be forfeited.

Appears in 1 contract

Samples: Restricted Stock Award Agreement (El Paso Electric Co /Tx/)

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